What is the use of Big Data in banking?

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For industry players, this means having the opportunity to deepen their knowledge of their customers to a degree that was previously simply unattainable. Credit card history , branch visits , transaction history , purchase records , subscriptions , memberships , but also web and social media interactions and all the qualitative and unstructured information relating to preferences, needs, recurring behaviors: Big Data contains and – if appropriately interrogated – expresses a precious mine of information.

In the current ecosystem, Big Data in banking represents, in fact, an israel whatsapp resource indispensable resource . Starting from Big Data, players in the sector can develop targeted actions, thanks to which they can intervene both on the company structure and processes , and on external communication . The advantages of using Big Data spread throughout the company, from marketing and sales departments to administration, from customer service to the human resources department.

To answer this question we need to focus on the two poles of the bank-customer relationship , asking ourselves first what customers want and then how, using Big Data , banks respond to their requests.

People want their bank to offer realistic and convenient solutions ; they expect faster and more streamlined processes ( for example in the case of the classic loan request to buy a house); personalized advice ; correct, complete and timely information on useful and relevant topics (and this is why, in order to receive relevant products and services, customers are mostly willing to share their data).