The Financial Services Industry has been using business-centric Big Data strategies for years to engage customers and accelerate growth. Big Data has made it possible for the financial industry to grow into a truly global market. Big Data applications make it possible for financial service providers to comply with regulations around the world and improve global trading capabilities. Expanding markets are not the only change brought about by Big Data. Financial service providers use predictive analytics to gain a 360-degree view of customers, which in turn can improve customer satisfaction and retention. A complete Big Data solution is arguably the most important asset for financial service providers.
Modern trading never stops. As one market closes, another opens. This process is commonly referred to as “following the sun.” Today’s traders must be able to leverage data in real time in order to make crucial trade decisions. Traders also use predictive analytics to forecast trends in stocks in an attempt to maximize profits. Markets can, and often do, change rapidly, and as such, it is imperative for a trader to have access to real-time data models integrated with business intelligence and predictive analytics software. A successful trading company trades in every major market, from Asia to the America’s. It would be impossible to do so without Big Data.
Sales teams are using Big Data and its related technology in a number of ways. For instance, the use of sophisticated algorithms has increased the accuracy of sales forecasting. Big Data analytics can aid in price point optimization, differentiating pricing strategies, improving customer responsiveness, and increasing the potential for loyal customers. Real-time sales data visualization technology gives decision makers the ability to adjust tactics at a moments notice.
Keeping up with regulatory standards around the world is a seemingly herculean task. The financial industry has some of the most detailed regulations when compared with other industries, most of which have been implemented to protect personally identifiable information. Trading regulations differ from country to country and often change within a country, as new laws are passed and old ones repealed. A rigid, reaction-based strategy is costly and ineffective in today’s financial markets. Proper compliance requires a flexible data infrastructure and proactive strategy. The ability to comply with different, and ever-changing regulations is imperative as failure to do so can result in hefty fines and loss of business.
Financial Services Use Cases
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