February 11, 2021

Big Data Challenges in Financial Services

Get to know some of the big data challenges for the banking sector in 2021 and how to tackle them. Financial services Industry is evolving rapidly.

What are some of the big data challenges for the banking sector in 2021?

Today, Financial services face big data challenges and are being innovated rapidly. New services and offerings now require deep cloud availability and reliability. Further, privacy and security are critical so that compliance is ensured.

The transformation to digital in financial services probably began in the 90’s with the adoption of new services past branch-based solutions. As of now, banking is handled across all channels including digital as the primary focus. We know that millennials don’t enter banks anymore. Mobile channels are now critical in the success of financial services and it must be an offering in 2021. Further transformation is coming. 

big data challenges

Big Data Challenges & Customer Experience 

It is widely known that banking needs to leverage it’s big data to further innovate. The CX is less than pristine in delivering fundamental products to consumers. Segmentation and personalization of customer experience through data analysis is being innovated now. Managing the delivery of core products to consumers is a primary focus as well and needs to be improved. Antiquated infrastructure being used to serve customers is noticed, and the innovation of these is a priority for leaders in the industry.

A great example is Quicken Loans’ Rocket Mortgage. Quicken Loans leveraged big data and flipped the playbook on traditional CX in the lending space. Rocket Mortgage showcased the possibilities of what it could look like to shop for a mortgage. We believe going forward, the banking sector will quickly adopt infrastructure changes like this. Banks are known for delivering some of the worst customer experiences, and there is finally a spotlight on that with implementations like Rocket Mortgage.

Kabbage” from AMEX is another example of innovation in lending. The acquisition by AMEX helped small businesses get loans in a fluid and natural way. What was once a long, drawn-out and difficult process for small businesses has been completely renovated. The platform is native to mobile and the service offering can be used quickly and easily.

We hope this is what innovation will entail for the banking sector moving forward in terms of big data challenges. Instead of product development and delivery, how those products are being disseminated will likely take the cake in terms of priority. ArkusNexus looks forward to assisting in that transition going forward with our DevOps and AI offerings. 

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Case Study from Arkusnexus
Keith Goatley
Keith is currently Marketing Manager for ArkusNexus and believes in marketing that is customer centric, data driven, digital first, and purpose led.
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