Big data in the banking sector: between customer satisfaction and fraud prevention
Posted: Tue Jan 21, 2025 5:49 am
Discover how big data optimization in the banking sector is used for risk management, fraud detection and customer satisfaction.
Do you know the possibilities of Big Data in the banking sector ? And the challenges it poses to organizations?
Customer-centric companies, such as banks, have more data than others about their customers, but they do not always have the necessary level of data intelligence. The challenge for big data in the banking sector is to fully cope with the immense variety and volume of data available . Having the necessary tools to process the ever-increasing percentage of data that exists about each customer in order to convert it into knowledge.
At the same time, users are becoming more technological, more fusion database and much more demanding. Just as big data is a challenge in everything related to fraud detection, it is also a challenge when trying to meet the expectations of a customer who is no longer satisfied with the minimum, and increasingly wants more and better.
New call to action
Big data in the banking sector and customer satisfaction
Based on their experiences with other organizations, consumers of financial products have similar expectations when it comes to banking apps . However, without deep customer insight, banks are unable to meet these expectations . The result is negative consequences such as:
Lost revenue opportunities.
Reduction in the volume of the customer portfolio.
Lack of sufficient competitive agility.
Lack of vision clouds decision-making when big data opportunities in the banking sector are not taken advantage of . Those who fail to identify critical business trends quickly see their market position decline.
To avoid this it is necessary:
Have the data and identify which ones are of interest and which ones are not.
Have sufficient storage capacity.
Leverage advanced analytics tools.
Transforming data abstraction into knowledge, applicable to precise decisions and concrete actions.
In this way, based on a unique and comprehensive vision, which big data brings to the banking sector, it is possible to innovate, offer the customer what they want and need, improve the service and guarantee the sustainability of the business.
Do you know the possibilities of Big Data in the banking sector ? And the challenges it poses to organizations?
Customer-centric companies, such as banks, have more data than others about their customers, but they do not always have the necessary level of data intelligence. The challenge for big data in the banking sector is to fully cope with the immense variety and volume of data available . Having the necessary tools to process the ever-increasing percentage of data that exists about each customer in order to convert it into knowledge.
At the same time, users are becoming more technological, more fusion database and much more demanding. Just as big data is a challenge in everything related to fraud detection, it is also a challenge when trying to meet the expectations of a customer who is no longer satisfied with the minimum, and increasingly wants more and better.
New call to action
Big data in the banking sector and customer satisfaction
Based on their experiences with other organizations, consumers of financial products have similar expectations when it comes to banking apps . However, without deep customer insight, banks are unable to meet these expectations . The result is negative consequences such as:
Lost revenue opportunities.
Reduction in the volume of the customer portfolio.
Lack of sufficient competitive agility.
Lack of vision clouds decision-making when big data opportunities in the banking sector are not taken advantage of . Those who fail to identify critical business trends quickly see their market position decline.
To avoid this it is necessary:
Have the data and identify which ones are of interest and which ones are not.
Have sufficient storage capacity.
Leverage advanced analytics tools.
Transforming data abstraction into knowledge, applicable to precise decisions and concrete actions.
In this way, based on a unique and comprehensive vision, which big data brings to the banking sector, it is possible to innovate, offer the customer what they want and need, improve the service and guarantee the sustainability of the business.