Importantly, as bankers move forward with implementation, they should not lose sight of Pillars 2 and 3, which may ultimately be more important to the success of Basel II than Pillar 1, which has received the bulk of the attention so far.
Apart from these operational considerations, there are also analytical, legal and ethical concerns related to the use of such data. For example, perennial pitfalls involved in analysing traditional data also apply to big data.