Carlo Lacota and Manish Bahl
“Big data analytics will bring about significant change in value generation for the financial services industry,” write Cognizant’s Carlo Lacota, Head of Banking and Financial Services, ANZ, and Manish Bahl, Senior Director of the company’s Center for the Future of Work. “Winning companies will be the ones that utilize big data to help make the crucial shift from product to a customer-centric focus.” Excerpts:
“By employing big data solutions, financial service providers can design ways to offer their customers more personalized experiences.
With the vast amounts of data now being generated by customers across multiple channels as they browse for financial services such as loans and retirement savings products, big data analytics offers the opportunity for these interactions to become increasingly personalized for the customer, based on a combination of their past preferences, real-time needs, and attitudes towards spending money and investing.
Big data enables the use of Artificial Intelligence (AI) in the financial services industry because it provides the necessary capacity for learning algorithms to not only consume data, but also use that data to make strategic decisions.
Big data and cybersecurity technologies can complement each other, as the two work together to ensure that data is protected. In an age of digital threats, digital solutions are needed to maintain security and trust, so that by remaining in a world of paper, spreadsheets and data entry, organizations don’t have to compromise on the efficiency and business benefits that new technologies provide.
Only truly innovative businesses within the financial services industry will use big data to shift traditional thinking from product to customer. Improving customer engagement through big data analytics will empower businesses to help their customers manage their financial lives easily and securely, creating loyal customer relationships.
Once businesses processes are in place to efficiently analyze the massive amounts of data generated, automation will start to apply the levels of personalization necessary to engage and retain customers in the long term.
Big data will be a major player in the wider digital transformation occurring in the financial services industry. Those institutions that can best leverage data and its insights around customer needs will be best placed to gain in the new digitally empowered marketplace.”
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