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The business intelligence movement has taken hold in every industry, especially the financial services industry. All companies realize they must use their data strategically, or risk falling behind in the market. The problem these days, however, is the sheer amount of relevant data that exists. When it comes to data storage, the banking industry is second only to the securities industry, which stores more terabytes of data per firm than any other field. In many ways, Big Data was tailor made for analytics at these companies, as it is able to turbo charge existing initiatives. Many financial companies might want to track all interactions between a customer and customer service representative, but the effort can’t stop there. Financial companies must monitor every possible interaction with bank representatives, including those done through the internet, snail mail, social media, email, and instant message. This data must then be analyzed in a way that supports upsell and cross-sell initiatives, as well as other organization goals. In many ways, the strategic promise of Big Data analytics boils down to intelligence.
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