FMSI Article in ABA Banking Journal
By W. Michael Scott
May 31, 2013
ABA Banking Journal Article: Turn Big Data into Smart Data
"The amount of data being created by businesses, individuals and even computers themselves grows at a staggering rate.
According to a survey by Computer Sciences Corporation, by 2020 the global pool of data will be 35 zetabytes (1,000 million gigabytes)--44 times greater than it was in 2009.
The technology industry has invented the term "Big Data" for this collection of data sets that are so large, complex, and/or unwieldy that they become difficult for companies to capture, process, and use in a fruitful manner.
Unstructured data--information that does not have pre-defined properties and relationships and is not already integrated into databases--is the most elusive element of Big Data. Comprising 80%-90% of all data, unstructured data is also growing at the fastest rate.
Due to the tsunami of Big Data--especially unstructured data--the media have written many articles about the implications for businesses that don't get their Big Data under control. Fortunately for banks, unstructured data is also one of the largest pools of information for creating actionable business intelligence and, in many cases, systems are already available that can gather this data, harness it, and turn it into Smart Data with little to no effort. Leveraging this powerful data can result in sizeable efficiency and productivity gains, customer service enhancements, and overall cost reductions for banks and their branches."