Banks And Big Data

Retail banks are enlisting the aid of technology vendors in order to crowd source the web with robots.

From @AmerBanker:

Technology giants such as IBM and SAS offer clients software packages that comb the Web for clues to consumer sentiment. Those programs parse language and attempt to understand the meaning of words, pairs of words or phrases, in context.

This has become ever more important as banks move their customers out of branches and toward the Web. Those customers are less likely to walk into a brick-and-mortar building or chat directly with a teller.

And regulators such as the newly created Consumer Financial Protection Bureau have already said they plan on crowdsourcing complaints. That means a bank needs to monitor its presence on the Web even more closely.

From another recent story about the same technology:

Entrepreneurs are selling banks on the same big data analysis they are applying to the hunt for terrorists.

The technology relies on the still-evolving science of natural language processing, in which algorithms can scan huge amounts of data to flag fraudulent credit card charges the same way they zero in on potential plans to set off a bomb.

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