Banks discover a goldmine in data

Besides money, most banks have three things: people, buildings and data. Banks that can best manage and mine their data become the most efficient and best at managing risk and can build the best products for their customers. In short, in the banking world data has become the new competitive differentiator.

As noted in a post on the Microsoft Vertical Industries blog on Tuesday, to stay ahead of the competition, banks are looking for the best ways to gain insights from data and create new business value.

As an example, the blog points to Microsoft partner FreedomPay, a mobile payment and incentive company. It has developed the Commerce Platform, available first on Windows Phone 8, which banks can use to offer highly relevant offers to consumers based on their buying habits.

“Microsoft provides the platform to help make this happen,” the blog notes. “With user visualizations built on Office productivity applications, our business intelligence technology enables the broadest set of users to have access to business analytics tools previously only available to data scientists. Excel is the most widely-used analytical tool used by information workers today, so we help provide actionable insight on familiar tools, providing banks with incredible opportunities wherever they may be.”

To find out other ways Microsoft technology is helping financial institutions get actionable insight from data, and to learn about banks that are making use of these tools, head over to the Microsoft Vertical Industries blog. Also check out the Microsoft News Center Financial Services newsroom for coverage from this week’s Sibos financial services event in Dubai.

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Steve Clarke
Microsoft News Center Staff