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PERSPECTIVES
Data Innovation in Latin America
May 20, 2014
In today's economy, data is practically as valuable as cash, and at the Citi Latin America Innovation Lab, that is just what we focus on. Home to a team of Data Scientists and Analytics experts, Citi's Innovation Lab in Miami is a Treasury & Trade Solutions Center of Excellence on Big Data. The Lab has developed applications to unlock hidden value from data, allowing clients to generate profits by improving their margins around Transaction Flows.
Years ago, this might have been done with Excel spreadsheets and PowerPoints. But now, we've created a way to visualize data for our clients and present it to them in an interactive, immersive, and compelling way that is unique in the marketplace. The project - Citi Financial Institutions Insights - is a shining example of taking "back office" data and leveraging it in a new way. We are now able to walk into a client's office and show them their global payment flows, with details like trends, destinations, values, volumes, and fees, then conduct live interactive scenarios. All of this information already exists; it is simply a matter of packaging it in a compelling way.
This is a new frontier for banks, one that will be increasingly important in a challenging and ever-changing economic environment. Decades from now, data may very well replace cash as the most valuable assets in a bank's vault. Because of big data, banks will be able to create new products and services that generate revenue and additional business opportunities.
Of course, innovation always comes with a price. Often times, the boldest ideas are triggered by crisis - whether that is increased competition or a depressed business environment. What differentiates the winners and losers is a willingness to set sail into unchartered waters and literally force one's self to create new ways to stay relevant.
After developing Financial Institutions Insights in our Miami Lab, Citi is already brainstorming new ways to roll out the application throughout the world. Latin America is our first stop - and as business goes global, we hope to take it to Africa and Asia as well.