The Banking and Financial Services Industry (BFSI) has seen a lot of change in the past few years. Increased regulatory scrutiny combined with higher customer expectations have posed stricter challenges to these companies. To deliver on these fronts, companies have to improve efficiencies, detect frauds and manage risks.
To achieve this, banking and financial services companies are embracing big data technologies to deliver better services, comply with regulatory norms and improve customer satisfaction. These companies collect a lot of data through market feeds, consumer transactions, account records and social media. Using insights generated from these large volumes of structured and unstructured data, they can learn more about their consumers and use it to have a competitive edge over other companies in this space.
Big Data benefits banking and financial services companies in the following ways:
- Customized Solutions – Through valuable customer data, banks and financial service companies can use this support for customized solution offerings to customers. Banks can also create targeted marketing campaigns based on these insights.
- Fraud detection – Fraud detection is one of the biggest challenges in front of the industry. Data is providing a newer, secure and cost-effective way to predict, prevent, detect and mitigate frauds. Companies can detect frauds in real-time and eliminate losses.
- Risk management – Through data-driven platforms, banks and financial services can manage risks extremely easily. Through data, businesses can satisfy risk reporting requirements, map financial performance with risks and assess financial reports. Through risk analytics, businesses understand their risk exposure in various deals.
- Customer Service – Through insights gleaned from various data sources, banks and financial service companies can have a richer understanding of their customer expectations. This understanding can be used to deliver better customer service and more engaging experiences to their consumers.
e-Zest understands the pulse of the BFSI sector very well. We have delivered high quality Big Data and Business Intelligence solutions to many banking and financial services companies worldwide. Through our extensive experience, we have developed a unique understanding of the dynamics of this industry. e-Zest offers you the technology and the expertise to leverage big data to solve your business problems.
To learn more about out big data solutions for banking and financial services, drop us a mail at firstname.lastname@example.org.