Claims:We claim:
1) The system and method for personalized banking solutions to customer by using big data technology is comprising of the contents such as;
a. Any computing device with high definition;
b. Any open-source framework like Hadoop for data analysis which stored data on big data; and
c. The web application for personalized banking solutions to customer
2) The system claimed in claim 1 wherein, big data analytics, can aids banks in understanding customer behaviour related to banking.
3) The system claimed in claim 1 wherein, data provided by big data plays a crucial role in winning customer loyalty by designing personalized banking solutions for them.
, Description:FIELD OF THE INVENTION
The present invention discloses the system and method for personalized banking solutions to customers by using big data technology. The invention is related to banking sector, which are now well developed due to upcoming technologies. Big data is one of the best technologies which can be effectively used for personalized banking solutions to customers.
BACKGROUND OF THE INVENTION
A Bank is a financial institution which is involved in borrowing and lending money. These loans and business investment are important for enabling economic growth. Main purpose of banks: keep money safe for customers. Offer customers interest on deposits, helping to protect against money losing value against inflation.
Banking is an industry that handles cash, credit, and other financial transactions. Banks provide a safer place to store extra cash and credit. They offer savings accounts, certificates of deposit and checking accounts. Banks use these deposits to make loans.
In practical terms, personalized banking means delivering the right individual experience through the right channel at the right time.
Banks need to make revolutionary internal changes in order to scale personalization, driving it across the stages of customer prospecting, engagement, and retention. First and foremost, personalization at scale mandates breaking down channel and product silos and making the customers the true center of attention.
The present invention gives the help or method for personalized banking solutions to customer.
The present invention discloses the system and method for personalized banking solutions by using big data technology. Big data analytics can aid banks in understanding customer behaviour based on the inputs received from their investment patterns, shopping trends, motivation to invest and personal or financial backgrounds. This data plays a crucial role in winning customer loyalty by designing personalized banking solutions for them. This leads to a symbiotic relationship between banks and customers. Customized banking solutions can greatly maximize lead generation too.
OBJECT OF THE INVENTION
The main object of the invention is, system and method for personalized banking solutions to customer by using big data technology.
Another object of the invention is, big data analytics, can aids banks in understanding customer behaviour related to banking.
Other object of the invention is, data provided by big data plays a crucial role in winning customer loyalty by designing personalized banking solutions for them.
SUMMARY OF THE INVENTION
The present invention discloses system and method for personalized banking solutions to customer by using big data technology. Big data analytics can aid banks in understanding customer behaviour based on the inputs received from their investment patterns, shopping trends, motivation to invest and personal or financial backgrounds. This data plays a crucial role in winning customer loyalty by designing personalized banking solutions for them. This leads to a symbiotic relationship between banks and customers. Customized banking solutions can greatly maximize lead generation too.
BRIEF DESCRIPTION OF THE DRAWINGS
Fig 1 shows flowchart of the method and computer program for this invention.
DETAILED DESCRIPTION OF THE INVENTION
The present invention discloses the system and method for personalized banking solutions to customer by using big data technology.
Big data is the vast volume of structured or unstructured data that is readily available at our collective fingertips. These large data sets are analysed to reveal previously unknown patterns and provide insights into businesses, human behaviour, and more. Big data analysis is used for everything from financial services, to gauging someone’s productivity, to even monitoring the weather.
The key feature of big data is to analyse, understand and interpret it in order to give user a full picture as possible about the personalized banking solutions to customer.
The system and method for personalized banking solutions to customer by using big data technology is comprising of the contents such as;
Any computing device with high definition
The web application for personalized banking solutions to customer
Any open-source framework like Hadoop for data analysis which stored data on big data
Big data consists of five stages such as-
Data sources- web and social media, machines, Sensing, IoT
Content format – structured, semi-structured, unstructured data
Data stores – document oriented, column oriented, graph database, key value
Data Staging – cleaning, transform and normalization
Data processing – Batch and real time
The system and method for personalized banking solutions to customer by using big data technology is comprising of the steps are as;
Step 1) The web application of personalized banking solution to customer is created
Step 2) Banking team member open the invention application
Step 3) With the help of big data analytics, banks can understand customer behaviour based on the inputs received from different resources
Step 4) Banking team member would design personalized banking solutions for customer with data provided by big data analytics
Role of Big data in invention application is as:
Big data analytics can aid banks in understanding customer behaviour based on the inputs received from their investment patterns, shopping trends, motivation to invest and personal or financial backgrounds. This data plays a crucial role in winning customer loyalty by designing personalized banking solutions for them. This leads to a symbiotic relationship between banks and customers. Customized banking solutions can greatly maximize lead generation too.
Sales representatives and relationship managers can leverage the inputs from the big data analytics that help identify investment patterns of the customers, their financial and personal backgrounds, and their motivations to invest, so that they can provide personalized investment solutions that are a combination of accounts, insurances, loans. Essentially, complete systematic investment plans that will ensure that the customers trust the bank with their finances.