USE OF BIG DATA IN BANKING!!!!! CHECK IT OUT!!!

There is something pretty hugely impressive about dealing with Data. It is every where! It can be used and the outcome of using the data could be treated as a feedback in to your system, what ever the hell it is!, and improve the processes. It could be business, diet, exercise, bicycling, environment, pollution – noise, air, water, soil, etc. This is what is beating the heck out of me! This is what is exciting and this is what I want to be looking at, working on and immensely add value to the consumers. The consumers could be business houses or individuals.

The most important thing about Data is also the fact that – it does not make me fear of conveying the message. It also tells me that I can be honest in showing what the outcomes are and literally, there is no hesitations!

Well, if this settles it, then I shall look at the banking and see how I can use the data (structured and unstructured), in a way to improve banking as a business. This article shall be small and concise.

Here are the ways to improve your banking function.

  1. How do I find my customers? Each day, many folks come in to the bank (in an Indian context) and walk out, because no one really took time to talk to them. What can be done better? How do we use technology to find the customer, bank always wanted?
  2. Asking customers what they want – in terms of products and services offered by the bank and issues with the local branch.

  3.  Know your customer and advise them on what they want. Different types of customers will have different types of needs. Does one size fits all? If it does not, then what should the bank do about it?

  4. More number of customers, more the business is. How does the bank improve the business with increasing customers? Can we use technology to do this? Sure we can.

  5. How do we delight the customer? The moment they walk in, with out a frown, how can we get to know their name – first name, most important thing to impress a customer and build that relationship. Can we find out the current status of their applications, before the customer coming in and wasting their time twirling their thumbs, till a banker goes through their rather consulted computer screens or paper files, before arriving at the known state of the customer?

  6. Can bank advise how many of similar profile customers have opted for a service A versus service B? Important, believe me. The world is changing, and it is important businesses like banking also changes

  7. Alerts – these days it is a simple entry in to the middleware to send out messages to a banker’s customer. How do we personalise the message? How fast can we deliver the message – in real time or a day later?

  8. Sending messages from time to time on what is going on in the bank? New and/or promotional programs or services? How do you make more customers come to the bank and spend productive time in the bank? 

  9. Allow customer to choose the products and services they require, with a smile rather than a frown! (oh, I hate that frown on a teller or a banker’s face!)

  10. Protect your customer. It is important to consider this. If your customer is choosing you over others to protect their hard earned money/wealth, it is important for a banker to keep you informed. Do not let what is being said int he cartoon happen to your customers. Advise them, in a timely manner, in an effective fashion..

  11. Feedback – customer centric banking. Put customer in the centre of your banking business. It is extremely important to take their feedback and improve your business. World has changed and it is extremely important that the banking business also change. 

Is this all possible? Sure, it is possible. Does the technology provide these capabilities now? Can we track what customer say about us on social media? Sure we can. Do not even think a moment longer otherwise. The technology is fast changing and with the SMAC (Social media, Mobile – smartphone/tablet, big data Analytics and Cloud computing), it is possible.

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