Lloyds Team Up With Google For Digital Innovation
Big data has become the must-have technology for many businesses in recent years. By capturing large volumes of often unstructured information from sales and individual interactions, companies are better able to understand their customers. This in turn means they can tailor their products to more effectively deliver what people want.
But big data presents its own problems in terms of the amount of storage and processing power required to handle it. This can only increase further as ‘Internet of Things’ devices add more raw data to the mix. For that reason, when considering a big data strategy many organisations turn to the cloud.
Teaming with Google
Google is, of course, one of the leaders in cloud systems, so it’s not surprising that Lloyds Banking Group has chosen to partner with the search giant when creating its own analytics operation. There are no Google staff directly on the Lloyds team, however, as finance recruitment is being handled by the bank.
Lloyds has been using Google’s big data platform to analyse non-personal data relating to customer behaviour. The tools employed include Google’s openly accessible Big Query, Data Flow and Big Table products. These allow Lloyds to analyse large volumes of data at low cost and with reduced need for additional banking recruitment to create a specialist team. The bank has dramatically reduced the time needed to gain meaningful insights from data as a result.
This latest project is part of a wider collaboration with Google stretching back over 18 months. This has allowed Lloyds to improve its digital marketing and shift the bank’s mindset to a more big-data-focussed model.
Google acknowledges that it’s the first time it has worked with a bank on this type of project. It’s reckoned that Lloyds could be as much as 18 months ahead of its competitors as a result. It’s now looking at wider options, including applying artificial intelligence and machine-learning algorithms in order to be able to gain faster insights from its data.
The bank is also claimed to be making several recruitment partnerships, as well as adopting an executive search process, in order to recruit skilled individuals, namely people with PhDs to run data research projects.
Although the project is currently a trial, it seems likely that its success will lead to the bank looking to move further into using big data. Although initially aimed at achieving customer insights, this could have implications in other areas such as finance recruitment and branch services.