Data is the biggest in the IT industry. Many people think that this data increases the storage space in the local space/ cloud. And if you think the same, then you have gone wrong. This is because we can utilize this data for various purposes. Moreover, this data is more and most useful for marketing people. These people utilize this data for remarketing their customers. This remarketing is an instance. Likewise, we people can utilize this data for a variety of purposes in various industries. And in my previous articles of the blog, I have explained to you the several applications of big data in different industries. Hence today I would like to elaborate more on Big data analytics applications in the Finance industry.

Hence prior to knowing about the big data analytics apps in the Finance industry, let us initially know,

What is Big Data Analytics?

Big data Analytics is the process of examing large and varies data sets.  This Analytics reveals the information of hidden patterns, market trends, unknown correlations, customized preferences, and so on. Through this data, Analysts, data scientists, data modelers analyze the growing volumes of structured transaction data. All these analyses help marketers to make the best decisions for the best growth of the organization.

Know more on Big data Analytics from live expert at Big data Online Course 

Since we people have got a brief idea regarding what is big data analytics, let us move how it impacts the Financial sector

Impact of Big data Analytics in Finance:

Since the financial sector is the most data-intensive sector in the global economy, the impact of big data is hard to estimate. Usually, financial organizations maintain a huge amount of user data. This data includes the transaction w.r.t the customer account. Since the banks are silos in the organizations, they are not good at utilizing these rich data sets. Hence the financial institutions are struggling more in the process of data collection and processing for more than a decade. Moreover, due to the huge and increased usage of the customer requirements, financial institutions do not let this data be unexploited. So these financial institutions were utilizing this big data analytics to maximize the user experience and gain a competitive advantage.  Even though many organizations were using this, they have still lagged w.r.t the benchmark.  So they were concentrating more and more on Big data Analytics.

So without wasting much time, let us see

Big data Analytics in Finance:

Big data in Finance refers to the petabytes of data. This data can be used to anticipate customer behavior. And to create strategies for the banks as well as the financial institutions.

Since the finance industry has a huge number of customers, data originates in both structured as well as unstructured format.  Here the structure data refers to the information, that can be managed within the organization to provide the key-decision making insights. On the other hand, unstructured data exists in multiple sources in large volumes to offer significant analytical opportunities.

Since for giant organizations like banks, transactions take place in terms of dollars, etc. The analysts are responsible to analyze this in a keen manner.  Moreover, the value of data is dependent on how it is gathered, stored, processed as well as interpreted. This is important because the legacy systems were incapable of handling the unstructured,  siloed data. Hence with the ability to analyze the diverse data sets, financial companies can make various informed decisions. These decisions include improved customer services,  fraud prevention, better customer targeting, risk exposure assessment, and so on.