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Consumers, financial institutions can look to big data for better decisions

Rachel Wheeler Archive
Big data is manifesting changes across a wide range of industries as decision makers find they can determine better solutions in real time. When they have the right tools on hand, and the checks in place to maintain data quality, company leaders can analyze both structured and unstructured data to gain valuable insights. This has become especially beneficial for making the best decisions regarding financial information for both consumers and banks.

Financial institutions can use these strategies to reduce risks when determining whether to extend credit to applicants. At the same time, some companies are tapping analytics capabilities when considering investment opportunities, according to RFP Connect. When launching these programs, however, they must strike while the iron is hot to avoid being left behind, losing speed or hemorrhaging funds in a long-winded deployment.

However, these advantages shouldn't be restricted just to credit unions or banks, according to Government Executive. Consumers can also harness big data capabilities when assessing their retirement plans, as these also incorporate structured and unstructured information.