Banking / Finance

5 best-practices for managing big data in banking

14th Jul `14, 11:58 PM in Banking / Finance

The volume and velocity of data continue to increase exponentially. IDC research indicates that the global volume of…

BDMS
Guest Contributor
 

The volume and velocity of data continue to increase exponentially. IDC research indicates that the global volume of data will increase from 130 to 40,000 exabytes by 2020. Banking is one of several vertical industries where this growth will be most pronounced. The new digital consumers are demanding much more from their financial institutions when it comes to quality of service and benefits. To hold onto this audience, banks are heavily investing in integrated channels, CRM, and data collection to better understand and communicate with them. This creates a massive flood of data that needs to be properly managed in order to be effective.

Regulatory requirements such as Dodd-Frank are contributing to more integrated, granular data. Meeting compliance, along with achieving ideal risk and return scenarios, requires heavily detailed financial and transactional data — more detail than has previously been needed or was possible to process before the arrival of advanced analytical tools.

Big data is the new reality for banks both big and small. They need to efficiently parse through large sets of data for meaningful insight and information that can guide the business. It is this insight that leads to better, faster decisions.

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