Quantzig Explores the Advantages of Big Data in the Banking Industry
LONDON--(BUSINESS WIRE)--Sep 11, 2018--Quantzig, a global analytics solutions provider, has announced the completion of their latest article on the advantages of big data in the banking industry.
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Top Advantages of Big Data in The Banking Industry (Graphic: Business Wire)
The nature of data in the banking industry is extremely confidential, and most banking companies are slow in adopting big data due to this reason even though they have realized the advantages of big data in the banking industry. The banking industry has evolved over the years when it comes to service delivery and operations. But it is a surprising fact that many banks have not been able to use the information in their own databases suitably. This is gradually changing as the banking industry starts to process the huge volume of data that is gathered and created. The use of big data in banking is a major step towards the growth of the banking industry and will help in its prosperity.
According to the banking industry experts at Quantzig, “There will be an immense increase in the volume of data before 2020.”
Recently, data analytics and the internet have made it much simpler to monitor and assess the progress of banks, which have been delegated with tons of their clients’ personal information. But with the help of big data, banks can now use this information to regularly monitor their client’s transaction behavior in real time, permitting them to offer the kind of resources that their clients need. This real-time valuation will boost profitability. Big data offers a huge opportunity for the development of the banking industry, which has remained mostly unaffected over the years. And even though there are worries related to data security, big data offers a number of advantages for both customers and banks.
Advantages of big data in the banking industryPrevention and detection of fraud: One of the biggest challenges faced by banks today is frauds, which can be dealt with the help of big data. Analytics is used by banks and financial organizations to find the difference between legitimate business transactions and fraudulent interactions. With the help of machine learning and analytics, banks can simply define normal activity on the basis of customer history and distinguish it from strange behavior, signifying fraud. The use of big data in the banking industry will help recommend instant actions like blocking any irregular transactions. This stops fraud before it happens and improves profitability. to know more about the advantages of big data in the banking industry. Customer segmentation: The use of big data in banking provides full insights into customers’ spending patterns and helps in knowing their needs and requirements. With the help of big data in banking, banks can also classify their customers based on many parameters like preferred credit card expenditures, frequently accessed services, and even net worth. This form of customer segmentation can allow banks to target their customers in a better way through pertinent marketing campaigns. Personalized service: Customer segmentation facilitated by big data in banking services can be used to make and deliver schemes and services designed for specific customers as per their necessities. The past and present expense analysis can evidently tell the banks how to get a higher response from their customers. Personalized products and services help the banks to make more meaningful relationships with their customers. to know more about the advantages of big data in the banking industry.
Quantzig is a pure-play analytics advisory firm concentrated on leveraging analytics for prudent decision making and offering solutions to clients across several industrial sectors.
View the complete list of big data advantages for the banking industry here:
Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 55 Fortune 500 companies. For more information on all of Quantzig’s services and the solutions, visit https://www.quantzig.com/about-us.
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PUB: 09/11/2018 07:32 AM/DISC: 09/11/2018 07:32 AM