Re: Big data hype cycle over?
I do work in this field, as the Head of Big Data for a consultancy. Let me tell you about what your bank is doing (or will be doing) with that Big Data stack...
1) they are looking at your detailed purchase history, and in all probability will eventually offer (if they do not already) a targeted third-party Groupon-type buying solution, driven by a detailed understanding of your buying history, demo/psycho-graphic data, and all other related credit information available about you. You will be asked to opt-in to this service, and if you do it very well may offer you good discounts on stuff you want. If you don't want it, opt-out...no big deal.
2) They are using detailed examination of their own agent's behaviour to understand if the bank is at risk with the financial authorities for mis-selling products to customers. They are likely going to be monitoring agent's verbal conversations using machine learning, the contents of all web and email interactions using textual analysis, and even monitoring of live teller interactions. All of this will hopefully result in a better sales experience for the customer, and a reduction in bank fines from the authorities.
3) They are converting their banks fraud detection from something that is usually done after the fact, into something that is done in real-time and can better prevent fraud before it happens. This will prevent fraud against your account, benefiting both you and the bank.
These are three easy ones, and the tip of the iceberg...now, want to think about what they can REALLY do with Big Data solutions, even with "just three current account types?"