Big data today is an essential part of most finance companies, leading to their growth and innovation in the days to come. The online lenders and Fintechs can reap the maximum benefits out of big data technologies to provide outstanding customer service. There are opportunities galore for these finance firms to generate revenue streams through big data analytics-driven offers, like customized recommendations for financial products and services.
Therefore, financial service firms are competing with each other to offer the best deals through big data and innovative technologies to delight their customers like never before, even a couple of years back.
When it comes to enhanced services, it means secure transactions and elimination of data threats and breaches as far as online transactions are concerned. Today, big data has disrupted the financial sector for the better, lead to its growth and expansion, and much more. Even the big shots in the finance industry are adopting big data to perform better and provide enhanced customer service.
Today, there is a rapid growth of big data and finance companies. Though some banks and finance companies are skeptical about the change, many are adopting big data because the technology will stay. Did you know that more finance companies are investing in big data solutions? Based on the findings of IDC, global earnings for big data and business analytics will cross $203 billion in the year 2020.
According to an article published on https://www.huffpost.com, big data helps in solving customer issues right away with data analysis and gaining actionable insights from the same. Read on to learn more about big data and finance companies.
Progressive Fintechs To Benefit From Big Data
Though conventional financial companies are not doing that good, a couple of advanced Fintechs have come up with some strategic actions to reap the maximum benefits out of big data, thus helping them to save loads of money in the entire transition from traditional data analysis to big data analytics.
Today, many companies in the finance sector are leveraging big data to gain a win-win position. A congregated data platform helps in breaking down data silos by letting the Fintechs or other financial enterprises store, systematize and process all essential information in a system. It results in quick innovation, teamwork and easy accessibility to data. These things matter a lot when it comes to big data and finance companies.
A lot could be gained today leveraging big data and the precise data platform to exploit the same. Therefore, it is high time to implement strategic plans and make the most of big data technologies. Here are some of the best ways to do so:
Choose A Flexible Data Platform
Irrespective of the data platforms, banks, and finance companies are using, it is imperative to become flexible secure, safe, flexible, as well as scalable. You might be wondering why flexible and scalable platforms. Well, flexible data platforms let the finance companies amass and store information when processing loads of financial and customer data in real-time. When it comes to security, it implies role-oriented access so that confidential data of customers do not fall into unauthorized hands. It also helps the Fintechs to keep an eye on data usage on a granular level. If you take loans from companies like https://libertylending.com, you can understand the enormous amount of data they deal with daily.
Think Of A Data Strategy And Line Up The Same With The Business
Though numerous finance companies are walking the extra mile to embrace big data and become data-oriented, many of these firms are not that successful. The most common problem with these finance firms is their short-term planning. Instead of implementing long-term data plans, these firms focus on one-off projects, which is a mistake.
Then, there is a solution to the problem. The finance firms should leverage data not merely to realize solo goals, but to meet their wider business objectives for enhanced performance. By building anall-encompassing plan or strategy, covering all divisions of the company together with the network of partners, the finance companies can leverage big data in the best possible way, and grow and expand.
Benefit Customers And Businesses
One of the major financial service companies in America boasts of over 100 million cardholders. Yes, that is quite a number. With the use of a congregated data platform helping in machine learning, the finance firm has managed to shower benefits to both customers and the business.
Once the company realized that old databases are incompetent to deal with loads of financial data of both the business and customers, it switched to big data. This way, most of the finance companies, big and small are improving their financial services, mitigating risks, and achieving their business vision to integrate big data technologies together with business intelligence and machine learning.
The journey of these finance and Fintech firms into big data commenced with a goal to reduce the risks associated with data breach and theft. By dealing with huge volumes of financial information from a plethora of sources on a congregated data platform, these finance companies and Fintech sere better capable of detecting possible financial frauds, leading to organization-wide savings of more than $2 billion annually. Well, that is an impressive figure. Thanks to big data!
Focus On A Single Business Problem And Work On The Resolution
There are many multinational financial corporations in the US, which make the most out of big data technologies. They have succeeded in detecting financial frauds and money laundering. Once they were successful in this, they shifted their focus on data-driven work and implementing the right strategies for long-term benefits.
It’s one of the best ways in which Fintechs detect business challenges. It will help to resolve the same with big data analytics, and the finance companies keep working on that solution to solve bigger problems in the future. They break up data, analyze the same, and take the right actions based on the information they found. Today, the finance sector cannot operate without big data. It is one of the key components of the sector.
The use of big data is now helping finance companies and online lenders to perform better and offer the best customer service.
I am a professional Content Writer at Fabglass – a custom E-commerce company based in USA corporate sector. My skills also include user experience & conversion optimization. Love to write about travel, home decor, Auto, health, Education etc.