Information solutions provider TransUnion Philippines’ recent Big Data Summit tackled the rising power of big data in banking and its potential to transform businesses and manage the emerging difficulties brought about by technology.
It emphasized big data’s capability to innovatively disrupt the industry and fuel its future.
Banks and other financial institutions have everything to gain in harnessing disruptive technologies like big data analytics in their operations as even the Bangko Sentral ng Pilipinas recognizes that the digital transformation of the financial services sector is the new frontier.
For TransUnion Philippines president and chief executive Pia Arellano, “information is a very powerful thing”.
“Information drives business, opens doors, and empowers and enriches the lives of consumers. Change and transformation, however, can come with many implications, and the path to innovation and new technological solutions is not necessarily always an easy one. It involves courage, a willingness to learn and evolve, and a consumer-first mindset,” Arellano said.
Big data is the extensive collection of varying information that can be generated and analyzed at optimal speed and mined for informative and analytical purposes.
The majority of finance companies that participated in a study by TransUnion and Versta Research said that data and analytics are evolving faster than their own internal capabilities. Together with ever-increasing consumer expectations, the evolution of data and analytics poses a challenge for businesses to analyze data in the speed the market demands.
To meet with the challenge, insights from the study show that business leaders use analytics tools as a competitive advantage to yield more room for growth. TransUnion, for instance, has started to harness the power of trended and alternative data to more accurately predict credit risk. Its members can now leverage this power to cross-sell the right products to the right customers.
“The vast amount of information produced by businesses every day, coupled with continued technological advancements, is becoming the catalyst for the acceleration of the global economy. The big data chain ultimately leads to knowledge and solutions, which present new opportunities that will enable a new range of products and services for both the business end and the customer. On a larger scale, big data affects the global economy more significantly than we realize, and it will continue to do so as technological advances further progress,” Arellano said.