Singaporean financial institutions have been at the forefront of taking advantage of Big Data with innovative initiatives that have resulted in positive results for both operational efficiency and customer satisfaction. Here are 6 ways in which they are using Big Data today:
- Automating client processes – machine learning helping automate manual processes used for corporate and institutional client onboarding. It is also useful in speeding up SME lending processes. This has saved financial institutions in Singapore hundreds of man hours each week.
- Streamlining human resources – data analytics tools are being used to assess job applicant qualifications and profiles, significantly reducing the number of hours recruitment officers spend on the initial screening of applicants.
- Responding to cyber incidents – Big Data allows patterns to be analyzed and potential threats identified more effectively than traditional rule-based approaches.
- Auditing processes – auditing is tedious task. Big Data is useful in easily identifying potential problems with a branch, unit or process that can then be explored by a more comprehensive audit.
- Identifying consumer needs – Big Data helps financial institutions process data such as customer flows, ATM loads and call center volumes, resulting in better products and services and fewer customer complaints.
- Fighting money laundering and the financing of terrorism – much as with auditing processes, Big Data can help easily identify suspicious transactions much more effectively than traditional rule-based approaches.