Financial service companies deal with a large amount of data. It can be an especially daunting task to systematically store and use that data to their advantage.
But to remain competitive, financial firms should find a way to make better use of ‘big data’ as they contain valuable information.
Data derived from contact centers, for instance, can provide useful information about common customer problems, what they expect from the company and opportunities available for the companies in this field.
‘Big data’ derived from contact center interactions can be a gold mine for the companies, if they can make the right use of it.
In fact, using big data is barely optional anymore to stay afloat in the modern industry. According to Verdande Technology, financial service providers will have to comply with a high number of regulations in the near future – and big data is the only way out.
According to Verdande, big data helps financial service companies make better use of their existing IT resources and reduce expenses. Proper use of big data helps companies to detect and prevent financial frauds as well.
“The goal for your financial services organization in 2013 should to be to stay off the front page by proactively predicting business problems and working to mitigate them before they happen,” said Jo Kinsella, CEO of financial services at Verdande Technology. “This is where CBR comes in. Based on the principle that similar problems have similar solutions, CBR sits on top of existing IT and trading tools and analyzes data patterns in real time.”
The company has been developing a variety of new products for the financial service market. In January 2012, the company unveiled case-based reasoning technology for the financial market. This product had already tasted success in the energy sector with its ability to search static data sets.
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Edited by Braden Becker