Of Special Interest
Filters
- Newslink Trends-The Global Strategic Perspective
- Juniper Research says digital wallet users to exceed 4.4 billion by 2025, as mobile drives digital payments’ revolution
- Criminals exploit COVID-19 pandemic with rise in scams targeting victims online
- Equifax says Open Banking proving pivotal to pandemic lending
- Consumer confidence in banks, credit card providers and investments remain stable as demand supercharges digital finance says Toluna research
- Mintos says Europeans are starting to embrace investing
- US banks see IT modernisation as a way to improve customer experience
- Risk mitigation in global trade depends on digitisation-Andrew Raymond, CEO, Bolero International comments
- Juniper Research new study says the volume of B2B payments facilitated by non-banks will exceed 53 billion in 2022, from a COVID-related low of 38 billion in 2020
- CMA issues fifth publication over 3 years of the service quality league table of personal and business current account providers
- Barclays says scammers take advantage of COVID-19, cashing in on nations’ uncertainty
- S&P Global report says financial market infrastructure sector's earnings likely to cool off In second half
- Global banking market capitalisation slumps by over 30% amid pandemic says Buyshares research
- Digital wallet spend in Europe & North America to increase by 40% in 2019, finds study
- Juniper forecasts mobile money transactions will exceed 200 billion by 2024
- Banks can save the world from climate change, says former UN climate chief
- Research by NatWest reveals gender divide over attitudes to saving
- Europe’s big bank problem: too much capital is trapped in the US, says Scope
- Later-Life lending market set to almost double in the next 10 years, finds report
- Barclays/Cebr report challenges nation to think differently about wealth
- Fifth of UK investors looking to debt investment, new research reveals
- Regtech will play a more important role in PSD2, says Mitek
- Banks turn to Fintech partnerships to improve customer experience, finds Fraedom
- New industry code to tackle fraud must deliver, says Which?
- New TTF report highlights loss of trust in financial services
- Arxan highlights financial app vulnerability epidemic
- SAS asks whether banks really need to choose between operations and innovation
- Which? raises alarm as almost 1,700 free ATMs become fee-charging
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
22nd June 2012
IBM, Analytics, social media and financial services
This week IBM made a number of announcements seeking to promote and inform on their Analytics capabilities. Whilst not specific to financial services the comments are highly relevant to both large banks and large insurers. A main theme is the combining of different forms of data with special attention given to combining social media with conventional internal data. IBM rightly emphasises that information is only of value when acted upon:
"In addition to generating insights on internal data in a matter of seconds, the software measures the impact of social networking channels and factors this information into organizational decision making.
"The software represents a new class of Decision Management capabilities that revolutionizes the way organizations gain, share and take action based on information gathered as part of business processes such as marketing, claims processing and fraud detection. In these, and other data-rich areas - where anywhere from a thousand to five billion decisions are made daily - the software will put forward the next best action to front-line employees ensuring optimal interactions and outcomes."
Deepak Advani, vice president business analytics products and solutions said:
"In today's marketplace, when a customer says they're not happy, companies must decide how to react - not later that day, or in an hour, but instantly. With these new technologies, winning organizations can embed analytics into under-served areas of their business, empowering all employees to make information based decisions."
IBM also discusses the recently launched Entity Analytics:
"For the first time, businesses can take advantage of Entity Analytics as part of the Decision Management Platform. This feature, especially well suited for big data environments, is a unique analytics engine that enables identification and matching for all entities - people, places, or things - making systems smarter as more information becomes available. Unlike traditional methods, the IBM Entity Analytics capabilities are context based and accumulate knowledge, resulting in a more accurate picture, better models, and better outcomes. This ability to understand how the data is related delivers higher quality models and helps to ultimately produce smarter decisions."
IBM has approximately 9,000 business analytics and optimisation consultants and 400 researchers. It has created global analytics solution centers in Berlin, Beijing, Dallas, London, New York, Tokyo, Washington and Zurich. IBM has acquired more than 30 companies in the sector and projects $16bn in analytics revenues by 2015.
IBM reported on the "State of Marketing 2012 survey" recently completed. Emphasised is that successful companies combine marketing and operating data more often than unsuccessful ones. This remains a fraught issue however with, "Fully 60 percent of marketers point to their lack of alignment with the company's IT department as the biggest obstacle to reaching today's consumers".
“This research indicates that as new channels continue to mature and consumer habits evolve, marketing and IT have no alternative but to emerge from their traditional silos and form a strong partnership that puts the business in a position to succeed,” said Yuchun Lee, Vice President, IBM Enterprise Marketing Management Group. “CMOs and CIOs, an 'odd couple' in some respects, will be the catalysts in forging this union and enabling the types of personalized multichannel brand relationships that today’s customers demand.”