Data intelligence in the banking sector
Technology and the digitalisation of companies are two aspects that are constantly evolving. Every day, hundreds of thousands of data are generated, which are known as “Big Data” or macro data because of their volume. This large volume of data generated represents a huge opportunity for the business world and specifically in the banking or financial sector.
Knowing how to use, manage and get the most out of data will be key for organisations, making it a big mistake for those who decide to do without it.
As well as taking into account the volume of information, it will be crucial to manage the speed with which data is generated, circulated and transformed, as well as the different ways in which the information appears. One of the essential things in big data is that reliable data are available so that conclusions can be drawn that provide added value.
We cannot forget to mention that one of the great challenges is often the storage, labelling, reading and interpretation in real time, handling different platforms to receive the information.
The pillars of Data Management
Those of us who work at Big Data can say that there are 4 basic pillars that information management must have, which are:
With these four pillars we will be able to make key prescriptive decisions for our business. Thanks to the:
- Analysis. With different analytical or Business Intelligence tools we can access or have a large lake of data (Big Data).
- Decision. Being able to use decisions based on data.
Data intelligence in the financial sector
Being able to manage the enormous amount of data being generated is essential for companies. With this we can optimise services, personalise them and optimise resources. It is true that for many companies, the implementation of Big Data services is not without its challenges, but in the financial sector it offers many advantages.
If there is one sector where data can be made even more profitable, it is undoubtedly in the financial sector. The banking sector can benefit from both the analysis and management of such data.
Financial institutions and departments have and have had at their disposal a great deal of information with which they can work. However, until recently this had not been fully exploited. With the appearance of fintech companies, the possibility has opened up to include Big Data in order to make better use of the data, offering better and more personalised experiences to their customers.
Benefits of Data intelligence in the financial sector
Having thousands of clients’ data, makes companies in the financial sector in a privileged position with respect to the rest of the companies. However, there are some key benefits that banking companies that opt for Big Data solutions can take advantage of:
Macrodata analysis allows information to be processed efficiently. Thanks to Big Data, these processes, which traditionally would have taken months, can be done in a couple of hours.
The Big Data technology allows the identification of patterns and trends in order to offer business opportunities to companies. By creating predictive methods we can automate processes, simplifying procedures. This makes companies capable of optimizing resources, generating new opportunities.
Using Big Data allows for a much more precise and complete segmentation. In this way we can obtain different details from customers, in a much more complete way, allowing us to build customer loyalty by offering them a personalised experience.
Risk assessment and fraud prevention
Another benefit we cannot fail to highlight is the possibility of assessing risks, managing them and mitigating them.
In addition, most banking companies manage sensitive customer data. This is a huge risk for both the bank and its customers. The use of different analysis tools enables fraud to be prevented quickly and early.
Opting for Data intelligence is a commitment to improvement
Taking advantage of the data that is generated daily in companies is fundamental. Data analysis allows us to improve internal processes, offer personalised experiences, open up new business opportunities… In short, implementing Big Data technology will be a point of improvement and transformation that is unparalleled.