US banks are scrambling to meet a high demand on big data management, data de-duplication and business intelligence analysis, under the stringent regulatory reporting requirements of the new Volcker rule, industry experts have told Forbes.
Short deadlines of only six months for full system integration have left many firms ready to risk a rushed, ‘Band-Aid’ approach to big data, in order to meet minimum requirements. But analysts say it is possible to rise to the challenge and do the job properly.
The new rule, issued last week, is part of the Dodd-Frank Reform ordered by President Barack Obama. It has been over three years in the making and is aimed at stopping commercial banks from proprietary trading (or high risk betting from their own accounts).