Paper Title
AN EMPIRICAL STUDY OF BIG DATA ANALYTICS IN INDIAN BANKING SECTOR
Abstract
Social media has opened new avenues and opportunities for organizations to connect with their customers easily, but the volume of data by way of communications about brands, products and services on different social platforms can be overwhelming. Big data analytics helps to quickly read all this data, provide an executive summary of what people like and don’t like about company brand or products and helps in providing valuable business insights. The Banking industry is a fast growing sector in India. In order to stay competitive, banks in India are taking the data analytics route to attract new customers, retain them, find opportunities to upsell and cross-sell and minimize their own losses. The aim of this paper is to study and understand the Big data Analytics, key characteristics of Big data, how to derive value from big data, the trend of data analytics, rethinking Data Management and capture how big data analytics is being successfully used in Indian banking sector, with respect to different aspects like Spending pattern of customers, Channel usages, Customer Segmentation and Profiling, Product Cross Selling based on the profiling to increase hit rate, Sentiment and feedback analysis, Security and fraud management.
Keywords: Big data Analytics, Banking, Data Management, Customer Behaviour Analysis, Spending Pattern Analysis, Transactional Analysis.