Small and medium businesses could soon benefit from Big Data in the UK following a deal by Barclays Bank. According to a report in TechWeek Europe, around 500,000 small to medium businesses will be able to take advantage of the information on offer.
For the most part Big Data and the analytics that make it productive are available only to the larger enterprise, mostly due to costs and the technical sophistication required. Next month, it appears, Barclays will allow access to information that will tell businesses (for example) what proportion of customers pay by cash, cheque or credit card.
If the business customer has a Barclays terminal they will also be able to look into customer behaviours and other indicators that may help them build their organisation.
Overall it looks a bit tough if your organisation banks with Barclays but doesn’t take cash, but rather receives payment through invoices. However, given that the bank has research that suggests 56 per cent of its business customers never look at their client data, this initial move is probably a better start than none at all.