WELCOME TO DATAFENCE

Our Data Services Will Raise Your Business Above the Expected

Big Data in Financial Services


healthcare

It is proven now that Hadoop as the most significant data processing platform for big data analytics in Banking & Financial Services.

The financial services sector has gone through unprecedented change in the last few years. Customers are expecting a more personalised service from their banks and their product offerings. Regulators have reacted to the credit crunch with significant changes to regulation with more intrusive and granular supervision. At the same time, according to the EMC-sponsored IDC Digital Universe study, the world's data is doubling every two years. A challenge for the industry is, therefore, how to use the breadth and depth of data available to satisfy more demanding regulators, but also improve services for customers.

The opportunity for the sector is to unlock the potential in the data through analytics and shape the strategy for business through reliable factual insight rather than intuition. While it is crucial to ensure the integrity of data provided to executive management and regulators, unlocking the insights in the data to better understand customers, competitors and employees represents a significant opportunity to gain competitive advantage. While regulatory pressure is forcing organisations to improve the integrity of the data, many financial institutions are seeing improved data quality and the use of analytics as an opportunity to fundamentally change the way decisions are made and to use the data for commercial gain.

Big data should also involve using multiple data sources, internally and externally. Geo-spatial data, social media, voice, video and other unstructured data all have their part to play in knowing the customer today and their future behaviours. For example, leading firms are looking at using both internal and external data, both structured and unstructured, to develop personalised banking products. Customers are more likely to be attracted and retained with personalised products - hence, lifetime value goes up. Similarly, analytics have an increasingly important part to play in the recovery of bad debt. Recoveries functions typically target based on the delinquency status of the account. However, a better understanding of customer circumstances can improve targeting and have an immediate impact on recovery rates while also reducing cost.

There is no doubt that harnessing the power of big data can enhance organisational performance. However, it is not a technological question. It is a strategic one about how an organisation derives genuine insight from their data and changes the way they interact with customers, competitors and the market through fact-driven decision-making. Those organisations that master this will set the trend in customer service, improve profitability and respond more rapidly to the evolving regulatory and competitive demands of the industry. This is where Datafence comes in. Contact us for further details.