Without doubts, big data has a tremendous potential to revolutionize client advisory and client relations at banks together with all the other components of Finance 2.0. Since big data is only a part, the other components of Finance 2.0 need to be understood before heading forward. It is about improving client interactions in the first, the second and the third place. There is no easy way. It means hard work and an active presence in the Finance 2.0 world and in the social networks is required. As tempting it might be to take a shortcut on the Finance 2.0 road directly to big data and leave all those other cumbersome aspects behind as risky it is as well.
An article by the Swiss news portal Finews, UBS and Credit Suisse: "Big Brother" in Client Advisory (in german) has inspired me to write this blog post. Obviously in public and client opinion the risks and disadvantages are seen as bigger than the advantages of big data. This has to be taken seriously. It seems that UBS and Credit Suisse who have not yet fully arrived in the Finance 2.0 world head straight forward to the easier to measure big data area. Moving fast is good, taking shortcuts might deliver the opposite result of what they hope for though!