The term “BIG DATA” implies just that – data, and lots of it. Typically it’s thought to be held solely in the realm of large corporations – something more for Bank of America than for your local community bank.
Yesterday I attended a teleconference by Intuit, in advance of the release of their report “The New Data Democracy: How Big Data Will Revolutionize the Lives of Small Business and Consumers”, co-authored with Emergent Research. Their premise is that “Big Data” isn’t just for big business, and technology has created a data democracy that will level the playing field for small business.
Intuit predicts that small businesses will have fully embraced data on the cloud by 2020, using products already available like Amazon Web Services and Intuit’s QuickBooks Online, whose “Trending” feature anonymously aggregates customer data so small business can compare themselves to other, similar businesses across the country.
Another key takeaway? All this technology means that the customer is more empowered than ever before. Via social media, consumers literally have access to the data they need at their fingertips – for everything from finding the best deal on a coffee pot to finding the most-trusted bank for their financial needs.
Pretty cool – the Intuit Loan Finder matches small businesses to banks.
As someone that strives to live a healthy lifestyle, I love this unique banking idea.
More bank M&A? Legal experts think we’ll see a slight bump in 2013.