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Big Data and Data Science in the Banking & Finance

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The banking industry is among many industries which have massive and useful data about their customers but very few banks are utilizing this set of information to enhance the customer experience and using the data information to prevent fraud. The banking and financial industry is very well aware of the fact that if the data can be used effectively they can fulfill the needs of customer accurately.

According to research, only 37% of customers agree that banks understand their needs and preferences. Banks have an ocean of informative data but the challenge is how to use that data smartly, shortage of skilled people, unstructured vast data, high cost associated and much more. But gradually banking sector has started applying the Big Data technology in every sector of it and started taking benefits of it. Some industry experts expect a sevenfold increase in the volume of data, before 2020. Big Data promises huge impact on the banking and financial services and will propel it into the 21st century.