In the mid-90s, Bill Gates said that “banking is necessary, banks are not.” This sentiment has deepened among the population over the past decade, with public opinion turning against banks after the 2008 financial crisis and technology opening up a range of new options for financial management. This has allowed startups to enter the sector at an unprecedented rate, causing a high level of disruption. Apple, Stripe and Square are just some of the companies revolutionizing the way we pay, while digital currencies and peer-to-peer lenders are opening new financing avenues for startups and SMEs. In a recent PricewaterhouseCoopers survey of more than 1,300 financial industry executives, 88% said they fear their businesses are threatened by standalone fintech companies in areas such as payments, remittances money and personal finance, and 51% said they thought they could lose up to 40% of their income to standalone FinTech companies. Say no to plagiarism. Get a tailor-made essay on “Why Violent Video Games Should Not Be Banned”? Get the original essay However, despite this upheaval, the banks are still here, and they remain the monoliths they were twenty years ago. In order to stay relevant, they have worked hard to harness the digital revolution and have completely reinvented their role and the customer experience, often working alongside FinTech startups to do so. One of the main advantages of traditional banks is the vast amount of financial data they hold on their millions of customers. They also have the structure and capital to operate it. Speaking at the recent Google Cloud Next conference, Darryl West, HSBC Group Chief Information Officer, explained: “In addition to our $2.4 trillion in assets on our balance sheet, at our core we have company a massive asset in [the form of] our data. And what's happened over the last three years is a massive growth in the size of our data assets. Our customers are adopting digital channels more aggressively, and we are collecting more data on how our customers interact with us. As a bank, we need to work with partners to enable us to understand and learn from what's happening so we can run a better business and create amazing customer experiences. “The potential of data analytics is being harnessed across the financial sector. . Global Big Data and Business Analytics (BDA) revenue will grow from $130.1 billion in 2016 to more than 203, according to IDC's latest biannual Global Big Data and Analytics Spending Guide. billion dollars in 2020. And it is the banking sector which is in the lead. It's the load, with IDC estimating that the industry spent nearly $17 billion on big data and business analytics solutions in 2016. The applications of data and analytics in banking are endless. They can use data for greater personalization, allowing them to offer products and services tailored to each consumer in real time. For example, when you buy a flight abroad or a car, the bank sends you promotional insurance offers to cover these products. In the future, these applications could be further expanded. This could happen if you receive a large bill, the bank could send you a text message as soon as..