12-01-17 18:11 | Digital banking | The Digital Hub

How data science is transforming banking

Data science allows us to stay one step ahead of our customers, to predict and solve their problems even before they experience them. We want to surprise and delight our customers by going beyond their expectations. We want them to ask us: 'How did they do it?'

Today we can do something we could not do many years ago. Using real-time machine learning and algorithms-driven solutions, we can collect and analyse a large variety of data our clients use when making important decisions. When this rich and abundant data is correctly connected and analysed, it provides a business with tremendous value and strategic insights. This allows us to customise and improve the customer experience.

My philosophy is that data science starts and ends with the individual. Modern data science is about data systems, machine learning, algorithms and big data, but most of all, it's about individual choice and behaviour.

It's important for me to emphasize that data science is not some sort of 'big brother' who is watching you. It's about making your life easier by giving you the most relevant information that meets your needs at any given point in time.

Given today's abundance of information, people may be hit by what psychology professor Barry Schwartz calls 'choice paralysis'. That's why one of data science's most important contributions to individuals and organisations is solving the complexity of choices resulting from information overload.

Leonardo da Vinci once said: 'Simplicity is the ultimate sophistication.' That's something many companies should start striving towards when designing customer experiences - and this is a core element of the journey we are embarking upon here at Nordea.

Nordea Bank AB published this content on 12 January 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 17 January 2017 11:06:02 UTC.

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