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Banking industry applications and

usage

Digital transformation has changed banking largely across the world. We are seeing the
disappearance of the ATM, the emergence of open ledger distributed processing,
blockchain, crypto currencies, and consumers who do not even feel the need for a
physical bank. How will we deliver to the consumer who is digital? This is where big data
applications come to focus on banking industry. The connected consumer today has
mobile devices to be transacting always, we will discuss how to develop and connect
with that consumer with applications that provide constant value. The goal is to deliver
monetization and increase efﬁciency of business, while reducing risks and avoiding
customer churn. What can be done and how to use data to accomplish the goal will be
the focus of the applications. The effective storyboard creation, the analytics and charts,
the visualization, user communication, and dashboards.
The era of electronic data processing started back in the 1960s. The foundations were
laid for the generation, storage and processing of large volumes of data. However, the
mass data era only began with the expansion of the internet since the 1990s, the digital
world has become part of the daily life of consumers, leading to rapid data growth. In
addition, rapid changes and evolution of mobile computing and phones have created a
massive increase in image, sound, and position data. Today, the Internet of Things (IoT)
is increasing the level of connectivity and has given rise to a growing number of
measuring points via sensors over the last years. This concept was discovered in 1800s by
studying the impact of crowdsourcing, where the connected community of users would
make a collective decision which is very close to the actual requirement or the actual
values. All of these aspects are applied today with the implementation of AI and Machine
learning. The millennial age customer is a different persona, and their expectations for
any service is speed of “google like” delivery, with all associated information and details
being accessible for further analysis, at any time and any moment of requirement. This
customer is transforming the foundations of retail, healthcare, banking, insurance,
ﬁnancial services, and education at the least expressed.
The complexity of this new generation is ampliﬁed with the amount of activity, the
volume of data generated, the continuous monitoring and alerts they expect, the nu-
ances of their expressions, and the crowd that is created, participated, and followed by
this customer or prospect. All of this has tremendous business value that can be har-
nessed through the creation of applications with smart features built in and available on
demand. This expectation is not new, we have evolved our process and aligned with
available technology frontiers, however we have reached the tipping point of

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