Big Data Analytics for Digital Banking

Big Data has a huge impact on banking, especially in the era of digital banking.

Here are six main benefits for data analytics for banks.

1. Customer Insights

Banks can follow customer's social media & gain valuable insights on customer behavior patterns
Social media analysis gives a more accurate insights than traditional customer surveys
Social media analysis can be near real time, thus helping understand customer needs better

2. Customer Service

Big data analysis based on customer's historical data, current web data can be used to identify customer issues proactively and resolve them even before customer complains
Eg: Analyzing customers geographical data can help banks optimize ATM locations

3. Customer Experience  

Banks can use big data analytics to customize website in real time - to enhance customer experience.
Banks can use analytics to send real time messages/communications regarding account status etc.,
With Big Data analytics, Banks can be proactive to enhance custoemr service.

4. Boosting Sales

Social media analysis gives a more accurate insights into customer's needs and help promote the right banking products to customers. For e.g., customers looking at housing advertisements and discussing housing finance in social media - are most likely in need of a housing loan.
Data analytics can accurately acess customer's needs & banks can promote right types of solutions.

5. Fraud Detection

Big Data analysis can detect fraud in real time and prevent it
Data from third parties and banking networks holds valuable information about customer interactions.

6. New Product Introduction

Big Data analysis can identify new needs and develop products that meet those needs
Eg: Mobile Payment services, Open Bank APIs, ERP Integration gateways, International currency exchange services etc are all based on data analytics