Industries utilize machine learning to generate insights about the customers and extract business intelligence There are various tools in Artificial Intelligence like Natural Language Processing, data mining and text analytics that generate meaningful insights from the data.
Integrating Big Data in the financial institution systems helps the banks & other Fintech operatives to gather & nurture customer data more efficiently.
The number of transactions & social media also, in a way help the institutions in gathering customer data in large volumes & variety.
The data gathered is further utilized to understand customer psyche & their buying behavior, which further helps the banks to offer personalized services to their customers & add value to their overall banking experience.
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