Banks Using Big Data to Discover ‘New Silk Roads’:
JPMorgan Chase & Co., the largest commercial bank in the U.S., generates a vast amount of credit card information and other transactional data about U.S. consumers. Several months ago, it began to combine that database, which includes 1.5 billion pieces of information, with publicly available economic statistics from the U.S. government. Then it used new analytic capabilities to develop proprietary insights into consumer trends, and offer those reports to the bank’s clients. The technology allows the bank to break down the consumer market into smaller and more narrowly identified groups of people, perhaps even single individuals.
Now even banks start selling their customers, just like all the Web 2.0 startups. Read further to get some additional ideas what banks can do with the data that they have about their customers that’s less about selling customer data and more about knowing the customer better to offer him/her better services.