Formalized big data has been around for more than a decade. Even so, actual use has struggled to match the hype. There have been cases of companies using it, such as when Target infamously identified that a family’s teenage daughter was pregnant, much to the surprise of her parents. And one of the biggest users of big data may come as no surprise: Google. With trillions of searches and a significant part of the internet mapped, Google (outside of the NSA) has one of the largest datasets in the world which it uses to push (mostly) relevant advertising to internet users.
Yet the financial industry has been slow to catch on. Banks have been around much longer than Google and have decades, if not centuries, of customer transactions on record. Still, they haven’t been able to leverage big data to its full extent. Until now.
China’s big technology companies have taken up the slack, are embracing big data and are beating banks at their own game.
To help clients and industry participants better understand what lies ahead for China, Kapronasia has published its first Big Data in China’s Financial Industry report. Over the course of this report, we will provide insight into some of the key trends and issues that are defining the future of China’s financial industry.