Читать книгу Big Data - Seifedine Kadry - Страница 46

Financial services utilize big data technology in credit risk, wealth management, banking, and foreign exchange to name a few. Risk management is of high priority for a finance organization, and big data is used to manage various types of risks associated with the financial sector. Some of the risks involved in financial organizations are liquidity risk, operational risk, interest rate risk, the impact of natural calamities, the risk of losing valuable customers due to existing competition, and uncertain financial markets. Big data technologies derive solutions in real time resulting in better risk management.

Issuing loans to organizations and individuals is the major sector of business for a financial institution. Issuing loans is primarily done on the basis of creditworthiness of an organization or individual. Big data technology is now being used to find the credit worthiness based on latest business deals of an organization, partnership organizations, and new products that are to be launched. In the case of individuals, the credit worthiness is determined based on their social activity, their interest, and purchasing behavior.

Financial institutions are exposed to fraudulent activities by consumers, which cause heavy losses. Predictive analytics tools of big data are used to identify new patterns of fraud and prevent them. Data from multiples sources such as shopping patterns and previous transactions are correlated to detect and prevent credit card fraud by utilizing in‐memory technology to analyze terabytes of streaming data to detect fraud in real time.

Big data solutions are used in financial institutions call center operations to predict and resolve customer issues before they affect the customer; also, the customers can resolve the issues via self‐service giving them more control. This is to go beyond customer expectations and provide better financial services. Investment guidance is also provided to consumers where wealth management advisors are used to help out consumers for making investments. Now with big data solutions these advisors are armed with insights from the data gathered from multiple sources.

Customer retention is becoming important in the competitive markets, where financial institutions might cut down the rate of interest or offer better products to attract customers. Big data solutions assist the financial institutions to retain the customers by monitoring the customer activity and identify loss of interest in financial institutions personalized offers or if customers liked any of the competitors’ products on social media.