From itnews.com.au
Race to monetise huge troves of consumer information.
From sending special offers on restaurants to burger-loving current account holders to selling anonymised credit card records, banks are racing to monetise the huge troves of data they hold.
Wall Street trails Silicon Valley in using customer information to boost revenue but with tech giants such as Amazon and Google wading onto their turf with forays into lending and payments, banks including JPMorgan, HSBC and Barclays are moving to narrow the gap.
Mining mountains of trading data to predict stock moves; partnering with retailers on marketing campaigns and using artificial intelligence (AI) tools to try and speed up credit decisions are some of the areas banks are focusing on.