Big Data will continue to grow in size and usefulness. With the rise of AI and Machine Learning, it’s your decision whether to find it intimidating or useful. But let’s face it, it’s probably both.
Big Data, Big Intimidation
Think of it this way. Big Data is a seismic, confusing and useful asset. No different than the thoughts around the water cooler back when the Internet dawned and later, online banking, then mobile banking. It was daunting, scary and intimidating with the only way to conquer it was to just begin to tackle it. Now, these critical pieces are just second nature and the fears they presented seem silly in retrospect.
Now just when you thought you had a grasp of Big Data and thought it was safe to go back in the ocean, here comes AI and Machine Learning to get you confused all over again.
Rise of the Machines
The introduction of AI and Machine Learning is the next evolutionary step with Big Data. Before, where there was huge swaths of data, somebody had to interpret it. But it was not only the interpretation, it was actually really more about what to do with it. These Data Scientists would crunch, tabulate, then make recommendation based on the results.
Now, Artificial Intelligence and Machine Learning take the human element out of the equation (to a degree), making way for tabulation and particularly recommendations, in real-time. You are likely familiar with this in your personal life in the likes of LinkedIn making job recommendations and Facebook making friend recommendations. These systems are not guessing here. There are algorithms at work based on many data sets to ultimately deliver you that recommendation.
So here’s the good news: you don’t need to master Big Data, AI or Machine Learning. You just need to master the art of a partnership, and work with a company who lives and breathes this stuff everyday so it can help you grow, not stall you with indecision.
These elements need to be run, managed and interpreted by those who know what they’re doing. You have a bank to run. You don’t necessarily need to know how, but you should know who. We at LEVEL5 have a team of Data Scientists/Statisticians who have been using a multitude of data points to deliver actionable results for many years, we just didn’t call it “Big Data” until that became a thing.
In fact, Big Data in the hands of the right Retail Banking Consultants can help you get out of the vicious “analysis paralysis” phase, interpret the data and give you the actionable results you so desperately seek.
The likes of making a decision on where to put your next branch or main office is daunting. For many community bank and credit union C-level folks, the right decision will make a career. The wrong decision will stop a career in its tracks.
So embrace Big Data. Or, at least embrace a partner who embraces Big Data.
If you’d like to learn more about how LEVEL5 uses Big Data to deliver actionable results, Contact Us today.