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How Financial Services Companies are
Gaining Momentum in Big Data Analytics
and Getting Results
Datameer 3 T O P B I G D ATA U S E C A S E S I N F I N A N C I A L S E R V I C E S EBOOK
The top three credit card companies in the world, top global banks, wealth management
and insurance companies are now understanding their customer behavior by combining
both structured data such as CRM, transaction and point of sales, with unstructured
data such as Web logs, social media and mobile interaction to get new insights that drive
customer acquisition.
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Datameer 3 T O P B I G D ATA U S E C A S E S I N F I N A N C I A L S E R V I C E S EBOOK
Starting with the financial crisis in 2009, To gain a competitive edge, financial
financial institutions have increased their services companies need to leverage big
focus on customer risk management. data to better comply with regulations,
Around the globe, financial organizations detect and prevent fraud, determine
continue to lay down rules for credit customer behavior, increase sales, develop
risk and liquidity ratio levels, including data-driven products and much more.
regulatory acts such as AML, Basel III
and FATCA that increase the amount of This e-book outlines the three top financial
customer data available for analysis. services use cases of big data as well as
provides a number of real-life case studies.
In addition, financial institutions now have We hope this generates some ideas on
to filter through much more data to identify how you can leverage big data analytics in
fraud. Analyzing traditional customer your organization.
data is not enough as most customer
interactions now occur through the Web,
mobile apps and social media.
1
http://www.researchandmarkets.com/research/xz3zpz/global_big_data
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2
http://www.information-management.com/news/banks-urged-to-focus-on-it-rather-than-cost-cuts-10025282-1.html
Datameer 3 T O P B I G D ATA U S E C A S E S I N F I N A N C I A L S E R V I C E S EBOOK
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Datameer 3 T O P B I G D ATA U S E C A S E S I N F I N A N C I A L S E R V I C E S EBOOK
Data-driven insights can help you uncover Big Data Analytics at Work
whats hidden and suspicious and
Big data analytics enables you to
in time to mitigate risks. For example,
combine, integrate and analyze all of your
analyzing data can help you reduce the
data at once regardless of source, type,
Cyber Attack operational costs of fraud investigation,
Prevention size, or format to generate the insights
anticipate and prevent fraud, streamline
and metrics needed to address fraud
regulatory reporting and compliance (for
and compliance-related challenges. For
instance, for HIPPA), identify and stop
example, you can perform time series
rogue traders, and protect your brand. But
analysis, data profiling and accuracy
this requires aggregating and analyzing
calculations, data standardization, root
data from a myriad of sources and types
Regulatory cause analysis, breach detection, and
Compliance and analyzing it all at once no small
fraud scoring. You can also run identity
task. Think financial transaction data,
verifications, risk profiles, and data
geo-location data from mobile devices,
visualizations and perform master data
merchant data, and authorization and
management.
submission data. Throw in data from
lots of social media channels and your
Criminal
Behavior mainframe data, and you have a significant
challenge on your hands.
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Datameer 3 T O P B I G D ATA U S E C A S E S I N F I N A N C I A L S E R V I C E S EBOOK
EDW Optimization
Youll know it when your processing produce analytics from unstructured data
times take too long to meet business because they dont support it. This forces
needs, your costs get out of control, or technicians to manually give this data
you struggle to process and analyze new structure before analyzing it.
