By Milind Rajhans, AGM-IT, A.P.Mahesh Cooperative Urban Bank Ltd
It was thought that implementation of Core Banking Solution (CBS) in Banks will be a panacea for all manual illnesses for Banking Processes and will satisfy growth objective spanning a decade or two. However, with the multi-fold increase in customer demands and business, Core Banking functionality, Scalability and Performance came to the fore.
“Banks are adopting BigData technologies to capture the business preferences and predict trends from the social media presence”
The important factor is there is no native tool available in CBS to analyse the massive data (Big Data!) that it is being generated on daily basis. Further, no one is sure about what to do with this Data, how it has to be slice and dice for generating the meaningful information which is necessary to re-design the products as per the customer demand.
Now the era of providing affordable excellent products has emerged and will continue for years to come. Competition will increase day by day and there will be strong need to focus on customer centricity for business growth than any other thing.
Banking is the industry with largest consumers with variety of service offering which requires High Performance Computing (HPC). As such, there is no surprise that Big Data and its related technologies affect Banking Industry as like other industries.
Banks understood that the Data Analytics is required to predict the financial health. Big Data Implementations provide the opportunity to manage huge volumes of disparate data, at the right speed, within the time frame, facilitating Banks to have real