Analysis of Grievances in the Banking Sector through Big Data

Abstract

Banking sector is one of the sectors which face the problem because of the huge amounts of data coming in at a rapid pace. In this paper the authors analyzed grievances in the banking sector through big data. The customers may have a wide variety of complaints and suggestions regarding the working style and other procedural methods which are followed by the banks for effective customer dealing and satisfaction. Quick rectification of complaints and working on customer suggestions can help banks gain a good name in the market, win customers' loyalties and attract new customers. To accomplish this gargantuan task, banks must maintain a complaints database which stores the information on customer complaints across the above mentioned categories along with the response to the complaints by the relevant employees which is collected over a period of time can reveal crucial and critical information for effective CRM in the organizations. In this paper, authors had analyzed the grievances to uncover the valuable suggestions of the customer to provide them a higher level of satisfaction