Financial services
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Leveraging Big Data and related analytical techniques, an Asia Pacific bank analyzed a portfolio of 30 million complex cash flow instruments across 50,000 different scenarios in less than eight hours.
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A leading global bank reduced loan default calculation time from a few days to a few hours across its portfolio of over 10 million mortgages, enabling the bank to identify high-risk accounts much more quickly and allowing risk to be more accurately forecast and hedged as necessary.
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A major life insurance company recognized that as the Internet advances – along with customer needs and preferences – its traditional direct model of insurance underwriting and distribution could be threatened. Using Big Data, the company used predictive analytics to “model” the life insurance market, resulting in dramatic changes in how it markets, sells, underwrites and distributes its products.
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Financial firms are harnessing consumer data from social media, blogs, and mobile devices to determine sentiments and feed predictive models for customer acquisition, conversion, behaviors and patterns.