Recent technological developments in the digital ecosystem have produced vast amounts of data from a variety of sources (e.g. financial and commercial transactions, messages exchanged through social media and e-mail, data collected and networked through telematic sensors, Internet of Things, etc.). The ability to extract information from these growing volumes of data is both a necessity, to stay abreast of growing trend, and an opportunity to gain a competitive edge.
For some time now, large multinationals have been gradually shifting towards business models that are more focused on the unique characteristics of their customers by analysing the data in their possession.
As the financial market becomes more competitive, with new players entering the market, particularly start-ups from the world of Fintech, the ability to manage and process the growing amount of data is also becoming increasingly strategic for the financial industry.
From the integrated analysis of Big Data, PSPs also have the opportunity to identify trends and develop strategies to improve their offerings and optimise their internal processes, while also being able to compete with the new, non-banking players mentioned previously. By adopting a data-driven approach, banks can combine basic banking services with a wide range of new products tailored to the specific preferences and tastes of each individual customer.
Against this backdrop, CBI is exploring possible pre-competitive solutions to enable PSPs to benefit from a systemic view of their data and to greatly improve their predictive analysis.
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