Banking / Finance

Transforming customer experience in banking through Big Data analytics

Global professional services company KPMG published a global report in 2012 on the consumer banking, titled “The customer takes control,” the premise of which talked about the intense competition banks faced in the market and how “understanding customer behavior, attitudes and requirements is more vital than ever for banks’ strategic thinking, operational planning and day-to-day customer treatment.” Some of the headline data in the study is alarming – – globally, 40 percent of bank customers lost trust in the industry over the previous year. This kind of falling confidence is leading to some major changes in the customer’s fundamental behavior with the bank, and in such a scenario customers are potentially less likely to be loyal to their bank and increase the number of banks they intend to partner with.
In such a competitive scenario, banks need to be closer to their customers, understand them better to deliver more relevant and timely services, thereby offering value and gaining customer satisfaction. To do this, the banking industry needs to look no further than its own customer information and learn to glean from this, and Big Data technologies – which promise to help organizations glean intelligence from gigantic sets of data – hence is of utmost relevance to the banking industry.

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