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Criptocurrencies and Big Data are the buzz words in the fintech world. This post anticipates a movement in 2015 where we will see a lot of progress in both directions. This will include banks being able to actually deliver a much more personal service, even digitally, and the United States approving the use of a bitdollar that could revolutionize the global financial landscape.
Big Data phenomenon is seeping deep into the world. In fact, in 2014 many experts have eagerly describe it as "the new black", meaning it is like the latest fashion. We recently had the opportunity to host the masterclass of DJ Patil, Product VP of RelatelQ, at the BBVA Innovation Center. He spoke to us about data in general and the uses of analyzing this information. He also discussed the changes that have occurred, by means of example, in areas as diverse as communications, politics, sports, the internal management of companies and of course banking.
Banks store a large amount of data related to their customers’ purchases, which can help to establish trends, efficiency, etc. Accordingly, banks must improve their communication and marketing strategies based on a thorough analysis of these data, which, in many cases, are not sufficiently refined. This infographic by MoneySummit, based on a study by Gallup Research, explains the basis on which to build a good bank digital marketing strategy based on Big Data.
The analytical optimization of these data, which would make communication between the bank and its customers more effective by offering a more tailored-made service that is closer to their needs, is crucial to regain the trust that many citizens have lost. This news article from thefinancialbrand.com, which collects data from a Cisco study conducted in the United States, shows that Americans are unhappy with financial institutions: young people think that the institutions are unaware of their needs, while older people feel that banks do not help them achieve their financial goals. Can this situation be reversed in 2015?
Criptocurrencies are another "new black". Bitcoin caused quite a stir after its appearance; many criticized this model as they couldn’t see how it could prosper. However, today everyone is talking about criptocurrencies, even the banks themselves want to be placed on the crest of the wave. In this blog we recently discussed the issues surrounding their use, which is increasingly widespread, including security concerns, but although there is no official confirmation, an article in Wired magazine must be mentioned that reveals the possibility that the United States Government may adopt its own criptocurrency.
"When your neighbor's house is on fire, carry water to your own," says the old Spanish proverb meaning your neighbor's troubles may soon be yours too, so be prepared; however, is it possible to fight against an encrypted dollar? How far could the shock wave go in the case the American government adopts this measure? The issue raised by the article is that the true strength of a bitdollar comes from the fact that it could become a global payment system.