Role Of Big Data In Fintech
The world of business is going through a rapid shift in this age of technology, and the arena of finance is no exception to this phenomenon. As a matter of fact, a special branch of information technology has been developed to specifically cater to the requirements of banking and financial sector. Fintech services and solutions bank heavily upon the science of visualizing data, and utilize free presentation tools for enabling visual representation of data, a large part of which gets attributed to big data analytics and visualization.
Broadly speaking, there are three primary objectives of financial companies and banks, which are achieved with the help of fintech solutions leveraging big data tools and solutions. These are Credit Scoring; Customer Aquisition; and Marketing, Customer Retention, & Loyalty Programs. While credit scoring is primarily concerned with carefully analyzing the business procedures of a financial organization and issuing proper credit scoring to it, customer aquisition is all about consistently grabbing the bigger share of customer base that is either already existing in the market space or may be converted from outside it as well. Similarly, marketing, customer retention, & loyalty programs entail the techniques and strategies that are formulated with an aim to retain old customers by launching loyalty programs and devising innovating marketing campaigns as well.
Credit scoring is a highly sensitive activity that can play a huge role in affecting the overall corporate image and business credibility of an organization within the market sector. Therefore, it becomes imperative that by using a combination of high end business intelligence systems and big data visualization software, the potential of big data is harnessed to a considerable extent. Further, open source BI tools may be deployed to extract useful insights from the huge datasets offered by big data resources, to ensure accurate BI reporting that may help an organization precisely observe the points where it needs to work upon in order to achieve a better credit scoring in future.
One of the most important aspects of the big data is its potential in assessing the customer needs, preferences and grievances across a very wide spectrum of organizations in any specific business sector. Customers and clients of the financial sector drastically vary in terms of their choices and requirements, and are known to be highly specific according to the same. Big data can play a very effective role here, as fintech enterprises may successfully rely upon big data analytics and visualization and may carry out effective visual representation of their vital data for acquiring more customers by using even free presentation tools.
Marketing, Customer Retention, & Loyalty Programs
Every business organization takes marketing initiatives for long lasting customer retention, and loyalty programs constitute a fairly well known part of these initiatives. Powerful BI reporting enabled with the integration of big data into robust business intelligence systems and visualization software solutions helps financial companies and banks achieve this goal in a smart manner. Apart from this, a variety of open source bi tools and BI applications are also being used by top analytics companies in India for analyzing big data to a very minute level, and further planning their marketing strategies and loyalty programs so that a maximum part of their customer base is effectively retained forever.
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