Once upon a fairly recent time, if you were a writer in need of background information on, say, the rumored acquisition of one ATM manufacturer by another, you would get in your car, drive to your city’s downtown library and scroll through a bunch of microfiche to find what you were after. In all, this might take two hours.
Today, you would Google “Diebold in talks to buy Wincor” and get the same information in 11.8 seconds flat. This is the power of technology to find, filter and format tremendous amounts of data with mind-numbing speed.
And now, financial institutions are finding value in distilling this “big data” into potent information about how consumers are using banking and payment channels.
During a June 9 webinar sponsored by Inetco Systems Ltd. and hosted by ATM Marketplace, an engaged audience tuned in to find out how BECU, the nation’s fourth largest credit union, used ATM monitoring and data analytics software to reduce enormous amounts of member transaction data into customized reports that helped the FI to increase the efficiency and profitability of its ATM channel.