LONDON: From sending special offers on restaurants to burger-loving current account holders to selling anonymised credit card records, banks are racing to monetize 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.In the digital era, knowing how much people earn, where they spend it and what they buy – information some wouldn’t divulge to their closest confidants – is valuable, particularly when banks’ earnings from lending and trading are under pressure from persistently low interest rates and tougher regulation.”We are now seeing some amazing uses of data in banking, and the reason is pretty simple: they know their clients better than anyone, they have a name and address, information about what you’re buying and once you have those you can do so much,” said… Read full this story
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