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.

1. How Big Data helps banks know their
customers better
Lately, targeted ads have got more accurate than ever before, thanks to easy availability of data from
our search preferences, visited websites and public information available via social media and other
channels. Banks and financial institutions are not too far behind and are using customer data to be one
step ahead.
To cite a recent example, a friend who was interested to buy a car filled in a form (on paper in one of the
company’s showroom) for a test drive. The friend mentions that she did not google any car information
or lookup related websites; neither did she post anything relevant about it anywhere. However, just
minutes after she had a call from the car company to confirm the time and date for the test drive, she
got a call from her bank asking if she was interested in a car loan. The timing and the speed with which
her information was out took her by surprise.
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.
How does Big Data fit into customer analytics?
Big Data is a cluster of extremely large data sets that may be analyzed computationally to reveal
patterns, trends, and associations, especially relating to human behavior and interactions.1
What the
definition clearly mentions is that Big Data is not just related to storage and security of large data, it also
includes the managing, handling, and analyzing these large data sets to gain valuable insights.
Today, organizations have tons of customer data which needs to be properly mined to help give their
business an edge over its competitors. However, without the proper tools to accurately make sense of
this data, organizations are lost and can make the wrong choices. This is where Big Data comes into the
picture. To help businesses make key decisions based on the data from customer behavior, customer
analytics is being implemented in almost all departments.
1
Google Search: What is Big Data?

2. Big Data can not only handle large amounts of data, but with the power of Big Data Analytics,
enterprises gain the ability to convert raw data into visual representations that can help to make it
easier to trace patterns, understand trends and make associations in a concise and precise manner.
Thus, Big Data gives businesses an edge in storage, analytics, mining and security of data.
Why do banks analyze customer data?
According to IBM’s Global Industry Leader in Banking and Financial Markets Likhit Wagle, “Although 80%
of CEOs believe they offer customers superior services, only 8% of their customers agree.” 2
This
statement just goes on to showcase how much more banks and financial institutions need to be doing to
keep their customers happy.
Banks are dealing with huge amounts of data that surge in through disparate sources and which are
stored in different formats. Analysis of this data is important in AML detection, but the same process
can also help banks understand their customer’s needs to help give better services. Using Big Data to
analyze a customer’s spending habits, banks can give fraud alerts to its customer using phone calls from
credit card issuers about an unusual purchase. Banks can also use the same data to target particular
privileges and added features that a card provides to the customer after understanding how and where
the customer spends.
Banks can use customer data for3
:
 Target Marketing: Identify potential clients for their products and services using data from
various channels.
2
Forbes: How Big Data Helps Banks Personalize Customer Service
3
Nerdwallet: Banks Mine Big Data to Get to Know You Better, and Better

3.  Customer Services: Improve services to current customers by segregating them based on
geographical locations, technology, transaction analysis, etc.
 Decision Making: Customer data is taken into consideration to help banks create suitable
services, loan options, products, insurance options, etc. to cater to the needs and requirements
of its customers.
The nation’s four large universal banks (JP Morgan Chase, Bank of America, Citigroup, and Wells Fargo &
Co.) are using Big Data to harness the power of customer analytics and are using it in various other
domains to extract insights that can help give them a competitive edge4
. Even Cleveland-based KeyBank
has moved to making data driven decisions using Big Data5
. Banks and financial institutions are
understanding the advantages of using Big Data technology and have started or have in place plans to
implement Big Data and Analytics based solutions to get to know their customers better. According to
IDC, the banking sector in the US spent $1.8 billion in 2014 on Big Data6
.
Why Hexanika?
HEXANIKA is a FinTech big data software company which has developed an end-to-end solution for
financial institutions to address data sourcing and reporting challenges for regulatory compliance.
Hexanika's solution improves data quality, keeps regulatory reporting in harmony with the dynamic
regulatory requirements and keeps pace with the new developments and latest regulatory updates.
To know about Hexanika’s Big Data Analytics benefits, see: http://hexanika.com/big-data-analytics/
4
The Wall Street Journal: Banks Using Big Data to Discover ‘New Silk Roads’
5
Forbes: KeyBank Moves To Data Driven Decision Making
6
CIO: IDC says big data spending to hit $48.6 billion in 2019

4. Contact
USA
249 East 48 Street,
New York, NY 10017
Tel: +1 646.733.6636
INDIA
Krupa Bungalow 1187/10,
Shivaji Nagar, Pune 411005
Tel: +91 9850686861
Email: info@hexanika.com
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