Australian banks and insurance firms should utilise the data analytics opportunities that are available in the country, says MapR Technologies’ Adrian Smolski.
MapR Technologies solutions architect Adrian Smolski says that Australian financial services organisations are falling behind on big data and digital transformation when compared to telco and retail industries across the Asia-Pacific.
In order to move forward in the digital game, Smolski said that the Australian financial services industry needs to utilise big data capabilities, following the lead from other industries which are increasing profits by using customer data to upsell, cross-sell and personalise customer experience.
“Banks and Insurance companies are in a rather conservative and cautious industry, and adopting disruptive technologies are usually not part of their DNA,” he said.
“Using big data and the power of advanced analytics is becoming a necessity more than a matter of choice for banks.”
Smolski said that big data can help banks to understand customer behaviour, curb fraudulent behaviours, increase risk protection from Cyberattacks and build regulatory compliance.
“Compliance in the finance industry can be complicated, tedious and costly,” he said.
“Organisations need to adhere to laws, regulations and guidelines specifically relevant to their business.”
According to Smolski, customers are more likely to switch banks to competitors that are taking increased risk protection measures.
“Correctly applied, big data can help banks reduce regulatory compliance risks and avoid potential problems in real time,” he said.
“Big Data analytics can go a long way in helping banks build compliance… ultimately [making] banks more agile and performant.”
The availability increase for new technology and engineering solutions within the industry is key to growth according to Smolski, who said that Australian banks were in a solid position to utilise available resources.
“[There are] many advanced and accessible big data technologies available on the market,” he said.
“Banks can now tackle the big data strategy easier than ever.”
