{"id":22219,"date":"2022-08-09T12:06:22","date_gmt":"2022-08-09T10:06:22","guid":{"rendered":"https:\/\/stage-fp.webenv.pl\/blog\/?p=22219"},"modified":"2022-10-26T01:02:22","modified_gmt":"2022-10-25T23:02:22","slug":"how-big-data-revolutionises-the-financial-industry","status":"publish","type":"post","link":"https:\/\/www.future-processing.com\/blog\/how-big-data-revolutionises-the-financial-industry\/","title":{"rendered":"How Big Data revolutionises the financial industry?"},"content":{"rendered":"\n<p>In a <a href=\"https:\/\/en.wikipedia.org\/wiki\/Volatility,_uncertainty,_complexity_and_ambiguity\" target=\"_blank\" rel=\"noreferrer noopener\">VUCA world<\/a>, building social trust and creating a just, inclusive, and sustainable environment for financial activity is everything. Many companies already understand that and invest in technologies that help them make better use of customer data to improve or even rediscover financial products and services.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><br>Big Changes in financial industry<\/h2>\n\n\n\n<p><strong>The world becomes increasingly unpredictable, but global disruptions may create unique opportunities, especially in tech solutions<\/strong>. The use of data-driven methodologies, data science tools, and algorithms has already contributed to the growth of the whole financial sector. Mobile banking, virtual assistants, saving tools, personalised offers and communication &#8211; that is just a little part of how <strong>Big Data<\/strong> revolutionises the financial industry\u2019s approach toward customers.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><br>What is the definition of Big Data?&nbsp;<\/h3>\n\n\n<div class=\"b-quotation\">\n    <div class=\"o-quote o-quote--left\">\n        <svg class=\"o-quote__icon\">\n            <use xlink:href=\"#quotation-mark\"><\/use>\n        <\/svg>\n        <div\n            class=\"o-quote__text o-quote__text--italic f-paragraph\"\n        >\n            <div>\n                \u201cBig data is high-volume, high-velocity and\/or high-variety information assets that demand cost-effective, innovative forms of information processing that enable enhanced insight, decision making, and process automation.\u201d            <\/div>\n        <\/div>\n        <div class=\"o-quote__author\">\n                                <\/div>\n    <\/div>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><br>What are the Benefits of Using Big Data in Finance?<\/h2>\n\n\n\n<p>First and foremost, Big Data and the whole area of Big Data Science in the finance industry <strong>helps discover customer activity and behaviour patterns from the gathered customer data<\/strong>. Detailed analysis of both: internal and external data leads to stronger and more detailed strategies, better decisions and investments.&nbsp;<\/p>\n\n\n\n<p><strong>Big Data with <\/strong><a href=\"https:\/\/www.naukri.com\/learning\/articles\/how-data-science-is-revolutionizing-the-finance-industry\/\" target=\"_blank\" rel=\"noreferrer noopener\">advanced banking<\/a><strong> analytics helps:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Simplify and automate processes<\/li><li>Reduce costs of processing data<\/li><li>Support operational and process transformation&nbsp;<\/li><li>Optimise omnichannel inventory management&nbsp;<\/li><li>Create a better <a href=\"https:\/\/www.future-processing.com\/blog\/what-really-matters-in-modern-customer-centric-design\/\" target=\"_blank\" rel=\"noreferrer noopener\" title=\"What really matters in modern customer-centric design?\">customer experience<\/a> and journey<\/li><li>Provide must-have knowledge for better decisions&nbsp;<\/li><li>Put customers in specific segments&nbsp;<\/li><li>Evaluate the risks of investments in detail&nbsp;<\/li><li>Keep track of competition\u2019s activity&nbsp;<\/li><\/ul>\n\n\n\n<p><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><br>The top reasons why Big Data is globally used in banking<\/h3>\n\n\n    <div class=\"b-image js-lightbox\">\n        <figure class=\"b-image__figure\">\n            <a\n                href=\"Fraud-Detection.png\"\n                class=\"js-lightbox__trigger\"\n                aria-haspopup=\"dialog\"\n                data-elementor-open-lightbox=\"no\"\n            >\n                <img fetchpriority=\"high\" decoding=\"async\" width=\"1640\" height=\"924\" src=\"https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2022\/08\/Fraud-Detection.png\" class=\"attachment-full size-full\" alt=\"\" srcset=\"https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2022\/08\/Fraud-Detection.png 1640w, https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2022\/08\/Fraud-Detection-300x169.png 300w, https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2022\/08\/Fraud-Detection-1024x577.png 1024w, https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2022\/08\/Fraud-Detection-768x433.png 768w, https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2022\/08\/Fraud-Detection-1536x865.png 1536w, https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2022\/08\/Fraud-Detection-710x400.png 710w\" sizes=\"(max-width: 1640px) 100vw, 1640px\" \/>            <\/a>\n                            <figcaption class=\"b-image__caption f-paragraph\">Source: Source: https:\/\/www.ideamotive.co\/blog\/how-to-succeed-in-fintech-using-big-data-and-machine-learning\u00a0<\/figcaption>\n                    <\/figure>\n        <div\n    class=\"js-lightbox__dialog o-lightbox\"\n    role=\"dialog\"\n    aria-modal=\"true\"\n    aria-hidden=\"true\"\n    tabindex=\"-1\"\n>\n    <div class=\"o-lightbox__dialog\">\n        <div class=\"o-lightbox__content js-lightbox__content\" role=\"document\">\n            <button\n                class=\"o-button o-button--xs o-button--dark o-button--icon-right o-button--tertiary o-lightbox__close js-lightbox__close m-gradient-brand\"\n            >\n                Close picture                <svg class='o-icon o-icon--16 o-icon--timescircle '>\n            <use xlink:href='#icon-16_times-circle'><\/use>\n          <\/svg>            <\/button>\n                                            <figure class=\"o-lightbox__image is-active\">\n                    <img fetchpriority=\"high\" decoding=\"async\" width=\"1640\" height=\"924\" src=\"https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2022\/08\/Fraud-Detection.png\" class=\"attachment-full size-full\" alt=\"\" srcset=\"https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2022\/08\/Fraud-Detection.png 1640w, https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2022\/08\/Fraud-Detection-300x169.png 300w, https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2022\/08\/Fraud-Detection-1024x577.png 1024w, https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2022\/08\/Fraud-Detection-768x433.png 768w, https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2022\/08\/Fraud-Detection-1536x865.png 1536w, https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2022\/08\/Fraud-Detection-710x400.png 710w\" sizes=\"(max-width: 1640px) 100vw, 1640px\" \/>                                            <figcaption\n                            class=\"o-lightbox__caption f-paragraph\">Source: Source: https:\/\/www.ideamotive.co\/blog\/how-to-succeed-in-fintech-using-big-data-and-machine-learning\u00a0<\/figcaption>\n                                    <\/figure>\n                    <\/div>\n    <\/div>\n<\/div>\n    <\/div>\n\n\n\n<p>There are numerous areas where Big Data can be used to leverage financial businesses. Specific technologies broadly used for Data Analytics in banking are:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Predictive analytics<\/strong> &#8211; helps observe different factors like customers\u2019 activity, industry details, global changes and company\u2019s condition to forecast trends, predict future data and the probability of occurrence.&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Machine learning<\/strong> &#8211; vital for <a href=\"https:\/\/www.future-processing.com\/blog\/how-outsourcing-data-analysis-can-put-your-business-in-the-fast-lane\/\" title=\"How outsourcing data analysis can put your business in the fast lane?\">data analytics<\/a>, involving self-learning algorithms, <a href=\"https:\/\/www.future-processing.com\/blog\/machine-learning-in-company-logistics\/\" title=\"Machine Learning in company logistics\">Machine Learning<\/a> uses the already existing data to analyse it for the prediction of possible results. Algorithms grow with the volume of gathered data.&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Data Mining<\/strong> &#8211; extremely essential to deal with large amounts of data\u200b\u200b, helps identify patterns and quickly discover relationships between different pieces of information and make proper decisions based on data.&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Optimisation<\/strong> &#8211; is crucial in banking data analytics, thanks to linear and non-linear approach, the optimisation techniques help keep different risks under and <a href=\"https:\/\/www.future-processing.com\/blog\/a-simple-guide-to-the-roi-of-ux\/\" title=\"A simple guide to the ROI of UX \u2013 what is it all about?\">increase ROI<\/a>.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Data Visualisation<\/strong> &#8211; visual analytic and dashboarding tools like <strong>MS Excel<\/strong>, <strong>Tableau<\/strong>, <strong>QlikView<\/strong>, and <strong>SAS <\/strong>provide insights for banking experts and help discover game-changing details that are easier to see in visual form.&nbsp;<\/li><\/ul>\n\n\n\n<p><\/p>\n\n\n\n<p>The application of the above technologies leads to solutions that are widely discussed as revolutionary for the finance market. These are: <strong>smart accounts, risk management and fraud detection, chatbots, virtual assistants powered by AI, more efficient consumer analysis, marketing and sales tools<\/strong>, and last but not least, <strong>improved, more personalised offers<\/strong>.&nbsp;<\/p>\n\n\n<div class=\"b-button\">\n            <a class=\"o-button o-button--primary o-button--s o-button--icon-right o-button--arrow\" href=\"https:\/\/www.future-processing.com\/software-services\/dedicated-team\/\">\n            Accelerate your success\n            <svg class='o-icon o-icon--16 o-icon--arrow '>\n            <use xlink:href='#icon-16_arrow'><\/use>\n          <\/svg>\n                            <svg class='o-icon o-icon--24 o-icon--arrow '>\n            <use xlink:href='#icon-24_arrow'><\/use>\n          <\/svg>                    <\/a>\n    <\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><br>How to Implement a Successful Big Data Strategy for Your Business?