There is no doubt that we live in a world full of data, and it’s multiplying at astounding rates. With the advent of the internet and our love affair with social media, the amount of data is increasing like never before. It is shocking if you stop to think about how much data is being created every minute of each day. From streaming videos, social media posts, online searches, emails and texts, to banking and payment transactions, the examples go on and on.
A recent research study examined exactly how much data is generated every single minute of every single day across industries such as tech, media, retail, financial services, travel, and social media. The numbers representing the amount of data we produce every day are truly mind-boggling. There are 2.5 quintillion bytes of data created each day at our current pace, and that pace is only accelerating with the growth of the Internet of Things (IoT). It is surprising to know that 90% of the data in the world was generated just within the last two years alone.
According to the report, the following are just a few examples of the amount of data generated every minute of each day:
All in just one minute!
These statistics prove the growing importance of having a data strategy. It is particularly vital for the success of financial services firms.
New technologies in the financial services space are relying on data to operate. Below are just a few examples:
Now is the time to get started on establishing a data strategy for your organization. According to a Gartner Research report published just this month, by the year 2022, 90% of corporate strategies will explicitly mention information as a critical enterprise asset and analytics as an essential competency.
To gain competitive advantage, financial institutions must acknowledge the crucial importance of data, integrate it in their decision-making process, and develop strategies based on the actionable insights from data. Start with small manageable steps to incorporate data analytics into your organizations operating models.
So how should financial institutions get started? A recent study done by Deloitte recommends five steps toward creating a successful data strategy.
In summary, it's clear data will continue to increase in both quantities produced and in the complexity of its use. Now is the time; start small but just start. Financial institutions need to have a strong competitive differentiation in this area. Banking products are becoming a commodity with little differentiation as more fintech and bigtech firms enter the market.
Community banks and credit unions are known for their superior customer and member support. Maintaining this position and combining it with clear data strategy will allow financial institutions to differentiate themselves by working smarter toward end user interactions, engagement, and lifelong retention.
 Banking Analytics, The Three-Minute Guide, Deloitte, 2017
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