Big data is a trend that already boasts a number of impressive success stories, with firms making dramatic improvements in almost every area of their business. Yet despite their strong background in handling large quantities of data, banks and corporate treasury departments have yet to fully embrace big data’s potential.
It’s time they did, writes Sebastian Hölker, head of structuring and implementation of SCF products at UniCredit, in FX-MM. Certainly, big data offers banks and corporates alike huge scope to improve their internal processes — from routine tasks such as matching and reconciliation, through to strategic decisions in targeting and sales.
And there is potential for firms to extend these benefits externally, too, by offering big-data services to clients. For instance, banks can provide corporates with big-data services to help them refine their financing programmes, or integrate analysis of transaction data into existing services
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