Future applications of big data (5)

 


Finance and Banking

Big data will definitely bring a whole new level of intelligence and safety to banking. Banks definitely can predict customer’s needs more accurately if they can analyze spending habits of people. They can then, further, give customers recommendations regarding saving plans or credit cards that are most applicable to their needs and thus manage the money better.

Big data is capable of making fraud a thing of the past as well. The bank may be able to spot any abnormal activity in the account of the individual almost instantly, such as a very large withdrawal that comes out of nowhere. This, in turn, gives them the opportunity to intervene in the fraud before it is all over. Security is given a boost through data.

Big data will become the backbone for investors who are looking for market trends. They can work smartly, by going through vast data, to decide the right time for stock buying or selling, hence being more profitable and less risky for their investors.

Additionally, big data will be instrumental moving forward in decreasing wait time in getting a loan. Decision makers can access many relevant data points such as income, and payment history, to help them decide if an applicant should be approved. This consequently has the effect of not only speeding up but also making the lending process fairer.


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