Big Data Analytics in Banking Industry
Data aggregation software is becoming more of a necessity for financial institutions, as Big Data is evolving to be an integral aspect to daily operations. Not only can banking customers benefit from a more personalized experience, but the organizations can see a larger return on profit. When clients feel as if they are cared for, they are more likely to continue doing business with a particular firm.
Andy Hirst, senior director of Industry Marketing for SAP, spoke at the International SAP Conference for Financial Services this week. Bank Systems & Technology quoted his speech, where Hirst explained that the more effectively banks can process Big Data on a daily basis and then use it toward improving the customer experience, the more successful they will be overall.
Additionally, the financial industry has been analyzing structured information for years, he said, but the trend now is to delve into unstructured data. Predictive analytics will be key in this aspect, as banks need to be “not looking at how the world was, but how it will be.”
“It’s about putting humans and data together to get the most insight,” Hirst said.
Another Bank Systems & Technology article expanded on a similar topic, explaining how mobile technology is also impacting the financial sector. More banks are encouraging customers to use digital channels for their daily transactions. In fact, such a move could save the banking industry $1.5 billion per year, according to a Javelin Strategy and Research study.
With comprehensive data engine software, financial institutions will ensure that when they collect, analyze and store Big Data information, it will be used to their benefit as well as that of their customers.