Locking Down Customer Data:

The recent hack of insurer Anthem again points out the need for financial services companies to be diligent about protecting their data, said Sanjeev Dahiwadkar, president of Indisoft. That means the ability to protect the data not only of current customers, but also ensuring that unneeded records are not retained, including those of former customers—some of which were compromised in the Anthem hack.

Optimizing Pricing:

When the economy is tight being able to squeeze an extra basis point from a mortgage could mean millions for a bank’s bottom line. Being able to develop better risk profiles for lending and insurance premiums also can protect profits. Big data analytics make it possible to assimilate all kinds of competitive market rates and other relevant risk data to develop smarter pricing and lending strategies that lead to more revenues.

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