Offload
Expensive data types. For both IT executives and key
Analytics
stakeholders responsible for analytics, Big Data Analytics at Work
business intelligence and enterprise The good news is, big data analytics
data, this is a serious problem. Todays solutions that run on Hadoop can solve
business decision makers simply cant these challenges. Big data analytics
afford delays in insights anymore. solutions running on Hadoop make it easy
Offload
Expensive The solution is to offload the most to overcome these challenges because
Data Preparation
to Lower Cost challenging data management and they allow you to cost effectively scale
analytics activities to new technologies to any volume of data and store and
and management approaches designed analyze any and all data types together
to handle them. For example, do you both structured and unstructured. You
need to cut the costs of data preparation can also use them to extract structured
and cleansing? Reduce time to insight data from your EDW into Hadoop for
Data Discovery
by offloading the most time-consuming cheaper storage and then send back
analytical tasks? Support a variety of new into EDW for analytics. All data can be
data types, especially unstructured data? analyzed as is, eliminating costly data
Or better manage rapidly growing log, preparation activities. At the same time,
sensor and other unstructured data? big data analytics is so powerful because
Deal with Various
Data Types it enables you to combine, integrate and
Traditional EDWs were never designed to quickly analyze all of your data at once
solve these types of challenges. First, they regardless of source, type, size, or format
make it prohibitively expensive to manage to generate the insights your business
the ever-increasing volumes of transaction needs. In addition, you can parse, clean,
and interaction, mobile data, website profile, match, enrich, aggregate, and
click stream data, ad click through, log normalize data, as well as manage ETL
data, sensor data, and unstructured workloads and generate master data.
machine data. At second, theyre slow to
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Datameer 3 T O P B I G D ATA U S E C A S E S I N F I N A N C I A L S E R V I C E S EBOOK
Our broad set of 60+ data connectors and analytic functions make it easy to:
Rapidly combine and enrich existing data sets with third-party, customer, and other data
Better understand your customer interactions and identify the most effective campaigns
The following case studies outline how some of the most progressive financial services
companies are using big data for a competitive advantage.
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Datameer 3 T O P B I G D ATA U S E C A S E S I N F I N A N C I A L S E R V I C E S EBOOK
Result
By identifying patterns of customers at risk of
churn and proactively reaching out to offer their
wealth management products, the company has
reduced customer churn by 50%.
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Datameer 3 T O P B I G D ATA U S E C A S E S I N F I N A N C I A L S E R V I C E S EBOOK
3
https://www.treasury.gov/initiatives/ofr/research/Documents/OFR_AMFS_FINAL.pdf
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Datameer 3 T O P B I G D ATA U S E C A S E S I N F I N A N C I A L S E R V I C E S EBOOK
Result
Using Datameer, the company now analyzes
5 billion customer attributes in 51 minutes. In
comparison, the company using their existing EDW
solution, could only analyze 700 million customer
attributes in 36 hours.
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Datameer 3 T O P B I G D ATA U S E C A S E S I N F I N A N C I A L S E R V I C E S EBOOK
The High Cost of Acquiring New Using Insight for More Targeted
Customers Promotions
A McKinsey Global Institute Report This company used Datameer to correlate
shows that marketing and sales consume customer purchase history, customer
C O M PA N Y P R O F I L E : about 15 percent of costs for bank and profile data, and customer behavior on
A leading multinational financial insurance companies. Institutions spend public social media sites that indicated
services provider based in the
hundreds of dollars to acquire each new areas of interest (for example liking
United States
customer. Credit card issuers spend something on Facebook). Using the insight
billions of dollars annually on direct mail gained, the company could offer special
and mass-market advertising to get new promotions to an individual based on their
accounts. 4 interests. For example, if a person made
a number of transactions at Whole Foods
This company realized that it needed
and liked the Food Network, the company
to find a way to target customers and
could send a credit card with a special
promote to them more effectively to
promotion for Whole Foods or the Food
reduce customer acquisition costs.
Network.
Result
Using the insight provided through the Datameer
analysis, the company created special targeted
promotions, reducing the cost of new customer
acquisitions by 30%.
4
The social economy: Unlocking value and productivity through social technologies, July 2012
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Datameer 3 T O P B I G D ATA U S E C A S E S I N F I N A N C I A L S E R V I C E S EBOOK
Result
With Datameer, the bank has dramatically reduced
the time to analyze hundreds of attributes and
terabytes of data.
5
http://www.accenture.com/SiteCollectionDocuments/PDF/Accenture_Basel_III_and_its_ Consequences.pdf
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