The Economist Intelligence Unit (EIU) interviewed the Chief Data Officer at Wells Fargo to learn his approach to using big data. (Interview sponsored by Platfora)
There is nothing more important to an organization’s future than the decisions made by its leadership. Big Data is continuing to grow, with about 2.5 billion gigabytes of data created each day. With a volume that massive, CXOs need to gain a deeper understanding of their organizations’ data, and in turn, make their customers happier, help their organizations be more efficient, and keep the competition in the rearview mirror.
In February 2014, Wells Fargo, one of the largest U.S. banks in terms of number of branches and employees, hired Charles Thomas, former USAA chief data and analytics officer, its first ever chief data officer. The rise of the CDO has been a transformational change that has elevated the importance of big data analytics for every organization.
Over the past several years, Wells Fargo has made millions of dollars of investments in big data in order to make their customers’ lives easier, to enhance the customer experience, to mitigate risk, and also to ensure that they are fully compliant with privacy regulations as well as their own privacy policies.
Watch our video to see how the leadership team at Wells Fargo is leveraging the power of big data.
Test yourself on the EIU benchmarking tool to see where your understanding of big data compares against others.
To be successful at driving change, organizations need to address what tools they need and embrace the cultural shift from the top down, as well as embracing grassroots efforts bottom-up. You can read the research that the EIU conducted and learn how to foster a data-centric culture.