Financial services organizations are using big data technologies like Hadoop to improve operational efficiencies, detect fraud more accurately, manage risk, and reduce customer churn. Some key use cases illustrated how Hadoop is being used: 1) Fraud detection by flagging anomalous transactions in real time, 2) Customer segmentation analysis by collecting and analyzing customer data to group customers, 3) Customer sentiment analysis by analyzing social media to understand customer satisfaction.
Why Do Banks Need A Customer Data Platform?Lemnisk
Banks traditionally have been known to amass customer information across both online and offline data channels. However, a lot of this data resides in silos and marketers have been unable to leverage this data to run targeted marketing campaigns. Here are the top four reasons why a Customer Data Platform would be best suited for Banks.
Digital & Analytics Dialogue UK event, 26 Apr. 2018
Pestana Chelsea Bridge - London, UK
Website: http://goo.gl/kbDfkW
Sjaun goes through the engineering projects to build a framework and infrastructure to overcome the most frustrating issues his data science teams experience on marketing campaign projects (data preparation and automating activated data across 3rd party sites).
Agenda:
• Define and compare - Marketing Mix, Attribution Modelling &
Customer 360 degree view strategy aka Customer Journey
Analytics.
• Outline the value Customer 360 degree view strategy engineering brings to both models by
improving data quality matching off-site web data.
• The complexity of tracking customer journeys in Customer 360 degree view strategy.
• Explain the engineering solution and a quick example.
Addressing the challenges and issues with businesses struggling to deliver successful Data Science in environments - Measure Camp, Bucharest (2 Nov. 2019)
Why Do Banks Need A Customer Data Platform?Lemnisk
Banks traditionally have been known to amass customer information across both online and offline data channels. However, a lot of this data resides in silos and marketers have been unable to leverage this data to run targeted marketing campaigns. Here are the top four reasons why a Customer Data Platform would be best suited for Banks.
Digital & Analytics Dialogue UK event, 26 Apr. 2018
Pestana Chelsea Bridge - London, UK
Website: http://goo.gl/kbDfkW
Sjaun goes through the engineering projects to build a framework and infrastructure to overcome the most frustrating issues his data science teams experience on marketing campaign projects (data preparation and automating activated data across 3rd party sites).
Agenda:
• Define and compare - Marketing Mix, Attribution Modelling &
Customer 360 degree view strategy aka Customer Journey
Analytics.
• Outline the value Customer 360 degree view strategy engineering brings to both models by
improving data quality matching off-site web data.
• The complexity of tracking customer journeys in Customer 360 degree view strategy.
• Explain the engineering solution and a quick example.
Addressing the challenges and issues with businesses struggling to deliver successful Data Science in environments - Measure Camp, Bucharest (2 Nov. 2019)
Data analytics environment enables the shortest and most viable route to make use of critical data for making business decisions and much more. For more info visit: https://www.raybiztech.com/blog/data-analytics/how-can-data-analytics-boost-your-business-growth
The 360 degree view simply means that it is the all-round information about the customer that is collected by the company to provide the most personalized and efficient customer service.
Analytics is a two-sided coin. While on one side, it uses
descriptive and predictive models to gain valuable knowledge from data, i.e. data analysis, on the other side, it provides insight to recommend action or guide decision making, i.e. communication
Creating One Customer Journey Ecosystem that Meets All Banking NeedsCognizant
The ability to aggregate and analyze customer data in one place rather than in silos empowers banks to apply forensic and predictive analytics with a lens across the entire institution.
Life Sciences: Leveraging Customer Data for Commercial SuccessCognizant
As the healthcare buying process becomes increasingly complex, master data management solutions focused on customer relationships are critical for life sciences companies to excel.
TechConnectr's Big Data Connection. Digital Marketing KPIs, Targeting, Analy...Bob Samuels
This presentation was given at the Deep Dive Conference in November. 2013.
Big Data Applications... example, digital marketing, and targeting and optimization...
Feedback, and additional perspectives, is appreciated.
