
Big Data Analytics in the Banking Sector
FREMONT, CA: The banking sector has progressed with the digital revolution, owing to which there has been an incredible expansion in the dynamics of data analytics and AI. Predictive analytics can be employed for enhancing the customer base and also for optimizing the costs. There is a bulk of Big Data in every sector, especially financial and banking services. Banks are bound to collect, evaluate, and store gigantic amounts of data. But somewhat viewing this as precisely a compliance application, data science and ML tools can convert data analysis into a possibility to learn more about clients and to build new revenue opportunities.
A few relevant uses of data analytics in banking are:
Customer Segmentation:
Based on the consumer’s data regarding the spending outline, banks can sectionalize the customers according to the income and expenditure. Cross-selling can be customized based on this segmentation. By considering the profitability percentage of specific customers, banks can also evaluate each group and excavate useful insights.
Fraud Management and Prevention:
By knowing the usual expenditure patterns of an entity, banks can raise red flags if something contemptible happens. If there is an unexpected swell in the expenditure of a careful customer, this might indicate the card was stolen and forged by fraudsters. By analyzing these types of transactions, the risk of deceitful actions can be cut down significantly in real-time.
Risk Modeling:
Risk evaluation is of high precedence for banks, since it helps to control monetary activities and financial investments. The economic vigor of a firm can be reviewed for corporate financing, facilitating in mergers, purchases, and for investment purposes. Likewise screening an applicant for a loan by evaluating the spending patterns and prior credit history can help speedily assess the possibilities of issuing a loan.
Identification of Main Channels of Transactions:
Banks can supervise the past processing patterns and the daily management between the in- and out-payments at the ATMs and branches, hence forecasting the potential needs of their prospective customers.
To increase competitive gain, banks must recognize the critical importance of data science, assimilate it in their decision-making processes, and develop policies based on the insights from their clientele’s data.
Check out: Top Banking Technology Solution Companies
ON THE DECK
Featured Vendors
Next Level Business Services (NLB): Applying Digital Transformation to Create Supply & Service Value Chains of the Future
Gerber Technology: Reshaping the Dynamics of the Fashion & Apparel and Flexible Materials Industries
FileFacets: A One-stop Solution for Locating and Identifying Data Across the Enterprise" title="Jennifer Nelson, VP, Sales & Marketing" style="float:left; margin-right:10px; margin-bottom:20px;" width="60px" height="50px">
FileFacets: A One-stop Solution for Locating and Identifying Data Across the Enterprise
Infoworks: Dynamic Data Warehousing on Hadoop that Automatically Ingests and Organizes Enterprise Data for All Use-cases
ThetaRay: Advanced Data Analytics Provide an Enhanced Security Layer to Combat Bank Fraud and Cybercrime
VentureSoft Global: Robust Big Data Solutions for Customer, Product Profitability and Operational Efficiency
Absolut-e Data Com BizStats – Leveraging Artificial Intelligence To Extract The True Potential Of Data
Relational Solutions, Inc.: Delivers Enterprise Demand Signal Repositories to the Consumer Goods Ind
Emagine International: Adaptive Contextual Marketing Platform for Personalized Customer Interactions
Cygnus Professionals: Translate Big Data into Actions: An Analytics Platform Transforming Enterprise
EDITOR'S PICK
Essential Technology Elements Necessary To Enable...
By Leni Kaufman, VP & CIO, Newport News Shipbuilding
Comparative Data Among Physician Peers
By George Evans, CIO, Singing River Health System
Monitoring Technologies Without Human Intervention
By John Kamin, EVP and CIO, Old National Bancorp
Unlocking the Value of Connected Cars
By Elliot Garbus, VP-IoT Solutions Group & GM-Automotive...
Digital Innovation Giving Rise to New Capabilities
By Gregory Morrison, SVP & CIO, Cox Enterprises
Staying Connected to Organizational Priorities is Vital...
By Alberto Ruocco, CIO, American Electric Power
Comprehensible Distribution of Training and Information...
By Sam Lamonica, CIO & VP Information Systems, Rosendin...
The Current Focus is On Comprehensive Solutions
By Sergey Cherkasov, CIO, PhosAgro
Big Data Analytics and Its Impact on the Supply Chain
By Pascal Becotte, MD-Global Supply Chain Practice for the...
Technology's Impact on Field Services
By Stephen Caulfield, Executive Director, Global Field...
Carmax, the Automobile Business with IT at the Core
By Shamim Mohammad, SVP & CIO, CarMax
The CIO's role in rethinking the scope of EPM for...
By Ronald Seymore, Managing Director, Enterprise Performance...
Driving Insurance Agent Productivity with Mobile and Big...
By Brad Bodell, SVP and CIO, CNO Financial Group, Inc.
Transformative Impact On The IT Landscape
By Jim Whitehurst, CEO, Red Hat
Get Ready for an IT Renaissance: Brought to You by Big...
By Clark Golestani, EVP and CIO, Merck
Four Initiatives Driving ECM Innovation
By Scott Craig, Vice President of Product Marketing, Lexmark...
Technology to Leverage and Enable
By Dave Kipe, SVP, Global Operations, Scholastic Inc.
By Meerah Rajavel, CIO, Forcepoint
AI is the New UI-AI + UX + DesignOps
By Amit Bahree, Executive, Global Technology and Innovation,...
Evolving Role of the CIO - Enabling Business Execution...
By Greg Tacchetti, CIO, State Auto Insurance
Read Also
