It is a common belief today that banks and big banking corporations basically control the world. They deliver the funds to the right place, handle big transactions, choose who they want to support, and most of, all decide what the future holds for the world.
But, a person could find themselves wondering about other aspects of the banking industry, such as the data they gather, possible security risks, as well as personalized approach to every one of their clients. When taking into consideration how big data research affects the personalization process, things get a little more complicated.
Why is big data needed by the banks?
The way we see banks is as large corporations that do their job behind closed doors, inaccessible to people who aren’t bank employees, unless in some rare cases.
What is accessible to us though is the money transaction process which is restricted to our personal use. This is the part we do and should know well as it is our money that is in question. Yet, our knowledge of banks is limited, while they know a lot more about us, and make use of that information.
Simply by using your social security number and bank account, a bank can learn …