Role of Big Data in Banking & Finance Sector in 2020

8Sep - by aiuniverse - 0 - In Big Data

Source: theunionjournal.com

Today, analytics is becoming a significant game-changer in the financial sectors. Following the tradition, the banking, financial services, and insurance (BFSI) sectors are putting their full potential to widen their business opportunities and enhance the services that they provide their customers.

According to an article recently published by Forbes, “over 2.5 quintillion bytes of data created each day.” This is a massive number, and therefore the significant increase in the customer volume is placing a humongous pressure on the levels of the services offered by these organizations.

Stakeholders are now looking for new ways not just to organize their data but also to use this data to track their customer’s behaviors. In this way, these organizations will be able to use their data to provide their customers with the exact type of resources needed at a given time.

Big Data resources have become a key player for the BFSI sector, helping them in several areas that provides these organizations with improved customer experience and boosted performance and profitability.

Why Banking & Finance Sector need Big Data?

Big Data can help the BFSI sector in not just organizing their data but it also helps to improve customer experience. The answer to the question (Why the BFSI sector needs Big Data?) could be summed up in three points. They are:

  1. Customer Experience
  2. Operation Optimization
  3. Employee Engagement

Customer Experience

Customers place high expectations in the way they…

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