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What is big data analytics for financial services

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The truth is that technology has evolved by leaps and bounds in recent years, becoming part of our daily lives. This digitalization of everyday life means that hundreds of thousands of data are generated every day. This is what we know as “Big Data” also called “macrodata”.

When we talk about generating a large volume of data, the financial sector is one of the privileged ones. This means that knowing how to use and manage your data is essential in this sector.

Another thing that characterizes the Big Data is the speed at which the data circulates and is transformed. What is really important is that the data is reliable and appropriate so that the resulting information can provide us with something.

However, the challenges do not end here and is that there are great challenges such as storage, labeling, reading and interpretation and is that all this must be done in real time, saving and managing the information that is transmitted on all platforms of reception and emission (here we could include from text documents, emails, podcasts, videos, social networks etc …)

Why are we experts in Big Data?

In OpenSistemas we give a special value to data, that’s why, in order to extract prescriptive information from the analyzed data we base on the four pillars of information management:

  • Standardize
  • Add
  • Integrate
  • Interconnect

With these four pillars as a base, in OpenSistemas we manage to make the best decisions in each project, how?

  • By analyzing. We use analytical or Business Intelligence tools to access or have a large lake of data (Big Data).
  • We are inspired by the data. Thanks to the conclusions offered by the data, we manage that all the companies that trust us can make better decisions.

We make decisions. Being able to make decisions for your business using prescriptive information is critical. That’s what we call “Data Inspired Decision”

Big Data Solutions in the Financial Sector

As we mentioned at the beginning, it is not only important to generate data, but also to know how to manage that data and get the most out of it. This will allow you to optimize services, customize them and even bring more reliability to processes and transactions.

If there is one sector where getting the most out of figures and information is particularly relevant, it is the financial sector. A sector that is already based on data, such as the financial sector, can benefit from greater analysis and management.

When objective and quantitative information is used, the control of entities can be improved. Without a doubt, the banking sector is one of the sectors that can benefit most from the analysis and optimization of processes. Although the truth is that Big Data solutions provide a multitude of advantages in practically all sectors.

Benefits of Big Data in the financial sector

The truth is that financial entities and departments have and have had for years a great deal of information to work with. However, it is only recently that they have begun to exploit the value of this data. With the appearance of fintech, the value of Big Data has been seen, with new functionalities. Financial companies are beginning to take advantage of the information they have to respond to their enormous growth.

When you have thousands of customer data, as external information, you are going to have an advantage over the rest of the companies. In this way, Big Data brings three major benefits to the financial sector:

  • Information processing.
  • Segmentation of customers and/or potential customers.
  • Risk level evaluation and fraud prevention.
  • Product personalization.
  • Forecast of non-payments.
  • Market analysis.
  • Anticipation of crimes
  • Among many others…

Information processing

The Big Data analysis will allow efficient processing of the information. The processes that traditionally could take months, thanks to the Big Data are achieved in a few hours. In this way, entities can make decisions in a much faster and more efficient way.

Thanks to the Big Data, patterns and trends are identified, offering the financial sector the possibility of locating and exploiting new business opportunities. 

On the other hand, the development of predictive methods will provide the way to automate all kinds of processes, allowing to simplify procedures.

Segmentation of clients and/or potential clients

If we think about the relationship with the clients, the Big Data will also allow a greater segmentation. This applies both to the company’s internal data, as well as to those generated externally, classifying them, adding all the necessary information, etc.

With all this information, companies will achieve even better customer loyalty.

Risk assessment and fraud prevention

We cannot fail to note that another of the great advantages that Big Data offers the financial sector is an accurate assessment of the risks. This allows them to be assessed, managed and mitigated.

Companies in the financial sector manage all kinds of sensitive data, important for the entity itself and for clients. Thanks to Big Data, fraud can be prevented quickly and early.

Betting on improvement

Leveraging data is critical for all companies, when we talk about Big Data applied to the financial sector is going to be one of the niches where more performance is offered by analytics. 

Thanks to the great amount of own information that is generated daily and in addition all the external data that can be obtained make this sector a fundamental axis to implement the new technologies of analysis.

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