Benefits Of Using Big Data

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Benefits of using Big Data The big data has application in the detection of fraud. The banking industry acquires data concerning clients from the global world. The information analyzed from various sources makes the banks ensure they do not transact with the unauthorized individual. The data helps the bank to engage in business transactions with the credit worth clients who have not been declared bankrupt (Jerome, 2014). The access to the big data repository centers provides compliance reporting. Through banks gaining access to customer requirements, they improve the facilities and services. The banks acquire strategies to apply to cut down the cost and the expenses thus providing the services that customers seek for from the online…show more content…
The systems enable the banks to detect and mitigate the chances of encountering the risks and attacks. The bank has access to the international banking system that analyze the risks and the dangers that hover around the bank systems and the networks. The big data techniques allow the provision of the quality and dignified products to the customers. The data and information obtained regarding a given client provide the particular taste and preference of the individual clients. The information obtained enables the banking institution to focus on specific services and the products demanded by their client. The dedicated service to the specific clients attracts the clients and improves the friendship relation between the client and the bank. The repository location offers alternative sources of data recovery and backup services. The corresponding Metadata and the financial status of then bank clients have secure repository center free from the data and the information risks and attacks. The repository centers provide the primary and the secondary data regarding the progress and the continuity of the customer accounts. Turning Banking & Financial Big Data into Understandable Narratives The partnership trends are implementing then the process of turning the banking and the Finance big data into applicable practices (Miller, 2014). The banks lie the Australian bank is using the retailers who have links to customers to identify where they live
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