Industries are now witnessing a huge upturn in productivity due to the revolution of Big Data. However, to handle it, businesses are required to integrate technologies that can help manipulate the use of data in efficient ways. Understanding what these critical success factors have caused many failures for financial institutions in the past, and it is these that allow for better outcomes to measure company success against.
Big Data and AI are continuing to transform the way banks interact with customers and how customers manage their finances. It is now a critical business asset, and innovations are being developed to meet the evolving demands of customers. When Big Data became a reality, none of the existing processes and technologies pre-AI were able to handle it. Now, thanks to AI technologies, strategies are being changed to provide banking with a boost in performance through streamlining of internal processes.
With technology comes opportunities and new innovative areas. The big data boom is bringing several improvements within customer service. Deltec Bank, Bahamas says – “The banking industry is taking advantage of the revolution of big data. It is driving operational efficiency and productivity whilst helping to obtain better control of key strategic areas and success factors such as managing risk, managing fraud detection and prevention and ultimately delivering streamlined customer experience.” Combating these concerns with human elements costs money and the output may not always be right. The idea of machine learning technologies processing big data will help maintain accuracy and productivity, whilst continuing to predict customer behavior to drive personalization, which its effectiveness will only increase in years to come.
Disclaimer: The author of this text, Robin Trehan, has an undergraduate degree in economics, Masters in international business and finance and MBA in electronic business. Trehan is Senior VP at Deltec International www.deltecbank.com. The views, thoughts, and opinions expressed in this text are solely the views of the author, and not necessarily reflecting the views of Deltec International Group, its subsidiaries and/or employees.
About Deltec Bank
Headquartered in The Bahamas, Deltec is an independent financial services group that delivers bespoke solutions to meet clients’ unique needs. The Deltec group of companies includes Deltec Bank & Trust Limited, Deltec Fund Services Limited, and Deltec Investment Advisers Limited, Deltec Securities Ltd. and Long Cay Captive Management.
Media ContactCompany Name: Deltec International GroupContact Person: Media ManagerEmail: Send EmailPhone: 242 302 4100Country: BahamasWebsite: https://www.deltecbank.com/