According to a recent Talend survey, ‘challenger banks’ are better positioned than established financial institutions to innovate as legacy IT systems in traditional high street banks are blamed for lack of data integration.

While banking professionals have a clear understanding of the benefits of big data, there seem to be a gap between this understanding and the current investments in large-scale big data projects.

Key big data-related areas of focus over the next 3-5 years include:

• The integration of multi-channel data (cited by 34% of respondents)
• Managing the data explosion (33%)
• Gaining actionable insight from customer data (25%)