Big Data in Banking: Can It Improve Customer Experience?

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In the financial services sector, enabling digital payments and adopting multi-channel approaches are two of the trends that have determined an exponential growth in the number of transactions, a growth that in turn has produced two important consequences: the increase in online and offline sales and the generation of an astronomical amount of data , the so-called Big Data in banking . Managing this data in the most efficient way creates an impact on the real economy every day : data-driven organizations are in fact 23 times more likely to acquire customers, 6 times more likely to retain those customers and 19 times more likely to be profitable (Source: McKinsey Global).

With the exponential increase in the number of electronic records, israel whatsapp resource banks and fintechs have had access to huge flows of data, both transactional and non-transactional, relating to customer personal data, habits and behaviors and now have the ability to analyze them to obtain business insights , optimize processes and, above all, improve the customer experience .



4 trends for the banking sector



What is Big Data in Banking?
Big Data represents an asset that cuts across all sectors. The most frequently cited definition is Gartner's: Big Data are information assets, present in different varieties and in very large volumes and with very high velocity . They require innovative forms of analysis and interpretation and are capable of improving insight extraction processes , decision making and process automation .