11 6 INFORMED STRATEGY AND DECISION MAKING GREATER PERSPECTIVE AND VALUABLE INSIGHTS THROUGH TRANSPARENCY AND BIG DATA ANALYTICS The efficiency gained and time saved by digital services are justification enough for their adoption But the advantages go further still For corporates and their treasury departments the visibility afforded by tools such as Virtual Accounts and BPOs will help map exposures and identify potential areas for increased investment BIG DATA This area is perhaps the most fertile ground for future innovation For instance with improved digital storage methods come larger data sets This is a trend known as big data By combining big data with more powerful computers with the ability to calculate ever more complex algorithms complex patterns within that data can be found This has important implications in monitoring forecasting and efficiency generation for banks even more so for their corporate customers and the regulators Banks can therefore turn big data to their advantage both internally and externally a move that promises significant returns For example Boston Consulting Group s website currently reports that one of its client banks was able to use big data analytics to find 15 new opportunities to cross sell its services a window worth an estimated USD 120 million

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