What is Big Data?
Big Data is a collection of data that is huge in volume, and growing exponentially with time. This huge amount of data can be managed and analyzed to find patterns or trends within organizations, especially for discovering customer interactions and behaviors.
In the banking industry, they have very large and complex data sets, so it is impossible to process it using a traditional data processing if they want to generate a quality data analysis.
However, it is not about the amount of data that is important, it is what organizations do with the data that matters. A properly managed data can provide useful information because it can be utilized to monitor economic activities and provide insights that lead to strategic business moves.
How important is the implementation of big data analytics in banking industry?
Big Data is a very important step in developing the future of all banking industries. The future of banking industries is determined by their ability to transform data into something valuable that produces better business outcomes. How could that happen? Because a data-driven business decision can provide various benefits for banking industry, such as:
1. To have better customer targeting and customer experience
Banks can utilize data to create a more personalized communication strategy and financial experience based on each customer’s behavior and preferences. By using big data analytics, banks can ensure that they are delivering the best services for what their customers need, and all of those processes can be monitored and analyzed further for business growth in the future.
2. Improving the quality of their service and discovering more business opportunities
By using big data analytics, data can be transformed into a valuable source to enable banks to develop new business models and innovations. Then, it can help banks to improve the quality of their services to its customers.
3. Enhancing risk management
As banks will be able to assess the risk profiles of their credit applicants in better detail, they will also be able to improve their risk management. Big data analytics helps banks to better detect fraud because they will have a more accurate predictive system. All of these capabilities will help banks to lower their risk costs, and to become aware of fraud more quickly.
Big data analytics solution for banking industry
The right big data analytics solution for banking industry is Teradata Vantage. Teradata Vantage is a data analytics platform that unifies everything—from data lakes, data warehouses, analytics, to new data sources and types.
1. A scalable platform that let you scale in every dimension
To support your business growth, it is important to have a platform with a good level of scalability. With Teradata Vantage, you do not need to worry about how much data you have, and how much data you will have in the future. Teradata Vantage is able to manage unlimited amount of data without affecting the quality of its performance.
2. Advance your analytics with AI and machine learning
Teradata Vantage is supported by AI and machine learning to power more quality, fast, and better results.
3. Pay-as-you-go pricing
Teradata Vantage comes with flexibility in pricing scheme that provides more benefits to users. Simply pay for what user use. No locked-in licenses. No penalties or fees for making a change. It provides greater efficiency for organizations.
4. Empower employees with data
With Teradata Vantage, give your employees a single easy-to-use tool for self-service data loading, discovery, machine learning, and advanced analytics—all without coding.
With more benefits and convenience offered by Teradata Vantage, banks will understand their business needs better—from internal needs, customer service, to optimizing company operating costs. The adoption of big data technology provides unbeatable value for business growth.
The adoption of big data technology is not only limited to banking industry. Telecommunication, government, and other industries are also can take advantages of big data technology to support their business growth in the future. To know further information about the advantages offered by Teradata Vantage for your business, please do not hesitate to contact us at [email protected]