Role of Big Data in Modernizing the Banking Sector

By CIOReview | Monday, May 14, 2018
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With the changing times and increasing impact of technology, there has been a transformation in the way various sectors perform, and banking is one of them. Most of the companies across these sectors earlier had manual processes in place whereas they are now transformed owing to the adoption of new technological systems. Communication was earlier handled manually in banking as it was complicated for the financial institutions to transfer data in an efficient manner. Thus, holding bank accounts in the yesteryears was utterly a tough job.

Banks all over the world have adopted technologies that can gather valuable information and protect clients’ data thereby improving the efficiency. This technological change enabled the banks to offer online services, making it easier for customers to access banking services anytime anywhere.

Data is immensely important to banks and managing it manually is difficult. It is unthinkable to find an account number manually by searching through the files. Adding to the woes, there would be long queues in the banks in such a case. With the digitization of banking sector, such operations and tasks are now automated. This, in turn, has made it easier for the customers to efficiently avail the services offered by banks. Unlike earlier, opening a bank account today is easier. Smartphones are also enabled with online banking services that have led to the development of financial institutions.