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Practice paper

Big Data analytics for transaction banking: The differentiator

Carlo R.W. De Meijer and Anupam Majumdar
Applied Marketing Analytics: The Peer-Reviewed Journal, 1 (2), 175-185 (2015)
https://doi.org/10.69554/JTQB6335

Abstract

In the wake of increased regulatory compliance and intense competition, transaction banks today have been emphasising differentiating themselves by improving customer experience and offering relationship-based value-added services. Traditionally, transaction banks have stored large pools of data sourced from financial transactions, exchange rate feeds and customer information. Burdened by ageing IT applications, fragmented infrastructures and archaic data extraction technologies, banks have not been able to derive value from these data pools. But this trend is likely to change with the emergence of Big Data analytics technologies. Given the advantages such technologies offer, we believe Big Data analytics will play an important role in shaping the future of transaction banking, especially in enriching customer experience and offering new revenue streams. This paper presents an awareness of how transaction banks can leverage the benefits of Big Data analytics and apply these within their organisational boundaries. We have focused on a number of analytics tools available in the market that may be of interest for transaction banks. We have also highlighted some of the challenges transaction banks might face when implementing a Big Data analytics framework and have presented our point of view on how best to manage them. Finally, drawing experiences from the transaction banking industry, we have highlighted some business cases/use cases of value.

Keywords: Big Data analytics; customer centricity; data analytics tools and technologies

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Author's Biography

Carlo R.W. De Meijer is an economist and senior researcher for market engagement at The Royal Bank of Scotland (RBS). He has a master’s degree in international economics from the University of Tilburg (1977). During his career, Carlo has held various positions, both as a senior economist and a private investment advisor. He has published many papers on various economic and financial topics, especially related to European financial and monetary integration, international financial markets and its infrastructures and upcoming developments.

Anupam Majumdar is a consulting manager working_with Cognizant_Technology Solutions — BeNeLux’s consulting practice. He holds a Bachelor’s degree in engineering (BE) from the Indian Institute of Information Technology, Calcutta and a postgraduate diploma in management (PGDM) from the Indian Institute of Management, Bangalore. Anupam has eight years of professional work experience spread across business consulting and_product management in Asian & European geographies._He has delivered consulting engagements in business change and IT transformations across the transaction banking value chain. Prior to joining Cognizant, Anupam was a product manager in international payments with Citibank India.

Citation

Meijer, Carlo R.W. De and Majumdar, Anupam (2015, January 30). Big Data analytics for transaction banking: The differentiator. In the Applied Marketing Analytics: The Peer-Reviewed Journal, Volume 1, Issue 2. https://doi.org/10.69554/JTQB6335.

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cover image, Applied Marketing Analytics: The Peer-Reviewed Journal
Applied Marketing Analytics: The Peer-Reviewed Journal
Volume 1 / Issue 2
© Henry Stewart
Publications LLP

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