By: Mr. Matt Mcmillan
The digital age has sparked a data revolution in financial
services. With the explosion of internet connected devices and
systems, data is being produced and processed in enormous volumes
and at rates never seen before. More than 90% of the world's
data has been produced in the last 2 years alone1.
This data may take the form of:
- structured data: which refers to predictable
fields of information, such as customer name, address and account
number; or
- unstructured data: such as geo-spatial data,
social media (including photos and sentiments expressed through
social media sites), video and voice content.
While both types of data are growing in size, financial services
players are increasingly turning to the world of unstructured data
as a vital source of customer insight.
