Just over 20 years ago, Amazon entered the book market with a simple mission – deliver personalized experiences to its customers and make each interaction unique and customized to the individual. At the time, Amazon was just one man, Jeff Bezos, selling books out of his home. For the book market retail giants, Amazon was hardly a threat, just some crazy guy trying to compete with very large and long-established institutions – companies such as Barnes and Noble and Borders Books which had well over a thousand retail locations and were selling books hand over fist. Well, we all know how that story ends - Amazon is one of the top retailers in the world and Borders Books is now bankrupt with its failing assets being absorbed by Barnes and Noble, which is still struggling today.
Today, there are very few that will deny the importance of data and analytical decision making. Big Data has been a buzz word for years but it has finally turned into a reality. Companies like Amazon and Uber dominate their industries with the use of data analytics. They, among many companies, have realized that data is the new way of interacting with customers. Although the shift from brick-and-mortar to mobile has been happening for years in the retail space, Big Data & Analytics is about to make its biggest mark in the retail financial services space with mobile payments.