Scribd
Upload
44 views2 pages

Benefits of Using BDA

Big data analytics is playing an increasingly important role in the banking industry by helping banks gain insights into customer behavior, detect fraud, and enhance the customer experience. Banks now have access to large amounts of customer data through digital channels that can be analyzed through big data analytics to better understand customer preferences, spending patterns, and pain points. This allows banks to improve their products and services. Big data is also useful for detecting fraudulent activities by analyzing customer account usage histories and evaluating patterns that suggest fraud. As a result, big data analytics helps reduce losses from fraud for banks.

Uploaded by

amna laraib
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
44 views2 pages

Benefits of Using BDA

Big data analytics is playing an increasingly important role in the banking industry by helping banks gain insights into customer behavior, detect fraud, and enhance the customer experience. Banks now have access to large amounts of customer data through digital channels that can be analyzed through big data analytics to better understand customer preferences, spending patterns, and pain points. This allows banks to improve their products and services. Big data is also useful for detecting fraudulent activities by analyzing customer account usage histories and evaluating patterns that suggest fraud. As a result, big data analytics helps reduce losses from fraud for banks.

Uploaded by

amna laraib
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
You are on page 1/ 2

Information acts as 

a driving force in the banking industry. This information can either be in form of  

commercial transactions or can be any form of record that is maintained by the  banks everyday. The

amount of data that banks produce is not just substantial but also in real-time. Banks and other financial

organisations have access to enough data to reevaluate how they conduct business, despite the fact that

over half of the adult population of the globe uses digital banking. The banking industry is working to

embrace a fully data-driven strategy for expanding their business and raising "customer satisfaction" in

today's digital age, which can only be made feasible with Big Data analytics. This concept has  played a

vital part in managing the finance industry, the banks ad the insurance companies for the last few years.

It helped in understanding a very detailed picture of how to keep track of the competitors in the market,

to keep an eye on the products, its services and customers.  Big Data Analytics in the Banking industry is

anticipated to grow at a CAGR of 22.97% between 2021 and 2026, according to a research by Mordor

Intelligence. Here is how big data analytics has affected the banking industry.

1. Enhancing customer insight to a higher level

One of the most significant effects of big data analytics in the banking industry is this. Customers are

now connecting with financial institutions more often on digital platforms because to the digitalization

of financial goods and services. Banks may improve the quality of their goods and services by using big

data analytics to analyse the data collected through digital channels such as social media, banking apps,

and other sources. Big data also plays a key role in understanding the behaviour patterns of the

customers by analysing the numerous insights, such as patterns of investment, shopping

details, investment motive, and personal or financial history. As a result, banks are better able to

comprehend the demands, preferences, and pain points of their customers. Big data analytics thereby

helps businesses keep ahead of the competition while also enhancing the client experience.

2. Detection of fraud and its prevention/cure


One of the serious issues faced by the banking industry is the act of theft or fraud.  Keeping pace with

the technology and policies that ensures the safety of the legal data stored by the banks against fraud,

the methods and the techniques of theft and hacking has been advanced to a greater extent.  From this

arises the need to develop a system that guards and moniters the valuable information and point to

possible fraud in order to stop it in its tracks.  And Big data has proven itself as the best solution at hand

for keeping up with the trends and for detecting and eliminating suspicious activities. For example,

customers who have deposit, bank, credit card, and personal loan accounts, have usage histories that

can be merged and evaluated for patterns suggesting frauds, helps in detecting fraudulent activities and

minimizing the loss.

You might also like

pFad - Phonifier reborn

Pfad - The Proxy pFad of © 2024 Garber Painting. All rights reserved.

Note: This service is not intended for secure transactions such as banking, social media, email, or purchasing. Use at your own risk. We assume no liability whatsoever for broken pages.


Alternative Proxies:

Alternative Proxy

pFad Proxy

pFad v3 Proxy

pFad v4 Proxy