Banks need to keep up with data explosion

THE explosion in data sources - mobile data, real-time social data and the Internet of Things - combined with the coming of age of data science and open-source data technologies, has created a clear divide between the banks that are ready to embrace the data revolution, and those that are not. Banks need to re-invent how they work, given the exponential speed at which technology is evolving, and make harnessing our data assets a key priority.

Our data-driven world raises questions about privacy and who owns the data when someone starts to share their personal information. This debate has existed since the advent of the Internet.

Organisations that collect Big Data want to run analytics to understand their customers and improve the quality of their services, while others are advocating for users to regain data sovereignty.