Banking, Financial Service and Insurance (BFSIs) across the region are struggling to keep pace with the vast amount of customer data that they collect in today’s consumer-centric mobile economy. According to a recent Accenture whitepaper ‘Exploring Next Generation Financial Services: The Big Data Revolution’, the inflow of data is also very high and almost continuous; harnessing all this data is a major challenge today. The financial services companies are now awash with vast amount of data that is being measured in zeta bytes.
The report shows that, the data is being not only generated from traditional internal sources and but also from external sources like social media and third party databases. And it’s not just the amount of data collected; the real issue is cutting out the noise from the actual information. It is important for better customer relationship and management.
With that in view the banks and financial organisations are looking at latest technologies that will make their decision making easier. Â That is why almost all institutions are looking at big data. The report shows that more than ever the financial institutions are looking at big data analytics to generate relevant information. This is one of the ways the financial institutions are looking to re-invent themselves to establish competitive advantage.
How YES Bank is doing it…
With that aim in view, YES Bank, one of the leading private banks in India, has adopted big data analytics technology and solutions in a big way. The bank has adopted cloud solution provider, Cloudera’s Cloudera Enterprise Data Hub to enhance customer campaigns through secure, real-time big data analytics. Talking about this new big data deployment, Anup Purohit, Chief Information Officer at YES BANK, said, “Cloudera Enterprise is now the bedrock of our company’s digital strategy. YES BANK decided to deploy this latest platform to provide a differentiated digital experience for our customers through intelligent, real time analytics.”
The cloud platform uses machine learning and advanced analytics to help organisations understand consumer behavior pattern and preferences that in turn help the organisation to tap into better revenue potential. “BFSIs today are competing to create enhanced products in a world where consumers are demanding the most convenient and customized journeys. As such, business leaders are pressured to keep up with the latest technology solutions to deliver unparalleled experiences for their customers. Cloudera empowers BFSIs like YES BANK with a scalable and secure data analytics and machine learning platform to use data in ways not possible before and enables organizations to derive business insights for revenue growth, all while maintaining a high standard of security and ensuring compliance with industry regulations,” said Mark Micallef, vice president of sales, Asia Pacific and Japan region at Cloudera.
For Purohit, Cloudera Enterprise also meant a more secure platform that added a level of protection against the growing risk of cyberattacks. It offers the bank a safe and secure data management platform that is compliant with the latest industry regulations. According to Micallef, Cloudera Enterprise enables YES BANK to reduce the cost of compliance in today’s digital age and transform existing processes through machine learning and predictive modelling. “Eliminating risk and detecting fraud faster and smarter by utilizing massive amounts of data to effectively train their systems,” he added.
Big data to customised campaigns…
In fact, YES Bank adopted this solution because it now plans to mine large volumes of data from financial transactions and create machine learning algorithms to support information-driven business decisions and revenue growth. This will enable YES Bank to develop customized campaigns for consumers throughout their customer journeys.
According to Purohit, with Cloudera Enterprise, the bank will be able to transform its growing volumes of transactional and customer data from their digital services into clear and actionable insights by using real-time analytics and machine learning. “Today, YES BANK is using big data and analytics to cross-sell and up-sell opportunities for the business, while providing a customized experience for consumers across the bank’s digital channels and identifying and rectifying any inconveniences during the customer journey,” he added.