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Mining for Data Gold

Authored by Ryan Greene

Nathaniel Popper from The New York Times published a revealing article regarding the ongoing tech company claims that big banks are pulling in the reins when it comes to sharing customer data. Big retail banks, Silicon Valley executives say, are refusing to pass along information around the fees and interest rates that they charge their customers.

The article highlights a fact that ActionIQ has known for a long time – customer data is incredibly valuable to a company. “The struggle over this data points to a growing recognition in the world of finance that personal records rank among the most valuable currencies in the increasingly digital economy,” writes Popper.

At ActionIQ, we help enterprises put this realization into action everyday by unlocking and realizing the value of their data. Consider our recent post on personalization, which explains how by picking the right technology, a brand can accelerate insights and personalization efforts to improve customer experiences and drive revenue. This requires a technology that is purpose built to organize, manage and process an unprecedented amount of data volume, variety and velocity. Traditional solutions and in-house projects haven’t, and can’t, meet the demands of today’s marketers, and more importantly, consumers.

That said, finance is one of the first industries to see the entrance of startups who exploit a company’s own data against them by providing consumers more personalized and relevant services and experiences. Every industry is at risk of this type of disruption. This means every organization needs a coherent strategy around leveraging their data to provide better customer experiences. Because if they don’t, someone else will.  

Read the full article here: Banks and Tech Firms Battle Over Something Akin to Gold: Your Data.

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