Data analytics in Banking

Banks are able to get insights on improving the way products are marketed and planning their budget for the future through the analytics of data. According to a staff writer at “BizTech”” In the second it takes to say “data,” people around the world generate about 10,000 tweets , make 1,805 Skype calls, upload five hours of YouTube video and send more than 2.4 million emails. Globally, we produce 2.5 exabytes (or 2.5 billion gigabytes) of data in a day, and IDC predicts we’ll generate 40 zettabytes that’s 40 trillion gigabytes — of data by 2020.” http://www.biztechmagazine.com/article/2016/05/7-ways-banks-benefit-using-data-analytics
The banking industry is one of the leaders in the utilization of big data analytics to drive a competitive edge and grow profitability. This is done through “Business Intelligence” which uses different tools to capture data from multiple sources, which is then analyzed and used to create insights which leads to business growth.  Banks benefit from data analytics in many different areas of business operations, one of the important areas is that of “risk management.”  The banking industry operates with multiple areas of risk in their business, so areas like loans and investment products need to be keenly evaluated. Information gathered can evaluate potential lending risks the historic analysis, likewise better opportunities for investments.  With so much fraudulent activities taking place in the banking industry, the banks can also create systems that reduce or eliminate the possibilities of internal and external fraudulent activities by analyzing past patterns.

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