Thank you,
Bobby Samuels
TechConnectr.com
The concept of a 360° view, especially of customers, although it potentially applies to other things too, has been around for a substantial period of time. The idea behind the 360° view of customers is that the more you know about your customers the easier it will be to meet their needs, both in terms of products and aftersales care, and to market additional goods and services to them in the most efficient fashion. Thus a 360° view helps both in terms of customer retention and acquisition, as well as up-sell and cross-sell.
In this presentation which complements Bloor Whitepaper on the "Extended 360 degree view" we will discuss why we believe that extending the traditional 360° view makes sense and we will give some uses that demonstrate why the extended 360° view represents an opportunity, both for those that have already implemented a 360° view and for those that have not.
A Sound Vision for CRM: How i CRM Spotlight - SennheiserSugarCRM
From the organization, to the employee, to the customer: all benefit when employees can better connect with customers, easily share that collaboration history with colleagues, and quickly enhance the 360-degree view of customers across interaction channels. See Sennheiser’s vision for future-oriented CRM and using social media to boost effective communications and drive sales growth in this spotlight presentation.
Data analytics environment enables the shortest and most viable route to make use of critical data for making business decisions and much more. For more info visit: https://www.raybiztech.com/blog/data-analytics/how-can-data-analytics-boost-your-business-growth
The 360 degree view simply means that it is the all-round information about the customer that is collected by the company to provide the most personalized and efficient customer service.
Analytics is a two-sided coin. While on one side, it uses
descriptive and predictive models to gain valuable knowledge from data, i.e. data analysis, on the other side, it provides insight to recommend action or guide decision making, i.e. communication
Creating One Customer Journey Ecosystem that Meets All Banking NeedsCognizant
The ability to aggregate and analyze customer data in one place rather than in silos empowers banks to apply forensic and predictive analytics with a lens across the entire institution.
Life Sciences: Leveraging Customer Data for Commercial SuccessCognizant
As the healthcare buying process becomes increasingly complex, master data management solutions focused on customer relationships are critical for life sciences companies to excel.
TechConnectr's Big Data Connection. Digital Marketing KPIs, Targeting, Analy...Bob Samuels
This presentation was given at the Deep Dive Conference in November. 2013.
Big Data Applications... example, digital marketing, and targeting and optimization...
Feedback, and additional perspectives, is appreciated.
Thank you,
Bobby Samuels
TechConnectr.com
The concept of a 360° view, especially of customers, although it potentially applies to other things too, has been around for a substantial period of time. The idea behind the 360° view of customers is that the more you know about your customers the easier it will be to meet their needs, both in terms of products and aftersales care, and to market additional goods and services to them in the most efficient fashion. Thus a 360° view helps both in terms of customer retention and acquisition, as well as up-sell and cross-sell.
In this presentation which complements Bloor Whitepaper on the "Extended 360 degree view" we will discuss why we believe that extending the traditional 360° view makes sense and we will give some uses that demonstrate why the extended 360° view represents an opportunity, both for those that have already implemented a 360° view and for those that have not.
A Sound Vision for CRM: How i CRM Spotlight - SennheiserSugarCRM
From the organization, to the employee, to the customer: all benefit when employees can better connect with customers, easily share that collaboration history with colleagues, and quickly enhance the 360-degree view of customers across interaction channels. See Sennheiser’s vision for future-oriented CRM and using social media to boost effective communications and drive sales growth in this spotlight presentation.
Learn how financial institutions are betting on the Big Data and Artificial Intelligence through APIs that help banks to define products, segmenting customers and detect possible fraud. Throughout this ebook we offer a review of the APIs bank data aggregation. More information in http://bbva.info/2t1NEv7
The banking industry is data-demanding with acknowledged ATM and credit processing data. As banks face increasing pressure to stay successful, understanding customer needs and preferences becomes a critical success factor. Along with Data mining and advanced analytics techniques, banks are furnished to manage market uncertainty, minimize fraud, and control exposure risk.
