It’s hard to think of many industries that have more sensitive data than financial services. Although the term “Big Data” seems to be met with more groans and eye rolls than a parent speaking with a teenager, there are some major benefits to big data in banking, and business in general, that we will begin to see embraced in 2016.
Advanced technologies such as Hadoop, Spark hardware acceleration, TIBCO, SAS, and Oracle appliances are just a few tools that are allowing organizations greater insight into their data. The benefits to be recognized in financial services are immense as they rely on technology to handle the increased regulatory requirements and customers’ demands with far less staff.
Financial institutions have always had vast amounts of private customer data, but until recently parsing that information and using it in a way that could show direct return on investment has been difficult at best. Advanced analytics and predictive technology now allows institutions to use data to target clients for additional services and initiate marketing messages to the right customer at the right time. Customer offers based on location, purchases, or even tweets bemoaning their current banking relationship, can all be used as triggers to further engage existing clients, and can also be used to gain new ones. Data mining, which used to be a multi-month process, can now be done in moments and even beforehand based on patterns of activity and purchases.
Read the full article here: http://bit.ly/1Oy7pRJ From @Gallagheresq