Page 146 - Building Big Data Applications

144 Building Big Data Applications

Customers who belong to a branch that has been modernized are more likely to
churn, this is technology friendly and empowered banks, and this is true
This is one critical application that has been built by banks for using big data plat-
forms, where data can be collected for several users, several dates, several locations,
several interactions, several outcomes, and several analyses, leading to conclusive ana-
lytics. This is a simplified flow of the actual application development, but the points to
understand are as follows:

You need to become digital
You need to have ideas that are made to stick
You need to include neural networks to manage instant analytics
You need to be proactive with customers
Existing customers are known entities and can be managed with more accuracy
Sentiment analytics are important, they are not survey questions however
Delivering security is essential and important

In conclusion I believe we have reached the tipping point of the uber moment in
banking and as discussed in this chapter, the industry applications and algorithms are all
ready to be leveraged and used as needed.

Additional reading

Big Data, Mining, and Analytics: Components of Strategic Decision Making By Stephan Kudyba.
Disrupting Finance: FinTech and Strategy in the 21st Century edited by Theo Lynn, John G. Mooney,
Pierangelo.
Digital Transformation in Financial Services by Claudio Scardovi.
Handbook of Digital Currency: Bitcoin, Innovation, Financial Instruments edited by David LEE Kuo
Chuen.
http://www.theguardian.com/business/2015/nov/25/banking-facing-uber-moment-says-former-
barclays-boss.
https://www.washingtonpost.com/news/wonk/wp/2016/04/19/say-goodbye-to-your-neighborhood-
bank-branch/.