Top 5 Benefits of Data Analytics for Managers & Hotel Owners.pdfRevnomixSolutions
Data Analytics for managers helps in studying demand & customer behavior to boost revenue. Revnomix is a leading Hotel Data Analytics & Revenue Management Company. Visit https://www.revnomix.com/top-5-benefits-of-data-analytics-for-managers-hotel-owners/ to know more.
Data is poised to play an important role in the enterprises of the future, with businesses looking to scale up production and recover costs. Visit: https://www.raybiztech.com/blog/data-analytics/what-are-big-data-data-science-and-data-analytics
Driven by challenges on competition, rising customer expectation and shrinking
margins, banks have been using technology to reduce cost. Apart from competitive
environment, there has been deregulation as to rate of interest, technology intensive
delivery channel like Internet Banking, Tele Banking, Mobile banking and Automated
Teller Machines (ATMs) etc have created a multiple choice to user of the bank. The
banking business is becoming more and more complex with the changes emanating from
the liberalization and globalization. For a new bank, customer creation is important, but
an established bank it is the retention is much more efficient and cost effective
mechanism.
Internet banking has made best use of APIs and Cloud computing for keeping the banks more in touch with their customers in least time. They were able to educate their clients about their best offerings, features and benefits.
For this most of the credentials lies on the APIs working in the background at various level.
This post elaborates more about the APIs in Banking.
Data Science Use Cases in The Banking and Finance SectorSofiaCarter4
Utilizing data science in the banking and financial industry is no longer merely a fad. Data science is having a significant impact on the banking and financial sectors. Let's take a quick look at this trend.
Developing a customer data platform to provide omnichannel customer visibility for a retailer serving +100M households.
The Global Customer Insight team for one of the world's largest retailers, serving over 100M households, wanted to create a unified customer data platform to provide complete visibility across their customer's omnichannel touchpoints. Historically, the retailer had less than 50% visibility to their customer's omnichannel engagement. As a result, their analysis and data
scientists relied on data from multiple sources and legacy technology platforms to generate customer insights for stakeholders, resulting in reduced productivity, multi-day run-times, and incomplete insights
Learn more: https://www.tredence.com/services/customer-analytics
Building a Code Halo Economy for InsuranceCognizant
By finding meaning in the digital data that accumulates around people, processes, organizations and things, insurers can simultaneously reinvent how they operate and reshape their customers' experience.
Banks rarely have a shortage of risk management expertise, technology and data. The issue lies in consolidating, understanding and communicating that data, within the company and externally, to regulators and to the market
How Big Data helps banks know their customers betterHEXANIKA
Enterprises today mine customer data to ensure maximum success by targeting their products and solutions to the right audience. Let us have a look at how Big Data and Customer Analytics are helping businesses use their customer data for maximum benefits.
By embracing data science tools and technologies, banks can more effectively inform strategic decision-making, reducing uncertainty and eliminating analysis-paralysis.
The banking, financial services, and insurance (BFSI)
sector has been at the forefront of adopting AI and
machine learning technologies. AI has enabled these
industries to automate processes, reduce costs, and
improve the customer experience. With the advent of
digitization and the increasing amount of data available,
banking, financial services, and insurance companies have
been leaders in using AI and machine learning.
1. Financial Services Use Cases
Financial services organizations around the world are experiencing drastic change. The global financial
crisis of 2008 resulted in the failing of scores of banks, which also impacted incomes, jobs, and wealth.
As a result, financial institutions need to work hard to avoid the repeat of such a crisis.
Additionally, financial sector companies realize that in order to thrive in a market that has changed so
dramatically, they need to be able to improve their operational efficiencies, detect fraud quicker and
more accurately, model and manage their risk, and reduce customer churn. To accomplish this,
financial services firms are turning to big data technologies and Hadoop to reduce risk, analyze fraud
patterns, identify rogue traders, more precisely target their marketing campaigns based on customer
segmentation, and improve customer satisfaction.
Below are a few of the use cases that illustrate how big data and Hadoop are being integrated in the
financial services industry, providing companies with insights into their operations, their customers,
and their markets.
