Big data for commercial banks

Abstract

Who would have realized that philosopher Immanuel Kant’s notion of global governance conceptualized in 1795 would bear an uncanny resemblance to the evolving modern day financial system? Kant had envisaged a peaceful federation of independent states, bound by consensus to a set of rules designed to prevent antagonism and conflict. In a similar vein, after the financial crisis, banks and financial institutions across the world have understood there is no short cut to glory. Instead a uniform transformative journey, from an account-centric to a customer-centric framework is a better path. Such a journey is only possible through analysis of what is commonly called Big data. Big data is commonly a combination of structured and unstructured data. In addition to structured data available to the banks about customers (for example, account number, type, balance etc.) a large quantity of unstructured data originate from a variety of relevant sources. These sources include emails, call centre data, social media patterns, websites, customer feedback, agents and so on. This structured and unstructured data together combine into the large volume of data that become useful in important decision-making activity. Read more at: https://www.livemint.com/Opinion/zkglRQV9pKt1S1Yf226kBI/Big-data-for-commercial-banks.html