Bank Systems & Technology: Cognizant’s Vice President of Enterprise Information Management Writes About Putting Big Data to Work for Financial Services Companies

Karthik Krishnamurthy, Vice President, Enterprise Information Management, Cognizant

“Big data is a buzzword in a myriad of industries. However, the customer-centric model of financial services firms gives data unprecedented opportunities to further market research and boost customer satisfaction,” writes Karthik Krishnamurthy. “As an industry still plagued by high churn rates and customers having numerous options for where they bank, financial services companies should be looking to emerging big data tools as the answer to finding hidden consumer sentiment on a real-time basis…the doors are now open for financial services companies to improve customer segmentation, product development, and customer service.”

Krishnamurthy notes, “Sentiment analysis and predictive analytics are two of the best techniques financial services companies can implement to address the retention challenges of the industry. These tools create economic value by providing the technology to tailor products to customer wants as well as understand fraud patterns, reduce credit risk, and build strategy according to customer expectation.”

He adds, “By starting small, growing organically and striking the right balance between gaining the desired insight and becoming overloaded with data, financial services firms will truly recognize the gains they can make in customer satisfaction, retention and expansion, boosting profitability and finding the economic value.”

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