21 July 2015
Many companies within the financial services sector are experimenting with big data and analytics, and although they realise that big data can benefit their organisation, many are still unsure how to use the data to their advantage.
Banks in particular realise that advanced data and analytics technology could provide solutions to some of their biggest challenges such as, retaining customers, keeping up with competition, compliance and tackling fraud. Big data presents lots of opportunities for companies to personalise the customer experience and since reports have shown a decline in additional product purchases from retail bank customers and an increase in abandonment of their primary bank in favour of new bank challengers, banks should be doing everything they can to keep their customers engaged.
Steve Colwill from Velocimetrics, Rupert Brown from MarkLogic and Dr. Andreas Freund from Tata Consultancy Services (TCS) give their own opinions on the biggest challenges companies are facing when it comes to big data, the risks and also the solutions that using big data can present…
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