What Bank Customers Actually Want From Big Data

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Say the phrase “big data,” and people tend to picture the TV show Black Mirror. They imagine a creepy dystopian future in which robot overlords control everything. But those fears are overblown. What people should think of when they think of big data is Netflix or Amazon: personalized recommendations and a customized experience that make it easier and faster for the consumer to find what they’re looking for.

In fact, you could say that, when it comes to big data, consumers worry about Black Mirror but hope for more Netflix. A recent study from the Stanford Institute for Economic Policy Research found that consumers say they’re concerned about digital privacy and how their data might be used, but in practice, they consistently choose convenience, enabled by data, over privacy.

For banks, the message is clear: They already have robust regulatory protections in place to

Article source: https://www.forbes.com/sites/forbesfinancecouncil/2019/02/21/what-bank-customers-actually-want-from-big-data/