Big Data & Digital Marketing

How is Big Data changing the banks business? And how this can add value for customers?

Today it is imperative to use machine learning for detecting frauds and mitigating risks. The next step should be solidifying the relationship with clients, by offering what they really need, not what the bank wants to sell.

The 6 uses of Big Data in banking

1. Increase efficiency - shorten the time to get information from db

2. Reduce cost - in maintaining the data infrastructure

3. Prevent fraud - self-evident

4. Accountability - better evaluation of clients' risk

5. New revenue streams - the more you know the more you can offer

6. Client satisfaction - by offering a better customer experience

3 relevant cases where Big Data are already making a great difference:

1. Improve apps

2. Meeting individual needs, aka Know Your Customer

3. Enhance location-based marketing

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