Importance of Big Data in Financial Sector: [Essay Example], 554 words GradesFixer
exit-popup-close

Haven't found the right essay?

Get an expert to write your essay!

exit-popup-print

Professional writers and researchers

exit-popup-quotes

Sources and citation are provided

exit-popup-clock

3 hour delivery

exit-popup-persone
close
This essay has been submitted by a student. This is not an example of the work written by professional essay writers.

Importance of Big Data in Financial Sector

Download Print

Pssst… we can write an original essay just for you.

Any subject. Any type of essay.

We’ll even meet a 3-hour deadline.

Get your price

121 writers online

blank-ico
Download PDF

The banking sector has grown by leaps and bounds when it comes to operations and service delivery. This industry is responsible for generating humongous amount of data but having so much information with them the banks have failed to utilize this information properly from their databases. Big Data will play a crucial role towards the development of this sector through following goals and objectives:

  • Changes in Service Delivery structure: Big Data comprises of very vast system but its major job is to create easy working conditions for employees. It will also help bank to rectify their problems without affecting their customers. Also the data will be useful for giving an insight about their spending structure, ensuring the bank that its customer don’t over spend.
  • · Comprehensive Progress Evaluation: This will allow bank to constantly monitor client’s transaction behaviors in real time, allowing them to provide the kind of resources that their clients need. This real-time evaluation will boost overall profitability of the banks. The current databases are not that much capable enough to handle the transaction traffic at much faster rate and if this information needs to be processed switching to Big Data is the only option.
  • Customer Segmentation: With the help of Big Data the banks will be able to recognize their clients on the basis of various parameters like services, credit card expenditure etc. This will help the banks to target their customers more efficiently according to the tailor made requirements of the customers.
  • Product Offerings: Now the customer segmentation is done, banks know properly which audience to target based on their personalized product offerings can be offered to that sector of people by analyzing past and present expenses and transactions. Creation of personalized product offerings will cater to an untapped niche of personalized services that gives banks the ability to create more meaningful client relationships.
  • Cyber Security and Risk Management: Big Data locates and presents big data on a single large scale that makes it easier to reduce the number of risks to a manageable number and plays a pivotal role in integrating the banks requirements into a centralized, functional platform. This reduces the banks chances of losing data, or ignoring fraud. Adopting to Big Data banking industry will be able to get a better understanding of client requirements, so that they can provide such services in a timely manner. The task of implementing Big Data on a large scale is just taking shape, with many IT departments concerned about the transition to high-tech IT infrastructure. The banking industry has remained untouched for several years and the security issues are always a priority in this industry since it’s involves circulation of many personal and confidential information which needs to be protected at every stage. Big Data can be advantageous for both customers and banks like:
  • No unauthorized transaction will be made and increasing the levels of safety and security that will automatically raise the security standard of the entire industry.
  • Cloud based analytics packages can sync in real time with your big data systems, creating actionable insight dynamically. Big Data will expand the banking industry in a way that will allow them to earn mores revenue through cost reduction and by cutting down on unnecessary costs, the banking industry can provide customers with exactly what they’re looking for, instead of irrelevant information.

Remember: This is just a sample from a fellow student.

Your time is important. Let us write you an essay from scratch

100% plagiarism free

Sources and citations are provided

Cite this Essay

To export a reference to this article please select a referencing style below:

GradesFixer. (2019). Importance of Big Data in Financial Sector. Retrived from https://gradesfixer.com/free-essay-examples/importance-of-big-data-in-financial-sector/
GradesFixer. "Importance of Big Data in Financial Sector." GradesFixer, 11 Feb. 2019, https://gradesfixer.com/free-essay-examples/importance-of-big-data-in-financial-sector/
GradesFixer, 2019. Importance of Big Data in Financial Sector. [online] Available at: <https://gradesfixer.com/free-essay-examples/importance-of-big-data-in-financial-sector/> [Accessed 14 July 2020].
GradesFixer. Importance of Big Data in Financial Sector [Internet]. GradesFixer; 2019 [cited 2019 February 11]. Available from: https://gradesfixer.com/free-essay-examples/importance-of-big-data-in-financial-sector/
copy to clipboard
close

Sorry, copying is not allowed on our website. If you’d like this or any other sample, we’ll happily email it to you.

    By clicking “Send”, you agree to our Terms of service and Privacy statement. We will occasionally send you account related emails.

    close

    Attention! this essay is not unique. You can get 100% plagiarism FREE essay in 30sec

    Recieve 100% plagiarism-Free paper just for 4.99$ on email
    get unique paper
    *Public papers are open and may contain not unique content
    download public sample
    close

    Sorry, we cannot unicalize this essay. You can order Unique paper and our professionals Rewrite it for you

    close

    Thanks!

    Your essay sample has been sent.

    Want us to write one just for you? We can custom edit this essay into an original, 100% plagiarism free essay.

    thanks-icon Order now
    boy

    Hi there!

    Are you interested in getting a customized paper?

    Check it out!
    Having trouble finding the perfect essay? We’ve got you covered. Hire a writer

    GradesFixer.com uses cookies. By continuing we’ll assume you board with our cookie policy.