Big Data: The gold nuggets of the new digital age

Friday, August 6, 2021

Big Data: The gold nuggets of the new digital age

The value of a company is measured by the data it manages, but only when it is capable of interpreting it more than storing it, that is where Big Data comes in, allowing it to analyze large amounts in an agile way and in real time.

The value of a company is measured by the data it handles but only when it is capable of interpreting it more than storing it, that is where Big Data comes in, allowing it to analyze large quantities in an agile way and in real time.

In the digital age, everything leaves a trail of information, however, one of the giants that has most wasted this gold mine are the banks.

It can be inferred that the financial sector must reinforce its strategy to extract to the maximum the hidden knowledge in these volumes of information, which it guards behind its walls.

"The application of Big Data allows financial success not only to banking, but to any company that bases its decisions on the findings found when applying analytics to big data," explained engineer John Boza Araya who works in Management of Technological Transformation of the ICE.

Big Data will make it possible to revolutionize financial services with greater customer acquisition and loyalty, making it a more competitive company in this so-called digital transformation.

"Through analytics you can discover customer segments, prediction of income, costs, develop prediction algorithms on money laundering or fraud, prediction of exchange bands, as well as modeling known as association rules to develop products according to the behaviors of our clients, among others, ”Boza told us.

It is essential to incorporate technological innovation that puts the customer at the center of everything, creating a detailed profile of each user, their consumption habits, interests and needs.

"From there, the strategy of some FinTechs turned more towards alliances with traditional banks, providing them with digital functionalities but using their Data ", commented the Director of Digital Transformation and Business Strategy Bac & Asociados, Fernán Gallegos

Antit, as a software development company specialized in FinTech, has highly qualified IT professionals, with advanced skills in managing Big Data and cloud engineering.

With the ability to offer this service in a highly efficient and innovative way , which allows you to advance in the market in a firmer, safer way but above all in the shortest possible time.

Bringing your value proposition directly to your customers, without the need for branches or with limited service time.

"The trend today is to base decision making in data science, the traditional method of making decisions by managerial intuition is no longer sustainable," said Boza.

Consequently, “Big Analytics” will allow the bank to offer products and services that are truly adapted to the needs of users, improving its image as an entity and achieving greater customer satisfaction by offering what they really need.

Immediate benefits

On the other hand, financial institutions should not only focus their efforts on attracting customers, but also on retaining those they already have with more knowledge, thus achieving better decisions.

How to do it? Start by understanding which are those users who could be unhappy , with a predisposition to leave the entity to go to another and in what way this annoyance can translate into a massive churn of customers.

This through the elaboration of:

Personalized products: using a predictive model to achieve through Big Data Analytic offer personalized products in advance.

Big Data allows the financial institution to better understand the behavior of its clients, their tastes, interests and needs, which will translate into the possibility of offering solutions tailored to their financial needs.

When we use Big Data we can even calculate behavioral variables, information about the area where your customers make their purchases.

Business opportunities: detect the intention of the customer to buy a house, car or trip by offering it through the bank.

Resource optimization : Big Data allows optimizing internal processes and resources of the entity to reduce costs.

Analyze which is the most appropriate way to communicate with the client: Achieve to consolidate an effective communication where for the user to interact with his bank is as easy as writing through a social network, email or instant messaging.

Automate decisions: The benefits of advanced analytics include automating decisions, detecting unusual patterns, and reducing the time it takes to make business decisions.

“The country develops great advances, for example we count as experts who are world-renowned as Dr. Oldemar Rodríguez Rojas. Private companies like PROMiDAT , which focuses on developing data scientists in a serious and focused way, with one-year specialization programs, "concluded Boza.

Melissa López
August 6, 2021