How Big Data helps banks know their customers better -

How Big Data helps banks know their customers better –

How Big Data helps banks know their customers better –

Lately, targeted ads have got more accurate than ever before, thanks to easy availability of data from our search preferences, visited websites and public information available via social media and other channels. Banks and financial institutions are not too far behind and are using customer data to be one step ahead.

To cite a recent example, a friend who was interested to buy a car filled in a form (on paper in one of the company’s showroom) for a test drive. The friend mentions that she did not google any car information or lookup related websites; neither did she post anything relevant about it anywhere. However, just minutes after she had a call from the car company to confirm the time and date for the test drive, she got a call from her bank asking if she was interested in a car loan. The timing and the speed with which her information was out took her by surprise.

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Enterprises today mine customer data to ensure maximum success by targeting their products and solutions to the right audience. Let us have a look at how Big Data and Customer Analytics are helping businesses use their customer data for maximum benefits.

Big Data is a cluster of extremely large data sets that may be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions[1]. What the definition clearly mentions is that Big Data is not just related to storage and security of large data, it also includes the managing, handling, and analyzing these large data sets to gain valuable insights.

Today, organizations have tons of customer data which needs to be properly mined to help give their business an edge over its competitors. However, without the proper tools to accurately make sense of this data, organizations are lost and can make the wrong choices. This is where Big Data comes into the picture. To help businesses make key decisions based on the data from customer behavior, customer analytics is being implemented in almost all departments.

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Big Data can not only handle large amounts of data, but with the power of Big Data Analytics, enterprises gain the ability to convert raw data into visual representations that can help to make it easier to trace patterns, understand trends and make associations in a concise and precise manner.

 



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