Is “Big Text” next big thing? Text analytics can reveal even more about customers

From Banking Exchange -

“Move over, Big Data. Here comes Big Text. Or, as it’s more commonly known, “text analytics.” Or, sometimes, “text mining.”

Essentially, it’s the analysis of all the unstructured data a bank absorbs through email; social media posts; call center notes and transcripts; surveys and feedback forms—any information provided by or about customers not structured in some type of database.

More specifically, it could be a snarky comment on Facebook; the jottings of a call center representative; scribbled notes at the end of a survey; or a mobile text from a grateful customer to a helpful teller.”

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Proliferation of mobile devices and Internet of Things to send ‘cyber risk skyrocketing over next five years’

From Continuity Central –

“The 2015 Global Cyber Impact Report, released by the Ponemon Institute and sponsored by Aon plc, has found that while cyber is one of the fastest growing risks for companies across the globe, and information technology assets are often as valuable as property assets, companies are only protecting 12 percent of those assets compared to 51 percent of tangible property assets.

“This survey is unique as it focused on the relative financial statement impact of cyber incidents compared to tangible asset vulnerabilities,” said Kevin Kalinich, global practice leader for cyber/network risk at Aon Risk Solutions. “The explosion of cloud computing, mobile devices, big data analytics and the Internet of Things is creating enterprise risk management issues that are rapidly growing with the increased use of information assets and technology. Companies large and small are advised to consider cyber threats in this perspective.”

The report’s findings act as a roadmap for risk managers and finance, helping them take a broader look at their organization’s overall risk profile to help establish comprehensive insurance coverage is in place compared to the impact of each risk on the organization,” added Kalinich.”

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Visa announces Mobile Location Confirmation service; travelers should welcome verification technology

From ZD Net –

“Visa will begin rolling out a new geo-location service, powered by Finsphere, in April. Your smartphone and financial institution will work together to improve your card purchasing experiences.

Finding out that your credit or debit card has been disabled while traveling around the world can result in lost sales and major frustration. Given today's smartphone and electronic banking technology you would think there was a better way to integrate the two.

Last week Visa announced Mobile Location Confirmation, powered by Finsphere. In combination with your smartphone, mobile banking application, Visa, and Finsphere's services geo-location data will be used to verify the legitimacy of your transactions.”

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Banks to allow account access using fingerprint tech

From BBC News –

“Two banks are allowing their customers to access accounts on their smartphones using fingerprint recognition technology, in a UK industry first.

RBS and NatWest customers must activate the feature with their security information, but would only need to use Apple's Touch ID thereafter.

The banks said that, after three failed login attempts, customers would have to re-enter their passcodes.

But a security expert expressed concern that Touch ID is not secure enough.’

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