Customer experience management
How big is
nyone can understand what ‘big data’ means in theory. But amid the think pieces and whitepapers, it can be easy to forget quite how gargantuan ‘big’ truly is. Consider a bank like HSBC. In 2020, it was reported that this single financial institution had a digital footprint worth 240 petabytes. One petabyte, any tech nerd will happily tell you, is worth 1,000 terabytes. But that still doesn’t really make the figure any more comprehensible, so perhaps a more practical analogy might help. According to one common standard, a petabyte is the equivalent of 20 million filing cabinets filled with data. Now take this army of metal
A 28
big data?
Banks are increasingly using data and AI to appreciate exactly what their customers want. And why not? From understanding how they spend their money, to making call centre interactions more efficient, technology can transform an institution’s relationship with clients. One of the most active banks in this field is HSBC, which is using the latest digital innovations to keep up with customer expectations. Andrea Valentino investigates, chatting to Yusuf Demiral, the group’s wealth and personal banking head of data analytics and customer relationship management.
and wood: then multiply it by 240. That’s 4.8 billion – or roughly the number of virtual filing cabinets HSBC has stored on servers and in the cloud. The truth, of course, is that even this physical image is difficult to parse, and that’s precisely the point. Modern banks deal with psychedelic, stupendous quantities of information, quantities that would have melted the brains of even technical wizards just 50 years ago. Simply attempting to fathom it – the customer addresses, the credit ratings, the commodities sales, the first-pet passcodes, the mortgage certificates, the ‘your call
Future Banking /
www.nsbanking.com
jamesteohart/
Shutterstock.com
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