Big Data and Analytics Use Cases for Banking and Financial Services Industry

NCIDCAS | Special Issue | December-2018 | Published Online: 22 December 2018    PDF ( 139 KB )
Author(s)
Prakash Ukhalkar 1

1Assistant Professor, Department of MCA, Pimpri Chinchwad College of Engineering, Pune (India)

Abstract

Big Data refers to massive amounts of data captured by IT systems that are too big and complex to be analyzed and processed using conventional software. Using analytics, companies across the world attempt to get insights into customer behavior and also, in certain cases, solve business problems.

The use of Big Data and Analytics in the Banking and Financial Services Industry is not a new phenomenon. Big Data represents a huge opportunity for Banks and Financial Services Industry. The ones who will manage to get the best insights out of the huge amount of structured and unstructured data they already have will be able to better serve their customers and comply to new regulations without putting too much hurdle on their employees.

Banks, have more data about their consumers but relatively very little intelligence about them. The world is increasingly interconnected, instrumented and intelligent and in this new world the velocity, volume, and variety of data being created is unprecedented. As the amount of data created about a consumer by Amazon, Flipkart or other such companies is growing the percentage of data that banks can process is going down fast. The Big Data market is growing exponentially. While banking executives agree that Big Data has the potential to transform their businesses, they are often unsure which Big Data and Analytics Use Cases they should consider when implementing a Big Data solution. While working with banks, Big Data and Analytics use cases can be identified and addressed that are delivering significant business value.

This paper gives an insight on Big Data and Analytics Use Cases for Banking and Financial Services Industry.

Keywords
Big Data, Analytics, Use Cases, Banking, Financial Services, Industry
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