The banking and financial services (BFS) industry has been one of the biggest adopters of Big Data technologies. There are several reasons for banks and financial services organizations to gravitate towards these platforms.
Technological Ability to handle various Data characteristics
Advanced analysis of data would not have been possible with legacy platforms due to constraints to the amount of data available for analysis. The use of machine learning to gain insights including patterns and similarities in consumption styles, recommendations and upsell and cross sell capabilities. This has resulted in the following:
With the ubiquity of social media, enterprises are starting to avail of the unique features and opportunities that such sites provide for businesses.
Comply with a key provision of the Dodd Frank Act that requires big swap traders to document everything that goes into each swap trade by implementing a deal monitoring system based on a new generation of Big Data technology.
Group customers into different segments to support sales, promotion, and marketing campaigns by collecting and analyzing all available data and using Big Data technology to mine for intelligence from underlying data.
Target new product and service offerings to the right customers by implementing software that supports flexible and integrated processes for understanding customer buying habits, what channels customers listen to, and who the key influencers are.