Big Data in Banking – Spectacular Case Studies & Applications
Big Data is renovating the world and it has left no industry untouched with its enormous benefits. It has emerged as a lifeguard for the Banking Industry. Big Data has saved a lot of revenues from the banking firms so far and has a lot more to offer in the coming years. It gives them a sigh of relief as running a banking firm is not as easy as it looks. Big Data in the banking industry helps banks in managing the risk, detecting frauds, and in the contentment of customers.
This blog will give you an insight into how Big Data is saving millions of dollars for some of the largest banks in the world.
Big Data Analytics then came to their rescue. Through analyzing their customer’s data from a variety of sources such as their website, call center logs and personal feedbacks, they discovered that their end-to-end cash management system was too stiff for the customers as it hindered their freedom to access trouble-free and flexible cash management system. Though smaller banks were offering an effortless solution to it. Ultimately, they decided to end their all-in-one offering.
Soon in the year 2009, as a solution to these problems, they launched a website that was a more flexible online product, CashPro Online, and its mobile version, CashPro Mobile later in the year 2010. This was developed with an aim to provide their customers with a one-stop solution for all the services they offer.
Nice sharing! There are a huge of personal data in the bank, so using bigdata to deal with these
ReplyDeleteprivacy information is very useful. Also helps banks in managing the risk, detecting frauds, and in the contentment of customers.
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After reading this article, I have learn about Big Data in the banking industry helps banks in managing the risk, detecting frauds and in the contentment of customers. It can helps banks to ensure their data’s safety and then will lead customers believe in their potential to protect the customer’s information safely. This article talked about 3 applications of Big Data in the banking industry; first, in risk management, Big Data analytics help banks to detect risk in real-time and apparently saving the customer from potential fraud. Moreover, they can identify risk accurately, then assess risk, control risk and review risk. Second, Fraud Detection, using machine learning algorithms in Big Data analytics can help banks to detect frauds before they can be placed. This is done by identifying unfamiliar spending patterns of the user, predicting unusual activities of the user, etc. Third, Customer Contentment that can help banks to ensure the safety of their transactions to providing them the most relevant and beneficial offers. Moreover, it can help banks in analyzing their customer’s data on the basis of different parameters helps them in targeting their customers in a much better way.
I think now Big Data is very important in banking industry that will lead banks develop their competences and services. It encourage the revolution in banking industry and renovate the world to have a better benefits from global banking industry that use the benefits from Big data analytic to safe customers data and manage data in the effective way.