Businesses leverage financial big data for competitive edge
Retailers and other businesses are increasingly turning to analytic tools to mine big data from banks and financial institutions. As these firms look to improve the customer experience, big data analytics can provide valuable insight into behavioral patterns and allow for improved engagement and security.
Bank Systems & Technology reported that customers interact with offers generated through analytics platforms that leverage transaction data more than a 100 times more than with other digital channels. The source explained that one of the primary benefits to these analytic initiatives is that banks have been able to design hyper-targeted messages. By analyzing transactional and other client information, these firms can offer customers with more relevant products and services. The source explained that targeted tactics are critical, as existing customers can provide far more information and are more responsive to direct marketing than new customers. It is nearly impossible for firms to measure the profitability of a promotion to attract new customers. These businesses must be confident that offers have proven successful with existing clients. By keeping track of all client data with the support of remote dba services, businesses can predict which strategies will be most effective, increasing ROI and building customer loyalty.
According to Bank Systems & Technology, the most effective platforms can leverage information from all sources to isolate and segment customers. This can ensure that businesses allocate investments toward the right initiatives, based on how active particular customers are. Analytic platforms that can allow deep visibility into every transaction are critical to measuring the impact of marketing and engagement efforts.
A more intelligent security model
Additionally, financial services industries are mining big data to gain visibility into the security landscape and better predict and prevent breaches. Computerworld reported that financial institutions can leverage analytics platforms to sort through unstructured or semi-structured data from millions of sources and use algorithms to determine potential risks. Digital Shadows CEO, Alastair Paterson, told Computerworld that it is imperative that financial sectors seek database experts to aid in these initiatives.
"The interesting thing with the financial crash is [that] banks can no longer sustain huge internal development teams trying to build it all themselves. They have got to look more to smaller companies on the outside which can give them specialist services," he said.
Accessibility to big data analytics is crucial to gaining a deeper understanding of all business risks and opportunities.
RDX's business intelligence and big data experts assist customers in leveraging data contained in large data stores. For more information, please visit our Business Intelligence and Predictive Analytics pages or contact us.