Researchers say the acquisition of a new customer is five times costlier than retaining an existing customer. Moreover, an existing customer is almost 70% more probable to buy rather than a new one.

Big Data Analytics thus not only makes the BFSI domain safe but ensures smooth and hassle-free business operations with real-time detection and arresting frauds and money laundering. Real-time data integration and streaming analytics need to be embraced by Insurance and banking companies to deliver a better customer experience along with increased profitability.

86% of organizations agree that digital transformation is a key component of their company’s strategic plan today. While almost all industrial companies know that cloud adoption is a key element of their digital transformation, a large portion did not have concrete plans to execute their cloud strategy before the pandemic.