The importance of Big Data in managing the Banking and Financial Sector
Big data testing Digital transformation, though an enabler of increasing productivity, efficiency, and managing services, has challenges galore mostly in terms of a growing curve of cybercrime and the need to adhere to regulations. The banking and financial sector has been tasked with accessing, analyzing, and managing vast data volumes while it goes about improving efficiency and performance. Also, banks are increasingly focusing on revenue generation, risk management, and enhancing the customer experience, both in retail and business banking. The sector aims at increasing revenue – based on interests and fees. In recent times, the areas of operations for banks have expanded phenomenally – from the traditional retail banking to the higher portfolio of wealth management offering differentiated services. Managing internet based online banking services encompassing social media, mobility, ATMs, and digital wallets has necessitated the use of analytics and information management....