On a worldwide scale, more and more companies are purchasing big data and business analytics (BDA) solutions: IDC reports that worldwide revenues for big data and business analytics will surpass $203 billion in 2020.

The ultimate business goal of Big Data in the financial services industry is to gain insight from the data to push your business forward.

While some financial services organizations may be resistant to change, the fact remains that big data is here to stay. Data is recognized as a differentiator in the connected world, with those businesses that have an abundance of it gaining a competitive advantage.

All these examples are indicative of the fact that data has been used by financial services companies, but not to optimize the solutions presented to the clients but more as a by-product of the whole process.

Building predictive analytics will empower IT workers to anticipate cyber-attacks before they hack their systems. As Big Data gets, well, bigger, it becomes even more important for executives and C-suites in financial services to stay ahead of the curve. With the evolution of Big data, however, it is going to be used more as a core asset rather than a collection of numbers & patterns tucked away in files. Big data analytics in banking can be used to enhance your cybersecurity and reduce risks.

And data creation isn’t slowing down anytime soon. On the other hand, there are certain By using intelligent algorithms, you can detect fraud and prevent potentially malicious actions. Learn more . The term "Big Data" has begun taking over as … Learn more .

As such, the right big data analytics tools feature a combination of short and long-term data visualizations that provide a more comprehensive view of a financial services company’s performance: Profit & Loss – Profit and loss (P&L) visualizations help build your understanding of profits and costs on an historic basis. Get business insights and predict markets with a data-driven approach. Read through its benefits to plunge into right away. However, as it turns out, the industry has been lagging behind, big time, compared to e.g. There are many different analysis methods that can be performed on these datasets in order to optimize business growth, e.g. The 3 key uses cases of AI and big data in financial services industry .

According to the World Economic Forum , it’s estimated that by 2025, we will create 463 exabytes of data each day, the equivalent … Most banking and financial services are exploring new ways to integrate big data analytics into their processes for maximum output. Big Data and AI Services for Financial and Banking Industries.

In this special guest feature, David Friend, co-founder & CEO of Wasabi Technologies, takes a look at the big data and cloud storage technology stack as it relates to the finance industry.


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