<\/h2>\n\n\n\n<p>Managing vast amounts of data needs a proper perspective, a detailed plan and a scientific approach provided by experienced Data Scientists and Analysts. Not every bank or financial institution has such professionals in-house. Besides, the cost of having a team of Big Data experts can be unbearable for some organisations.&nbsp;<\/p>\n\n\n    <div class=\"o-icon-box__wrapper\">\n        <div class=\"o-icon-box o-icon-box--big o-icon-box--italics m-cool-gray-light\">\n            <div class=\"o-icon-box__text f-headline-extra-big\">\n                There is another way, though and it\u2019s called Big Data analysis outsourcing. It means that IT companies, like Future Processing, can form a dedicated team of Big Data Scientists, Analysts and other experts.            <\/div>\n        <\/div>\n    <\/div>\n\n\n\n<p>They can design processes that visualise data processing, design and create a solution from scratch based on existing mathematical models and use components to connect them. What is more, they can work with clients\u2019 domain specialists to support them with tech solutions tailored to their specific needs.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><br>The Future of Banking is Powered by AI and Machine Learning<\/h2>\n\n\n\n<p>The use of <strong>AI and Machine Learning provides unprecedented opportunities to analyse huge numbers of data and get deeper insights into customer and market behaviour<\/strong>. <\/p>\n\n\n    <div class=\"o-icon-box__wrapper\">\n        <div class=\"o-icon-box o-icon-box--big o-icon-box--italics m-cool-gray-light\">\n            <div class=\"o-icon-box__text f-headline-extra-big\">\n                Banks around the world and many other financial institutions benefit from AI and ML to work on strategy, improve the customer journey, prevent more and more sophisticated frauds and prevent risks.            <\/div>\n        <\/div>\n    <\/div>\n\n\n\n<p>The future of banking includes the use of AI &amp; ML in a number of areas, e.g.:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Client service and offer<\/strong> &#8211; chatbots and virtual assistants, analysis of customer sentiment, personalised banking and other ML-driven processes.&nbsp;<br><br><\/li><li><strong>Back office<\/strong> &#8211; AI-driven automation of processes, integrated command and control systems.<br><br><\/li><li><strong>Trading and management<\/strong> &#8211; managing wealth and portfolio, algorithmic trading.&nbsp;&nbsp;<br><br><\/li><li><strong>Security<\/strong> &#8211; stronger <a href=\"https:\/\/www.future-processing.com\/blog\/why-is-security-important-in-software-development\/\" target=\"_blank\" rel=\"noreferrer noopener\" title=\"Why is security important in software development?\">cybersecurity<\/a>, AI-powered fraud detection, anti money laundering systems.&nbsp;<br><\/li><\/ul>\n\n\n\n<p>Deloitte, in its 2021 report <strong>\u201cA higher bottom line. The future of financial services\u201d<\/strong>, shows how disruptive times will create opportunities for technology in the banking sector that needs to put customers in the centre of attention:&nbsp;<\/p>\n\n\n<div class=\"b-quotation\">\n    <div class=\"o-quote o-quote--left\">\n        <svg class=\"o-quote__icon\">\n            <use xlink:href=\"#quotation-mark\"><\/use>\n        <\/svg>\n        <div\n            class=\"o-quote__text o-quote__text--italic f-paragraph\"\n        >\n            <div>\n                \u201cOver the next decade, technology innovations such as 5G, machine learning, artificial intelligence, blockchain, and smart algorithms will dramatically change how financial services firms operate and serve clients. (&#8230;) Firms will rapidly adopt tools and systems that enable them to improve customer interfaces, aggregate massive amounts of data, enable more open collaboration and data-sharing, and understand and act upon that data. New environmental and technology-related risks will create a changing landscape that financial services companies must navigate with great care as they move forward.\u201d            <\/div>\n        <\/div>\n        <div class=\"o-quote__author\">\n                                        <div class=\"o-quote__author-info\">\n                    <div class=\"o-quote__author-name\">\n                        <div>\n                            Deloitte                        <\/div>\n                    <\/div>\n                    <div\n                        class=\"o-quote__author-position\"\n                    >\n                        <div>\n                            &#8216;A higher bottom line. The future of financial services.