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The Financial Customer’s Challenges

• Risk Management
• Fraud Detection
• Customer Contentment

Big Data is renovating the world and it has left no industry untouched with its enormous benefits. It has emerged as a lifeguard for the Financial Industry.

Big Data has saved a lot of revenues from the financial firms so far and has a lot more to offer in the coming years.

Big Data in the Financial industry helps in managing the risk, detecting frauds and in the contentment of customers.

Risk Management

Establishing a robust risk management system is of utmost importance for financial organizations or else they have to suffer from huge revenue losses.

To stay alive in the competitive world and increase their profit as much as they can, organizations must keep innovating new things. Through Big Data Analysis, firms can detect risk in real-time and apparently saving the customer from potential fraud.

Big Data in Financial Case Study – Risk Management

AANNEX helped one of the largest South Asian Bank leverage Big Data to direct risk management, calculating the value of risk is a time-consuming effort, usually taking up to 20 hours. Through our Big Data risk management system solution, South Asian Bank was now able to do the same task in just a few minutes and with the aim of doing it in real-time soon.

Fraud Detection

AANNEX worked to develop a Big Data application in financial customer to detect the Fraud.

The rapidly growing digital world is furnishing us with numerous benefits but on the other hand, gives birth to various kinds of frauds as well.

Our personal data is now more vulnerable to cyber attacks than ever before, and it is the biggest challenge a financial organization faces.

Employing Big Data Analytics with some Machine Learning Algorithms, we were able to detect frauds before they can be placed. This is done by identifying unfamiliar spending patterns of the user, predicting unusual activities of the user, etc.

The financial customer was struggling with its fraud detection methods having a very low percentage i.e., only a 40% fraud detection rate and managing up to 1200 false positives per day.

This was an alarming rate for them, and immediate action was required.

They then decided to join hands with AANNEX, to employ some advanced Big Data analytics for improving their fraud detection techniques and soon observed some substantial results.

The financial customer saw a60% reduction in false positives, expecting it to soon reach an 80% mark and an increase in the true positive rate by 50%. They also observed a massive operating profit of $60 million in 2018.

This is how Big Data analytics provided succor to the financial customer.

Customer Contentment

Considering the high amount of risk involved when you deal with the financial firms, to ensure the satisfaction of a customer is one of the most challenging tasks for them.

From ensuring the safety of their transactions to providing them the most relevant and beneficial offers, customer retention is a lifetime journey for the financial firms.

The data that they collect from their customers is now more important than ever. Analyzing their customer’s data on the basis of different parameters helps them in targeting their customers in a much better way.

Mainly, to deal with this data. By employing Big Data Analytics through AANNEX, they are now able to generate insights into customer trends and the same reports are offered to its clients. They were able to analyze a customer individually and these reports are generated within seconds.

The End Result

Target achieved for our Financial Customer’s

• Risk Management
• Fraud Detection
• Customer Contentment

Conclusion

With huge amounts of data comes endless opportunities for all kinds of businesses across different domains to exploit that data, and the financial sector is amongst the most benefitted ones. The data that the financial firms collect is as critical and as valuable as anything else for them.

Financial firms have now understood the value of their data and are capitalizing on it. Data is like a second currency for them.

Big Data analytics has been the backbone behind the revolution of online Financial in the industry. It is now an integral part of the biggest financial firms across the globe. Big Data analytics has now empowered them to save millions which previously seemed impossible to them.