Financial Services today is an umbrella that covers everything from bank loans to insurance services. There are so many functions involved in the financial services sector that it is easy to lose count. In technical terms, financial services are the economic services provided by the finance industry, which encompasses a broad range of organizations that manage money, including credit unions, banks, credit card companies, insurance companies, accountancy companies, consumer finance companies, stock brokerages, investment funds and some government sponsored enterprises.
Managing money or economics maybe highly theoretical, but it is also one of the most practical and important aspects of our world. From times immemorial, we have required some kind of financial service. Since we learnt farming, we have believed in the concept of barter. Then came the money lenders and the Templars who created an ancient version of the banks we see today.
Finally we have banks that are deemed a very important part of our civilization. So much so that today, we use the services these banks provide to even buy the smallest of gadgets. Banks and other financial institutions have been crunching numbers forever. But now this highly manual process is becoming digitized now.
Enter big data. In an executive survey of c-executives from leading Wall Street firms conducted by NewVantage Partners in 2013, 96% of executives reported having a Big Data initiative planned or in progress, with 80% reporting having at least one initiative completed. It seems that financial service providers are happily turning to data analytics to answer their quandaries.
Financial services firms are leveraging big data to transform their processes, their organizations and soon, the entire industry. With no tangibility to their services, many a times, knowledge and information are actually very important to any financial organization.
The business of banking and financial management is rife with transactions, conducting hundreds of millions daily, each adding another row to the industry’s immense and growing ocean of data. So the question for many of these firms remains how to harvest and leverage this information to gain a competitive advantage?
Another important aspect of the world today is the social media. Financial firms are using social media as well to create a brand image- another data point that is generating a lot of data. From predicting the foreign exchange rates to understanding the consumers- data analytics has become a part of the industry.
Investment bankers, financial advisers, relationship managers, loan officers and countless other front-office employees must have ready access to detailed product and customer information in order to make better and more informed decisions, while also supporting regulatory and compliance reporting requirements.
At IntelligenceNODE we believe that the time is ripe for analytics to become an indispensable part of the financial services industry…