&#8217;                        <\/div>\n                    <\/div>\n                <\/div>\n                    <\/div>\n    <\/div>\n<\/div>\n\n\n\n<p>Successful cases of using hi-end technologies show that the financial services sector is ready for brand new opportunities to take. The <strong>future of banking<\/strong> is already here and it\u2019s powered by <a href=\"https:\/\/www.future-processing.com\/blog\/major-big-data-challenges\/\" title=\"Major Big Data challenges in 2022\">Big Data<\/a>, <a href=\"https:\/\/www.future-processing.com\/blog\/how-ai-powered-software-can-be-used-for-health-purposes\/\" title=\"How AI-powered software can be used for health purposes?\">AI<\/a> and <a href=\"https:\/\/www.future-processing.com\/blog\/is-your-business-ready-for-machine-learning\/\" title=\"Is your business ready for machine learning?\">Machine Learning<\/a>.&nbsp;<\/p>\n\n\n<div class=\"b-cta-banner m-gradient-light\">\n            <a href=\"https:\/\/www.future-processing.com\/services\/data-solutions\/\" class=\"b-cta-banner__image-container\" data-elementclick=\"article-banner\" data-elementname=\"Do you want to create your own, strong Big Data strategy?\">\n            <img decoding=\"async\" width=\"450\" height=\"450\" src=\"https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2021\/08\/Data-Science-Engineering.png\" class=\"attachment-full size-full\" alt=\"\" srcset=\"https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2021\/08\/Data-Science-Engineering.png 450w, https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2021\/08\/Data-Science-Engineering-300x300.png 300w, https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2021\/08\/Data-Science-Engineering-150x150.png 150w, https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2021\/08\/Data-Science-Engineering-400x400.png 400w, https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2021\/08\/Data-Science-Engineering-24x24.png 24w, https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2021\/08\/Data-Science-Engineering-48x48.png 48w, https:\/\/www.future-processing.com\/blog\/wp-content\/uploads\/2021\/08\/Data-Science-Engineering-96x96.png 96w\" sizes=\"(max-width: 450px) 100vw, 450px\" \/>        <\/a>\n    \n        <a href=\"https:\/\/www.future-processing.com\/services\/data-solutions\/\" class=\"b-cta-banner__url b-cta-banner__text-container\" data-elementclick=\"article-banner\" data-elementname=\"Do you want to create your own, strong Big Data strategy?\">\n                    <div class=\"b-cta-banner__text\">\n                                                    <h3 class=\"f-headline-extra-big b-cta-banner__header\">\n                        Do you want to create your own, strong Big Data strategy?                    <\/h3>\n                \n                                    <div class=\"f-paragraph\">\n                        <p><strong>\u00a0<\/strong>See how we can work it out in Future Processing\u2019s team<\/p>\n                    <\/div>\n                \n                                    <div class=\"o-button o-button--primary o-button--s o-button--icon-right o-button--arrow\">\n                        <span>Accelerate your success<\/span>\n                        <svg class='o-icon o-icon--16 o-icon--arrow '>\n            <use xlink:href='#icon-16_arrow'><\/use>\n          <\/svg>                    <\/div>\n                            <\/div>\n                <\/a>\n    <\/div>\n","protected":false},"excerpt":{"rendered":"<p>As vast amounts of data fuel modern financial business, Big Data develops rapidly to make financial products focused on authentic customers\u2019 needs. The future of banking looks fascinating due to the tech solutions that forward-thinking companies use to provide better products, tailored to the challenging times. <\/p>\n","protected":false},"author":99,"featured_media":22225,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1989],"tags":[1438],"coauthors":[538],"class_list":["post-22219","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-data-solutions","tag-big-data-en"],"acf":{"reading-time":"5 min","show-toc-sublists":false,"image":null,"logo":null,"button1":{"button1_type":"","button":null},"button2":{"button2_type":"","button":null},"person":{"person_photo":null,"person_name":"","person_position":""}},"_links":{"self":[{"href":"https:\/\/www.future-processing.com\/blog\/wp-json\/wp\/v2\/posts\/22219","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.future-processing.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.future-processing.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.future-processing.com\/blog\/wp-json\/wp\/v2\/users\/99"}],"replies":[{"embeddable":true,"href":"https:\/\/www.future-processing.com\/blog\/wp-json\/wp\/v2\/comments?post=22219"}],"version-history":[{"count":0,"href":"https:\/\/www.future-processing.com\/blog\/wp-json\/wp\/v2\/posts\/22219\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.future-processing.com\/blog\/wp-json\/wp\/v2\/media\/22225"}],"wp:attachment":[{"href":"https:\/\/www.future-processing.com\/blog\/wp-json\/wp\/v2\/media?parent=22219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.future-processing.com\/blog\/wp-json\/wp\/v2\/categories?post=22219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.future-processing.com\/blog\/wp-json\/wp\/v2\/tags?post=22219"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.future-processing.com\/blog\/wp-json\/wp\/v2\/coauthors?post=22219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}