Technology will not only change customer behaviour, but also enable new risk-management techniques, often coupled with advanced analytics. The proliferation of new technologies provides cheaper, faster computing power and data storage, which enable better risk decision support and process integration.
More Data Available for your Business
Today, a vast amount of customer data is available and accessible to banks. Faster, cheaper computing power enables banks to leverage new information for instance, granular customer -payment and spending behaviour, social-media presence, and online browsing activity in risk decision making.
Use unstructured Data
Accessing external, unstructured data offers substantial upside not only for better credit-risk decisions, but also for portfolio monitoring and early warning, the detection of financial crime, and prediction of operational losses.