Big Data In Banks 3.0

  • September 12, 2014
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Big DataBig Data technologies have been giving increasing agility to understand the needs of clients from different industries. In the financial sector, it is not different. With the expansion of communication channels and service to account holders, the amount of structured and unstructured data that can be collected and analyzed on customers is increasing. The challenge for banks is, therefore, know how to use this information for the sake of business.

The increase in stored data has occurred because of a new customer profile, which requires a multi channel experience and fast service on different screens. As an account holder goes to the physical agency, on average, once a month, on digital channels accessed via mobile phone or tablet this interaction can reach up to 30 times in the same period, which multiplies the possibilities for gathering information.

Banking is no longer a place to go, but something you do. This new client also uses the Internet as a service channel five to seven times per month, while going to the ATM only three to five times in the same period of time. It is clear that the flow of people in agencies is steadily decreasing, while the digital channels are gaining more and more relevance.

The so-called ‘Bank 3.0’ can, through technology, to be ubiquitous in the life of the customer and creates numerous possibilities in terms of collecting and analyzing information. In this new era of banking institutions, the bank becomes intelligent and multichannel needs and take advantage of it to develop new strategic direction focused on the behavior of depositors.

With the ubiquitous approach for digital channels, it is possible, for example, offering products and services online, in real time, using Big Data Analytics technologies available. Thus, the offerings become more assertive and targeted since they are made based on customer preferences, and the chance to be successful increases. You can apply predictive analytics strategically to serve customers more effectively in their financial needs.

In parallel, monitoring social media to engage enables customers to mitigate risk and promptly react to problems, and enrich customer data with information that facilitates more effective propositions. All this made possible by digital channels, which allow banks to discover the best insight for each profile.

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