Big Data & Analytics: Tackling Business Challenges in Banking IndustrySomal HK*
Department of Business Administration, Bishop's University, Canada
- *Corresponding Author:
- Somal HK
Department of Business Administration
Bishop's University, Canada
E-mail: [email protected]
Received Date: March 20, 2017; Accepted Date: June 20, 2017; Published Date: June 27, 2017
Citation: Somal HK (2017) Big Data & Analytics: Tackling Business Challenges in Banking Industry. Bus Eco J 8: 305. doi: 10.4172/2151-6219.1000305
Copyright: © 2017 Somal HK. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited.
One of the key values of the banking industry has been its 'Customer-Focused' mindset, but in the new era, the trend is moving to being 'Customer-Centric'. This is because advances in technology and communication, combined with an explosive growth in data and information, have given rise to an even more empowered and aware global consumer. With this change in consumer dynamics; the banking industry has an opportunity to develop an improved customer engagement strategy. More than 70% of the banking executives worldwide say customer centricity is important to them, but do they really understand what that means? Being customer centric means; providing customer satisfaction in five core areas of the Customer-Bank relationship. The banks need to analyze their service and answer the following questions: 1. Do they really 'Know' their customers? 2. Is the 'Product-Channel' fit for their customers? 3. Are they providing a 'Multi-Channel' experience? 4. Are they making a genuine effort for 'Relationship Building'? 5. Do their customers have enough 'Confidence and 'Trust' in them? 6. How can the banks get an answer to these above questions? Well the answer is through "Big Data".