How Big Data and Hadoop Help Financial Services Firms Manage Risk and Stay Competitive
Financial services organizations around the world are experiencing drastic change. The global financial crisis of 2008 resulted in the failing of scores of banks and also impacted incomes, jobs, and wealth. As a result, financial institutions must work hard to avoid the repeat of such a crisis.
Additionally, financial sector companies realize that in order to thrive in a market that has changed so dramatically, they need to be able to improve their operational efficiencies, detect fraud quicker and more accurately, model and manage their risk, and reduce customer churn. To accomplish this, financial services firms are turning to big data technologies and Hadoop to reduce risk, analyze fraud patterns, identify rogue traders, more precisely target their marketing campaigns based on customer segmentation, and improve customer satisfaction.