How is Big Data affecting financial institutions? (Infographic)

As technology becomes more advanced, so does the amount of insight and information we can glean from it. Even the most basic payment processing startups will offer some sort of analytical service that would be of some tangible benefit to the merchant.

The Internet of Things walks hand in hand with Big Data and the larger financial institutions are actively seeking ways to harvest and analyse that data.

Analysing vast amounts of data will have obvious benefits to the banking industry such as customer experience, anti-fraud protection, and optimized experience.

Seven out of ten financial firms around the world believe analytics give them a competitive edge, whilst there will be a 26 per cent increase in Big Data expenditure between now and 2019, according to data from Aureus Analytics.

The infographic below provides a breakdown of how financial institutions are using Big Data.

bigdatainbankingAureusAnalytics

 

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