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UK banks should ‘spend more on data initiatives’

The UK’s financial services sector lags behind utilities and media in its average spend on data-led initiatives, as shown by findings launched at Big Data LDN at London’s Olympia.

The Fourth Industrial Revolution report, published by the event’s organisers, analyses for the first time the average amount that the UK’s major corporates are spending on projects that aim to protect, manage and analyse essential data. Utilities are far outstripping other verticals with an average spend of £3,314,000 per project, with media companies spending £2,862,000. Banks are by contrast spending £2,814,000 per initiative, above pharma at £2,597,000.

The report reveals that the investment UK organisations are making accounts for a minor proportion of their overall revenue, with both smaller and larger UK organisations spending between 0.5% and 0.7% of overall revenue on data initiatives.

Banks need to be investing in the kind of data analysis technologies that are helping web giants like Amazon and Google to know more about their customers, said Michael O’Connell, chief analytics officer at Tibco Software speaking at Big Data LDN: “They need to look, for example, at software that allows them to make online recommendations to customers in the same way that online retailers do. This sort of analytics can now be applied to wealth management. Banks need to use better data analytics in areas like risk management too, and in the battle to beat money laundering.”

 

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