Big data in Banking
Big data refers to large, diverse sets of structured and unstructured data that can be analysed to reveal various trends, patterns, and insights. Organisations can use business process in banking industry to enhance operations, provide their customers with personalised services, and create targeted marketing campaigns.
Modern technology has revolutionised the banking sector in recent years, with the majority of today’s transactions taking place online. Each one of these digital transactions generates data, and contemporary big data technologies can now harness the massive amounts of information that the banking sector generates every single day to provide banks with extremely useful financial insights. These insights can help to boost revenue, reduce costs, and greatly improve the customer experience. Below are a few ways in which the analysis of big data can benefit the banking industry.
- Personalised banking services
- Customer segmentation
- Effective analysis of feedback
- Fraud detection and prevention