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Copyright © 2017 Tata Consultancy Services LimitedJune 2017
Banking and Financial Services:
Analytics For Competitive Advantage
PERSPECTIVES VOLUME 8
By K. Krithivasan
President, Banking and Financial Services
Using Analytics to Gain an Edge
Generate new revenue streams for
BFS companies
Offer personalized products in a
shorter time to market
Connect disparate data sets through
APIs to create value-added services
Achieve Business Flexibility
Learn customer
preferences through
machine learning
and analytics
Fine tune
analytical models
to optimize the
cost of services
Use cloud-based
analytics
platforms to work
with Big Data
workloads
%
Extract Value From Unstructured Data
Acquire new data from social media
and mobile apps
Use Hadoop tools to extract
insights from unstructured data
such as call center enquiries
Unstructured data can be dealt with
using a unified data architecture
approach
Data Management is Key
Data governance and quality becomes a
key challenge when using Big Data tools
Financial companies need to back up
all data for compliance purposes
Wider use of analytics may lead to
customer data privacy issues
Where’s the RoI?
Lack of accountability and a
federated business structure
cause delays in reaping RoI
Some banks haven’t
yet explored the
advantages of
machine learning and
Big Data analytics Organizations
struggle to decide
on the right KPIs to
evaluate the RoI of
analytics projects
Make Your Analytics Project a Success
Deploy self-service
analytics tools
Aim at democratization
of data
Use APIs to connect
analytics data to
business processes
Copyright © 2017 Tata Consultancy Services Limited
Banking and Financial
Services: Analytics For
Competitive Advantage
Contact a Consultant
Read the Article

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Banking and Financial Services: Analytics For Competitive Advantage

  • 1. Copyright © 2017 Tata Consultancy Services LimitedJune 2017 Banking and Financial Services: Analytics For Competitive Advantage PERSPECTIVES VOLUME 8 By K. Krithivasan President, Banking and Financial Services
  • 2. Using Analytics to Gain an Edge Generate new revenue streams for BFS companies Offer personalized products in a shorter time to market Connect disparate data sets through APIs to create value-added services
  • 3. Achieve Business Flexibility Learn customer preferences through machine learning and analytics Fine tune analytical models to optimize the cost of services Use cloud-based analytics platforms to work with Big Data workloads %
  • 4. Extract Value From Unstructured Data Acquire new data from social media and mobile apps Use Hadoop tools to extract insights from unstructured data such as call center enquiries Unstructured data can be dealt with using a unified data architecture approach
  • 5. Data Management is Key Data governance and quality becomes a key challenge when using Big Data tools Financial companies need to back up all data for compliance purposes Wider use of analytics may lead to customer data privacy issues
  • 6. Where’s the RoI? Lack of accountability and a federated business structure cause delays in reaping RoI Some banks haven’t yet explored the advantages of machine learning and Big Data analytics Organizations struggle to decide on the right KPIs to evaluate the RoI of analytics projects
  • 7. Make Your Analytics Project a Success Deploy self-service analytics tools Aim at democratization of data Use APIs to connect analytics data to business processes
  • 8. Copyright © 2017 Tata Consultancy Services Limited Banking and Financial Services: Analytics For Competitive Advantage Contact a Consultant Read the Article