Big data use cases in the financial sector
The financial sector is also sometimes called the BFSI sector; that is, banking, financial services, and insurance.
- Banking includes retail, corporate, business, investment (including capital markets), cards, and other core banking services
- Financial services include brokering, payment channels, mutual funds, asset management, and other services
- Insurance covers life and general insurance
Financial organizations have been actively using big data platforms for the last few years and their key objectives are:
- Complying with regulatory requirements
- Better risk analytics
- Understanding customer behavior and improving services
- Understanding transaction patterns and monetizing using cross-selling of products
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