While BD throws up these challenges, the use of BD analytics in a meaningful way would offer a significant competitive advantage. Implementation of appropriate BD analytics by banks is going to be the key in achieving greater customer centricity and for acquiring a deeper understanding of customer needs given the proliferation of customers’ external data, such as, social media activities and online behavior.
Rather than being dazzled by the volume of data, banks should be in a position to convert it into 3 I’s of Insights, Innovations and Income. Business analytics 22. As we anticipate challenges of BD, there would be emerging technology and skill to deal with the BD in a meaningful way.