Banks and financial services companies will continue to have to improve business efficiency and performance through access, analysis, and management of vast volumes of data. The focus for banks and financial services companies will continue to be on revenue growth and higher margins through operational efficiency, better risk management, and improved customer intimacy. Banks and financial services companies will also continue to develop new revenue streams by entering new markets and service areas.
Advanced analytics is being used to enhance the customers’ experience in both retail and business banking. Differentiated services, cross-sell and up-sell initiatives, and expansion into emerging wealth-management markets around the world are on the rise. Analytics and information management play a key role in those strategies.
As financial services companies embark on a journey to gain a better understanding of customers and their household preferences in order to provide effective and differentiated services, the amount of data grows, data collection occurs more frequently, and data variety becomes more complex.
As the rate that this data is generated increases, business analysts who crave such data rapidly consume it. Information discovery tools enable them to rapidly combine various data sets leading to better insight. They often want more data to be ingested at higher rates and stored longer, and want to analyze the growing data volumes faster. Big data and advanced analytics solutions help financial services and banking institutions respond to these requirements across their entire value chain.