Goldman invests in big data analytics platform; Deutsche makes key hires in analytics and data.
Investment banks have been laggards with big data and analytics, but there are signs they are throwing more resources and capital at a field that has the potential to transform the industry. Goldman Sachs has taken the lead with a $15 million investment in big data analytics start-up Kensho. A number of senior changes in Deutsche Bank’s corporate banking and securities business relate to a new approach to customer data analysis. And BBVA’s acquisition of Spanish big data analytics start-up Madiva in December shows how this approach is continuing to be applied in corporate and retail banking to speed-up previously time-consuming tasks, from valuing portfolios of assets to approving mortgages for clients.