Quantzig, a global data analytics and advisory firm, that delivers actionable analytics solutions to resolve complex business problems explains why big data analytics is a top investment priority for leading banks globally.
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Enterprises across industries have embarked on a path to digitally transform their organization, and the banking sector is no exception. These transformation efforts range from the introduction of data processing methodologies to redesigning the enterprise’s business model to accelerate the monetization of its data assets. Today, what matters to businesses is no longer the question of whether an investment in data management tools and analytics is a good deal or not – but how efficiently businesses can act on the complex data sets available to them.
Many large financial and banking institutions are reaching the upper limits of their legacy systems and are now seeking advanced big data analytics solutions and frameworks to tackle complexities. Request a FREE proposal to learn what we have on offer.
According to Quantzig’s big data analytics experts, “Big Data analytics provides the ability to collect, integrate, and augment transactional and unstructured data from within and outside of the firm, and hence play a pivotal role in improving customer-centricity.”
Drivers of Big Data Analytics Adoption in the Banking and Financial Services Industry
1. Explosive Data Growth
With technological advancements, the devices that consumers can use to initiate transactions continue to proliferate. The rise in transactions signifies a rapid growth in data which requires better utilization of technologies to analyze and draw meaningful insights from data. Quantzig’s big data analytics solutions extend beyond the capabilities of traditional tools, empowering banks to digest digital and physical channel interactions, customer data, and demographic data to enhance decision making.
Through our data-driven, holistic approach we help businesses architect and implement an integrated data-driven approach to address the most pressing challenges faced by them. Book a FREE solution demo to learn more about our offerings.
2. Regulatory Requirements
New compliance requirements are placing greater emphasis on governance and risk reporting, driving the need for deeper and more transparent analyses across global organizations requiring banks and insurance companies to store and analyze historic transactional data.
We believe the global banking industry still faces several challenges to delivering sustainable profitability, which can be overcome through the adoption of advanced big data analytics solutions. Talk to our analytics experts for comprehensive insights.
3. Fraud Detection
To combat credit fraud and security breaches, leading banks have turned to big data analytics. In such a scenario, it’s crucial to note that big data analytics does not replace a banks’ current analytical infrastructure but simply extends its scope, enabling banks to conduct analyses based on the whole spectrum of data available, not just a limited sample.
By how much do you expect your bank’s customer base to increase or decrease in 2020 and over the coming three years? Request more information to learn more about the role of big data analytics in banking.
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Quantzig is a global analytics and advisory firm with offices in the US, UK, Canada, China, and India. For more than 15 years, we have assisted our clients across the globe with end-to-end data modeling capabilities to leverage analytics for prudent decision making. Today, our firm consists of 120+ clients, including 45 Fortune 500 companies. For more information on our engagement policies and pricing plans, visit: https://www.quantzig.com/request-for-proposal