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Big banks turning to big data in 2013

Paul Newman Archive

Big data has become a big deal for most industries, and it's likely to play a significant role in the strategic plans of the largest financial institutions in the United States this year, according to The Wall Street Journal. 

JPMorgan Chase chief information officer Guy Chiarello told the paper that new business intelligence tactics, such as big data, digital marketing and data quality, will become important trends for banks in 2013, including the four largest in the nation. JPMorgan Chase, Bank of America Corp., Citigroup Inc. and Wells Fargo & Co. are all expected to being using big data analytics to quickly glean insights from seemingly unrelated information to gain a better understanding of their current and prospective customers. 

In an echo of this prediction, MasterCard Advisors recently announced that it partnered with an analytics firm to leverage its vast sources of aggregated data about anonymous customer behavior to provide companies across a wide range of industries with advanced insight and predictive analytics. 

"The data analytics market is rapidly growing as customers seek real time insight allowing them to better connect with their consumers through highly relevant products, offers and services," said Gary Kearns, executive vice president of information services for MasterCard Advisors.