The recent economic downturn has created some formidable challenges for the retail banking industry. Fraud and identify theft are on the rise, costing banks big money and raising customer concerns about security.
“Big data”– which admittedly means many things to many people – is no longer confined to the realm of technology. Today it is a business imperative and is providing solutions to long-standing business challenges for banking and financial markets companies around the world. Financial services firms are leveraging big data to transform their processes, their organizations and soon, the entire industry.