The Role of Data Analytics in Banking World
Banking customers generate huge amounts of data every day via hundreds of thousands of individual transactions. Falling under the umbrella of big data, this data is defined as large and diverse sets of information that multiplies at an ever-increasing rate. This humongous amount of data holds untapped potential for banks and other financial institutions seeking a better understanding of their customer base, market trends, and product performance. The question is what’s the source of all this data? The rapid advancements in technology in tablets, smartphones, and the internet of things (IoT) have made it easier for the customers to utilize online resources to communicate with companies, purchase items, research products, and even perform banking tasks. Customer profiles are developed using these activities to track trends, predict behaviors, and help banks better understand their customers. Types of Big Data Approximately 2.5 quintillion bytes of data is generated every day...