The Real-world big data usage in the banking industry

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Big Data Matter in Banking

• Every single business is creating huge amounts of
  data but the banking sector is the one that
  produces the most data day by day and it is using
  big data as its main strategies and big data
  matters in banking because It can become the main
  driver of innovation.

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Key Aspects of Big Data Matter in Banking
Improvement in products and services
High operating efficiency
Security Management
Customer segmentation
Good future of banking
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Customer segmentation

• Today the banking industry has a lot of
  information available to its customers which is
  used effectively in the banking sector for which
  big data allows employees to take action in
  qualified data.
• With the help of big data, the segmentation of
  customers has greatly improved the marketing
  sector of banking and now they can develop a
  marketing strategy that is related to the
  customers of the market.

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High Operating Efficiency

• The banking sector has become the fastest-growing
  largest industry with increasing customer
  expectations and has the largest number of
  customer data available and large data is used to
  control it, which improves its efficiency,
  information Helps to store and process faster.
• Big Data recognizes new customers with
  stimulating innovation that is considered
  successful based on innovation and the banking
  industry has increased the adoption of big data
  as it enhances other services such as having a
  better experience using the mobile banking app
  Helps.

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Improvement in Products And Services

• Big data allows a digital platform for banks to
  follow the conversion rates of customers so that
  employees can provide all kinds of customer
  information before real-time by setting
  requirements and requirements.
• Big data evaluates the services provided by other
  banks and also helps in gaining competitive
  advantage by improving their services which lead
  to many competitive advantages in the banking
  sector.

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Security Management
Initiate Payment instruction
Big Data Monitoring
Identify customer
Validate Payment
Process Payment
Book To Account
Sanction Screening
Send to Clearing
Settle Transaction

• Today with the increasing technologies cyber
  security has become important for every industry
  for which it was very insecure earlier due to
  more customer data in the banking sector, but
  after big data, monitoring of customer
  transactions and availability data, fraud, And
  the losses from transaction activities have
  reduced significantly and this is helping banks
  to ensure data security.

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Good Future of Banking

• Although big data allows the banking industry to
  evaluate all types of data in the market, which
  can affect any operation of the bank, but the
  meaning of big data in the banking industry is
  not fully known, and in the future Expectations
  of big data spending to increase are visible as
  more and more banks will definitely adopt big
  data.

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Conclusion

• According to experts, big data in the banking
  industry is expected to change in the future in
  other areas like customer experience, operational
  efficiency, and service delivery as it will
  significantly improve customer experience and
  services and one thing is certain that the big
  data banking scenario is to a large extent Has
  the ability to change.

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