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Financial Services Industry Working on Big Data
Financial services include a wide array of services, most of which are focused on business. Financial services are an important element of commerce and administration in most countries. The financial services industry includes banking, insurance, investment, market study and management, estate planning, insurance, asset protection, risk management, pension planning, estate planning and probate administration. In the United States, financial services include savings, lending and investments.

The banking sector of the financial services industry offers a number of services to consumers. Most banks provide checking accounts, loans, mortgages, money markets, home equity loans, and consumer and mortgage loans. Many financial institutions have direct investment funds and portfolios. In addition, many banks provide trade credit facilities to small businesses. Consumers can obtain business lines of credit from banks as well. There are many financial institutions, such as commercial banks, thrift associations, government-sponsored banks, savings and loans, and mortgage companies, that serve consumers.

Consumer financial services industry companies include banks, credit unions, investment firms, consumer credit counseling, merchant cash advance lenders, credit card companies, auto financing organizations, home equity loan providers, and travel agencies. In the United States, these institutions together account for about half of the financial market. These institutions provide home mortgages, car loans, personal loans, student loans, and credit cards. Many financial services corporations also provide insurance, pension, mutual funds, real estate advice, and offshore banking. They also combine investment techniques with advisory services.

Retail financial services industry companies include banks, credit unions, credit card companies, retail stores, and credit card processing firms. Some companies provide investment advice, commercial loans, consumer and mortgage loans, and venture capital. The sale of insurance and annuities is performed by independent agents. Insurance companies generally maintain separate card processing departments.

Big Data is being used to improve customer service, eliminate customer complaints, detect fraudulent transactions, and make financial services better. Financial institutions are increasingly using big data to build, test, and implement new technologies. For example, some financial services companies have started using real-time banking to improve customer service and eliminate customer complaints. They have adopted open source software for customer information, enhanced customer connectivity through electronic banking, and improved customer service by opening new customer accounts without waiting for the client's paperwork.

Open source software is an essential component of the financial services industry. It provides consumers and other businesses with access to critical data and tools. It allows users to customize reports and dashboards. It improves collaboration among consumers, financial institutions, and technology vendors. For example, big data tools such as IBM's e-commerce platform and Microsoft SQL Server have revolutionized the way consumers interact with financial firms. The Renaissance, a company in New York, has applied social media marketing techniques to promote itself using Twitter and Facebook and leveraging its user base to generate a significant amount of traffic to its website.

The financial services industry has also begun applying behavioral analysis to identify customer needs and wants. For example, some banks have started using credit card machines to remotely charge clients' credit cards. The banks claim that by doing so, they are providing complete customer satisfaction, increasing customer retention, and increasing their profit margins.

In addition to using quantitative techniques for improving productivity, financial services industry is investing in qualitative techniques, such as customer experience management (CEM). finance uses techniques such as surveys, interviews, and focus groups to collect and evaluate customer needs. A recent study showed that financial institutions had successfully applied CEM to increase customer satisfaction. Other applications such as automated clearing house systems and the role of digital signage have also proven beneficial to the financial institutions.
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