How Financial Services firms are leveraging Big Data?

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.

Continue reading “How Financial Services firms are leveraging Big Data?”