Deutsche Bank announced it will deploy an upgrade to its computer systems that will allow the use of big data to better engage with customers.
As Reuters reported Wednesday (Dec. 2), Deutsche Bank is hoping big data – large data sets that are analyzed to reveal information about human behavior or interactions – will help to provide a complete picture of how, when and where customers connect to the bank.
“We are able to see patterns that we could not see beforehand, allowing us to gain insights we couldn’t gain before,” JP Rangaswami, Deutsche Bank’s first Chief Data Officer, told Reuters.
Rangaswami added that the use of better and cheaper metadata is helping the bank to analyze information that was once totally inaccessible.
The overhaul of the bank’s IT infrastructure may help to address what CEO John Cryan called “disjointed, cumbersome and far too often just plain incompatible,” during a presentation in October.
Having access to more relevant and useful data may help Deutsche Bank tailor its services to the needs of its customers, identify system bottlenecks and solve problems quicker by determining regional implications, Rangaswami said.
“Customers provide many signals directly through their actions: when and how they log in, what products and services are used, the time of day, the location and so on,” he stated.
“Our goal is to get to know customers directly rather than going elsewhere.”