| | OCTOBER 20188CIOReviewDATA: THE NEW `OIL' OF THE FUTUREData practitioners often refer to the "three Vs" of big data--volume, variety, and velocity--but overlook a key fourth element: value. We are not in the business of simply producing data. Rather, we're in the business of using meaningful information and analytic insights gleaned from data to optimize customer experience, reduce risk and drive process efficiencies. When it comes to moving beyond big data to smart data that drives value and transforms the business, there are lessons retail banks can learn from other industries and from some of the newer companies in financial services. To the extent that banks want to emulate that technology, choice and timing in technology and process adoption is critical and really can make the difference in which providers emerge with a competitive advantage. That said, traditional banks are not necessarily lagging in mastery of the use of data. If the emphasis is on technology and data alone, companies may be missing the big picture. Data and analytics is not just about data--it's about making data relevant by using it faster and more effectively to proactively solve customer and business problems. Big data applications and analytic insights and talent are leading to remarkable work in several key areas in financial services. First, data and analytics help us better listen to and deliver for our customers. In the age of e-commerce, there is increased pressure on traditional banks to deliver greater value and an By A. Charles Thomas, Chief Data & Analytics Officer, Head - Enterprise Data Science & Analytics, General MotorsA. Charles Thomas
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