How Banks & BFSI Sector Can Leverage Big Data for Actionable Analytics?
By Sunil Paul, Co-Founder & Executive Director, Finesse Global
The entire world has been embracing the big data wave and this can be seen through many digital initiatives that are being implemented across the globe. It is important to note the role played by IoT (Internet of Things) and Big Data and analytics in transforming the infrastructure services in a city. IoT and Big Data can offer solutions that can build intelligent infrastructure frameworks and can also build predictive data modelling to assess future needs.
The growth of data storage or computational capacity has risen exponentially and this is where solution providers need to prepare themselves in the direction of improving their computational and statistical methods. Big Data and analytics have become more accessible and affordable than ever before.
Organisations need to find new insights in data by linking different data sets, bringing data from data markets to get a bigger picture, finding creative approaches to visualize data.
" The growth of data storage or computational capacity has risen exponentially and this is where solution providers need to prepare them selves."
One of the main issues solution providers encounter is the divide between the expectations of the business users and what IT department in a company can offer. The inability to focus on the business requirements first can result in roadblocks to any big data project. Once the organization has clearly understood its business needs, it can find the right set of big data and analytic tools to implement its big data projects. The successful solution providers are those who are able to provide useful business solutions, which showcase an altogether new dimension to their existing business.
Every day we see an exponential increase in the amount of sources generating data for an organization. Managing this data and leveraging insights from this data has become a challenge for CIOs and CTOs in any organization. Solution providers must look at the opportunities that can be derived from such a challenge and build their solution around addressing these needs among others.
Banking & Finance, Retail and Telecom sector seem to be leading with the adoption of big data strategies. Big data analytics help banks monitor and prevent fraudulent activities. With increase in number of cashless transactions, credit card fraud is a rising issue for most banks. By using big data analytics, banks can also offer customers targeted marketing campaigns based on customer behaviour and preferences. Targeted campaigns also better address customer needs and have better conversion rates than traditional email campaigns.
With IOT becoming a reality and to address businesses’ need for collaboration of social and public data, organizations have to think of proper platforms and solutions to store, manage and analyze these massive amounts of data safely, effectively, and affordably.