Fraud Detection
Flagging anomalous activities in real time can help prevent potential security attacks or fraud. The
MapR Distribution for Hadoop gives banks the ability to build usage models of “normal” behavior
from histories of consumer behavior, analyze incoming transactions against individual and aggregate
purchasing histories and take appropriate action if the activity falls outside the confidence level of
normal behavior. As more data is ingested, more precise models can be built so the system can more
accurately separate the atypical but legitimate behavior from the suspicious activities.
Customer Segmentation Analysis
Banks can create a more meaningful and effective context for marketing to customers if they can define
distinct categories, or “segments” in which each customer belongs. Often, these segments are defined
based on demographic information, but the more cohesive and useful segments are also defined by
customer behavior. Banks can define better customer segments by using the MapR Distribution for
Hadoop to collect and analyze all of the data that they have about their customers, such as daily
transaction data, interaction data from multiple customer touchpoints (e.g., online, call centers), home
value data, and merchant records. Banks can then analyze these data sets to group customers into one
or more segments based on their needs in terms of banking products and services, and plan their sales,
promotion and marketing campaigns accordingly.
Customer Sentiment Analysis
The growing number of channels through which customers communicate has resulted in banks needing
to understand what their customers are saying about their products and experiences in order to ensure
customer satisfaction. Banks can use the MapR Distribution for Hadoop to analyze comments on social
media or product review sites, enabling them to quickly respond to negative or positive comments.
With this new insight, not only can banks respond to emerging problems in a timely manner but they
can also more effectively connect with their customers and gain a better understanding of the types of
banking products and services that customers find valuable.
Risk Aggregation
Big data techniques can be used to gather and process risk data in order to 1) satisfy risk reporting
requirements, 2) measure financial performance against risk tolerance, and 3) slice and dice financial
reports. The MapR Distribution for Hadoop can benefit risk managers as they can perform on-demand
historical analysis of risk data as well as receive real-time alerts when limits are breached.
Counterparty Risk Analytics
Whenever a firm engages in a business transaction with another party, the risk of doing business with
that party must be priced into the terms of the deal. Since calculating counterparty risk requires more
than computing a formula, firms typically run long and complex “Monte Carlo simulations” to get a
complete picture of risk exposure at many points in time in the future. These simulations require huge
volumes of data, massive parallel compute power, and system reliability to ensure firms can continue
with business operations with no downtime. The MapR Distribution for Hadoop provides the
performance, scalability, reliability, and the easy access and delivery of data to drive the key
components of a counterparty risk analytics system.
2. Financial Services Use Cases
New Products and Services for Consumer Credit Card Holders
Making new products and services available to consumer card holders is an ongoing initiative for
banks. Improved marketing campaigns and ads through effective targeting are required in order to
deliver services to consumers and increase revenue for banks. The MapR Distribution for Hadoop is
used to provide new products and services for consumers in real time at a leading credit card company.
Advanced machine learning and statistical techniques are employed over data that is stored in a highly
available Hadoop cluster. MapR gives the credit card company the ability to use machine learning
techniques for multiple purposes, including fraud detection and recommendations.
Credit Risk Assessment
Due to the global financial crisis, there are now much more stringent rules for determining whether or
not to give a customer a loan, so banks need more accurate ways to determine a person’s credit risk. A
number of quantitative indicators are used for credit risk assessment and credit scoring. The MapR
Distribution for Hadoop enables banks to pull in customer data on everything from deposit information
to customer service emails to credit card purchase history in order to gain a holistic view of their
customers. With the MapR Distribution for Hadoop, financial institutions now have the tools they need
to construct an in-depth view of their customers so they can properly provide accurate credit scoring
and analysis.
360-Degree Customer Service
To offer optimal customer service, financial services institutions need to analyze unstructured data
about their customers (social media profiles, emails, calls, complaint logs, discussion forums, website
interactions). By analyzing this data, firms gain a much deeper understanding of their customers’
needs, and can respond accordingly with the right products and services. Using the MapR Distribution
for Hadoop financial institutions are able to consistently optimize each customer's experience when
those customers interact with the firm.