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Big Data: A big thing for today's Banking Analytics

Big data is extending the range of data types in banks that can be covered beyond those common transaction data, and it helps to address problems. Some important areas in banking like fraud analytics, customer analytics and web analytics are also enhanced by big data. Today's improved technologies and frameworks enable banks to get customer data, graph data and geo-location data easily from customers, other banking channels etc. which in turn yields significant insights that can be used in customer marketing, risk management and infrastructure optimization. Big data projects are beneficial as they enhance areas like web security, compliance checks and customer analytics and thus cause the banks to make relevant investments in it. Banks need to know and understand the characteristics of the data they need and need to capture more information beyond risk and marketing data. If the users have sound idea of the nature of the available data, their strategies of making a rough analysis and then use the results to guide them in refining the analysis, will be more effective. This approach helps banks to analyze more data and gain insights that were previously difficult to achieve, without changing the current analytical infrastructure of the banks. Read more about this in Jaroslaw Knapik (Senior Analyst, Financial Services Technology)'s article link:http://www.cloudcomputing-news.net/news/2014/jun/16/big-data-set-to-boost-the-effectiveness-of-analytics-in-banking/

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Tuesday, 15 October 2019
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