BigDataFr recommends: Customer data is the next banking battlefield
It’s a battle set to define the parameters of financial services competition in Australia’s new « agile », « innovative » economy: control of digital customer transaction account data.
The adversaries are the banking oligopoly and disruptive fintech start-ups. Their positions are ideologically opposed.
Banks believe deeply that they own the data on their customers’ transactions. Holding the digital records of when and where and how much and on what money is spent will further entrench incumbents’ competitive advantage, given that data’s usefulness is set to grow as the big-data economy emerges. […]