Harnessing and protecting big data for financial services
Big data is a familiar management challenge for the financial services industry, which has long been characterized by the tremendous volumes, varieties and velocities of highly detailed data generated by a wide array of sources, customers, partners and electronic feeds. However, today’s wealth of unstructured data (including social media posts) doesn’t always fit into traditional transaction-focused analysis systems, and transaction and customer data streams represent a tempting target for hackers and fraudsters.
Financial services firms that can harness and protect big data, in the form of transactions, real-time market feeds, customer-service records, correspondence and social media posts, can derive more insight about their business than ever before. Successfully harnessing and protecting big data can help financial services firms achieve three critical growth objectives:
- Improve customer insight by developing a 360-degree view of their customers, enabling better-targeted marketing campaigns, customized offers and cross-selling opportunities and faster responses through all contact channels.
- Better manage risk and detect fraud through real-time analysis of streaming data and combining multiple data sources to determine relationships and patterns that may indicate fraud attempts.
- Increase flexibility and streamline operations by using big data technologies to support processes that enhance efficiency, from speedier and better-informed customer service responses to enterprise payment hubs.
Read how Teikoku Databank processes billions of items of textual data in 30 minutes, analyzing 4.75-fold more data for customers, which has improved its competitive advantage.