Big data is a term that is being used for generation of very large data sets which is considered as one the big things in computing. The generation of data has been improving and gathering those data gives a vast of benefits for a wider range of sectors such as retail, logistics, financial services, health care, entertainment etc. A cloud system with endless network of servers and strong algorithms will be needed in order to process big data as it cannot be analysed with traditional computing techniques.
The i lender app that PCCL has developed transforms the way the decision making of micro financing as it allows to make precise decisions on the trust worthiness of the borrowers using gathered big data. This ensures the financial security of both PCCL and the loan applicant as it eliminates PCCL from not having bad debtors while applicants not taking unwanted financial commitments if they are not in a position to repay a loan. Furthermore by gathering big data makes it possible for PCCL to reach a wider range of potential customers via better big data analysis on the target customer bases all over the world. While it opens up more opportunities for PCCL to widen its customer base, as its being about financial support for deprived communities this big data gathered by PCCL contributes to eliminate the poverty globally. The customer analysis to select the potential customers are being done through a KYC procedure based on a big data based unique scoring algorithm on artificial intelligence.
Other than the immense improvements of customer selection process, big data plays a major role in the process of improving the living standards of PCCL audience in terms of economically and socially. This is due to the availability of big life data gathered by PCCL, to the service providers such as government sector, corporate sector and non - profitable organizations to use for the purpose of prosper the lives of underprivileged communities. However PCCL do not have any intention to use these big life data for business activities as PCCLs purpose is to upscale the socioeconomic development through the effective analysis of big data with the use of the revolutionary block chain platform.
Apart from the above mention benefits, big data gathered by PCCL helps its i lender app uses to manage their risks effectively as it has the ability to inform them on surviving from natural disasters such as tornados, flood etc via the instructions provided based on big data analysis. Furthermore the process of gathering big data via the clients smart phones contributes to make improvements in the health care sector as it enables health care providers to make use of the big data to select the patients who are in need medical attention still unable to afford to receive medical treatments or who are unaware of the need of taking proper medications.
One of the processes to be conducted by PCCL through gathering and analyzing big data is, sending health care alerts and advises about health care requirements to its clients. Giving vaccinations on time for kids is a vital factor when it comes to up lifting the living standards of the deprived communities as it leads to have a healthy future generation. Therefore PCCL i lender app sends alerts reminding their clients to vaccine their kids on time. Further this app sends massages, educating them on the health benefits they get by getting their kids immunized. PCCL also request the clients to send information such as when and from where they get the vaccinations which enables PCCL to inform the respective health care centers to provide the needed vaccinations. The whole process being done smoothly as well as effectively due to the big data gathering and in depth analysis by PCCL.
As a conclusion, the use of big data by the PCCL is a giant step for taking micro financing industry to another level as it opens up opportunities to uplift the living standards of the deprived communities while being financially sustainable as an organisation.
By Sayuri Willorage