5 Ways Banks Use Big Data Analytics To Win Back Customer Confidence

5 Ways Banks Use Big Data Analytics To Win Back Customer ConfidenceDespite the industry’s robust growth and the fact that banks have been an integral part of the fabric of society for hundreds of years, the public view the banking community with suspicion. Customers focus on issues like security breaches, lack of service expansion, and poor customer service, while the banking fraternity look to the heavens and downplay their concerns.

Winning hearts and minds

To win back customer confidence and maintain their place in the face of revolutionary digital disruption, individual banks (as well as the industry as a whole) need to take a long hard look at their traditional business models and operational practices. Some banks have already begun the digital transformation journey – adopting new technologies and tapping existing data resources to develop better products and services. Big Data and Analytics are the key but largely, their full potential still remains unrealised. Banks need to take some practical steps towards turning consumer-perception obstacles into data-driven business opportunities.

Payments data

Start with the most under-appreciated dataset. Payments reveal a great deal about each user – how much they’ve paid, what they paid for, who was paid, the banks involved, transaction time and location, and so on. In fact, a customer’s payment profile says much more about her, or him, than any social media metric or record. Payments data is highly accessible and can pinpoint lifestyles, detect which companies make up a supply chain, and plot spending trends by time or place. At the same time, although customer data is not as dynamic as payments data, in banking systems it can be attached to other profiles such as payments and credit history to enhance analytics and create successful “Next-Best-Offers”.

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Big Data Analytics Helping to Predict and Prevent Cyber Attacks

Big Data Analytics Helping to Predict and Prevent Cyber AttacksExpanding mobile/online banking channels, the rise of algorithmic trading, and escalating regulatory requirements have dramatically increased the amount of customer, business, and transactional data that financial organizations must store and protect.

The unrelenting growth of Big Data can be a double-edged sword for financial institutions; while it presents valuable opportunities to streamline operations and improve service delivery, it also increases vulnerability from a cybersecurity standpoint.

The threat of a cyberattack has become omnipresent in the financial services industry. According to a recent Websense report, businesses in this sector encounter security incidents 300 percent more frequently than other industries. The report also revealed the high degree of sophistication in the methods used by criminals targeting financial organizations, whose attacks are specifically designed to fade into the “background noise” and be very difficult for financial chief information security officers (CISOs) to detect.

While Big Data has served to amplify data security concerns in the financial sector, when advanced analytics is applied to that data it can also provide organizations the opportunity to better protect their data, identify suspicious activity or behavior, and take steps to prevent cyberattacks before they occur.

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Surge in real-time big data and IoT analytics is changing corporate thinking

Surge in real-time big data and IoT analytics is changing corporate thinkingOrganizations want real-time big data and analytics capability because of an emerging need for big data that can be immediately actionable in business decisions. An example is the use of big data in online advertising, which immediately personalizes ads for viewers when they visit websites based on their customer profiles that big data analytics have captured.

“Customers now expect personalization when they visit websites,” said Jeff Kelley, a big data analytics analyst from Wikibon, a big data research and analytics company. “There are also other real-time big data needs in specific industry verticals that want real-time analytics capabilities.”

The financial services industry is a prime example. “Financial institutions want to cut down on fraud, and they also want to provide excellent service to their customers,” said Kelley. “Several years ago, if a customer tried to use his debit card in another country, he was often denied because of fears of fraud in the system processing the transaction. Now these systems better understand each customer’s habits and the places that he is likely to travel to, so they do a better job at preventing fraud, but also at enabling customers to use their debit cards without these cards being locked down for use when they travel abroad.”

 

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The 3 Compliance Questions to Ask

The 3 Compliance Questions to Ask

As companies move to cloud, they require more certainty around export compliance.

Of the many complexities associated with cloud computing, export compliance laws arguably are some of the thorniest. From a legal and technical perspective, the export compliance laws currently on the books—as they vary from country to country—can make even the savviest and most experienced attorneys’ and engineers’ heads spin.

All enterprises must adhere to a variety of industry- and country-specific rules related to important security, data privacy, taxation and export controls. But these rules become especially murky around cloud services. For example, if a U.S.-based company provisions a virtual machine abroad, say in China, does it need to develop region-specific export controls?

Export compliance rules raise other, broader questions. For example, how do you retain agility while complying with the necessary regulations? And how do those regulations and controls vary according to workload? Like tax regulations, rules for collecting and distributing user data vary depending on location.

Not having the proper compliance protocols in place can have serious implications. Say your client is expanding into a foreign market and, at the last minute, they request a number of changes that have not been evaluated from a compliance perspective. Either the expansion is delayed, which could be damaging from a reputation and financial perspective, or the company runs the risk of being cited for compliance violations.

So, as more and more companies expand globally, how can they prepare to meet the compliance challenges stemming from cloud computing?

Read the source article at devops.com
Original Author: Contributor

How to create speedier infrastructure for an app-centric business

How to create speedier infrastructure for an app-centric business

Time is money’ – within business this phrase could not be more relevant, particularly in today’s well-connected society. As everything progresses in technology – becoming much more efficient, smarter and faster – people’s expectations are constantly growing, and so they end up frustrated when something hinders the process. When it comes to a network failure or terrible Internet connection in business – slow is the new broke.

Read the source article at Information Age

The Importance of Maintaining Formal Governance

The Importance of Maintaining Formal Governance - Cio Insight

When a vendor is performing well, the client may have a tendency to relax governance requirements and routines.  However, program maintenance is critical because practicing the routines and developing relationships during periods of high performance enhances the ability to fix problems and remediate issues if and when vendor performance is not delivered as expected.  Consistent governance enables the following key benefits that help drive successful, long-term IT vendor relationships.

Read the source article at cioinsight.com

Make Closing the Application Performance Gap a Priority in 2016

Make Closing the Application-Performance Gap a Priority in 2016

Nastel agrees and provides these priorities in Application Performance: “… always reduce the amount of time to address the situation. Easy-to-use dashboards that clearly identify the source of the problem are a must-have to ensure your fluency in the complicated language of application-aware network-performance management.”
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Read the source article at datacenterjournal.com

Original Author: Steve Brar

5 Predictions for Application Performance Management in 2016

5 Predictions for Application Performance Management in 2016

One can safely say that Application Performance Management (APM) will grow even further in importance in 2016 as businesses turn to application software to operate their key internal and external processes. But we can also expect some changes in the focus of APM purchasers and software vendors in 2016:

Read the source article at dabcc.com

Nastel and jKool Sponsor DEVOPSdigest

Nastel and jKool Sponsor DEVOPSdigest

DEVOPSdigest welcomes Nastel and jKool application analytics as a new Silver Sponsor.

Nastel Technologies provides middleware-centric, application performance management with real-time analytics and self-service. Nastel AutoPilot monitors application performance across applications, platforms and tiers presenting its analysis on a single-pane-of-glass. Nastel customers include: Citi, DTCC, BCBS, Dell and Best Buy. With AutoPilot, you can detect anomalies, end false alarms and stay compliant.

Read the source article at DEVOPSdigest

IDG Enterprise editors predict IT trends for 2016

IDG Enterprise editors predict IT trends for 2016

As 2015 winds down and we start to focus on 2016, one thing can be predicted quite easily. Analysts, editors and others will start making their own predictions about what we can expect in the upcoming year.

We’re no different here at IDG Enterprise – we asked some of the top editors from the IDG enterprise brands (Computerworld, Network World, CIO.com, CSO) to take a few minutes out of their busy day to predict a few trends for enterprise IT trends in 2016.

Read the source article at Welcome to Network World.com

Original Author: Keith Shaw