In today’s scenario, banks face new challenges. Banks have to compete with eCommerce, FinTech and social media giants. Young customers gravitate to familiar app for financial transactions like p2p money transfer, payments etc. Digital interaction is preferred than bank visit
The concept of Data Lake plays a vital role in banking modernization. By adapting Data Lake approach, co-relation of data from different domain is possible to identify hidden insights. For e.g. relation between a trending social media topic and increase/decrease in service consumption.
Then risk screening can cover a lot of different areas when customer behavior and trend is made available via analytics. The search engines can become more intelligent. This also removes inter-departmental silos where customer identification is improved and duplication is reduced resulting in improved data quality which in turn helps in Compliance and Audit.