Big Data & Analytics: Tackling Business Challenges in Banking Industry

One of the key values of the banking industry has been its 'Customer-Focused' mindset, but in the new era, the trend is moving to being 'Customer-Centric'. This is because advances in technology and communication, combined with an explosive growth in data and information, have given rise to an even more empowered and aware global consumer. With this change in consumer dynamics; the banking industry has an opportunity to develop an improved customer engagement strategy. More than 70% of the banking executives worldwide say customer centricity is important to them, but do they really understand what that means? Being customer centric means; providing customer satisfaction in five core areas of the Customer-Bank relationship. The banks need to analyze their service and answer the following questions: 1. Do they really 'Know' their customers? 2. Is the 'Product-Channel' fit for their customers? 3. Are they providing a 'Multi-Channel' experience? 4. Are they making a genuine effort for 'Relationship Building'? 5. Do their customers have enough 'Confidence and 'Trust' in them? 6. How can the banks get an answer to these above questions? Well the answer is through "Big Data".