Detect and prevent fraud
Dodge huge cost loss with the help of analytics and machine learning. You can now create complex models of ‘normal’ behavior across a variety of activities and detect fraud before it affects your cash flow. bigCONNECT can create customer personas that are self-adjusting as underlying business rules change, detect relationships across different entities that could signal money laundering efforts or credit card fraud or aggregate data from old sources.
All your clients have special behaviors and buying habits, but you have Big Connect and sentiment analysis. Each of your clients can be targeted with special tools by assigning them to data set defined segments, influenced by demographics, interactions with online and call center systems, his transaction list or by outside data, like his house value. Analyze them all by incorporating unstructured data from social platforms and understanding their real needs. You can then decide on the best way to fulfill them and take your marketing campaigns to a whole new level.
Control your risks
Once you start using Big Data, you can set risk barriers and be alerted if they are breached. You can better control your risks by constantly being aware of your interest rate, operational risk, natural disasters, legal liabilities or liquidity risk.
Know how they feel
This is what social networks are for, sharing feelings. And they are shared in heaps. If you would be aware of them, you could create better products, make better decisions or improve where you need to improve. Big Connect uses machine learning and natural language processing to detect how everyone feels and how could you use this information to your benefit.
Giving credit needs evaluating the borrower the traditional way, through the 5 C’s method: Character, Capacity, Capital, Collateral and Conditions. But these automated credit scoring tools have raised concerns about their level of accuracy and unfairness. Big Data can learn much more about the user and opens up the possibility to aggregate new data sources, information about your clients that can give you special insights and enrich their profile. You can you’re your decision on special scoring tools that detect shopping habits, their purchases, open source social media, and a multitude of factors.