Major banks are sitting on mounds of big data, and most of them have no clue what to do with it. While banks are willing to invest, and understand that data analytics can save them money, they simply don’t know what the next steps to take are.
“Banks Have A Long Big Data Journey To Catch Up With Google and Facebook”
Large financial institutions have between 50-100 petabytes of data. However, less than 10 percent of this data is readily accessible. Furthermore, less than 1 percent is actually used for analytics.
These financial institutions should begin by addressing the business problems that big data helps solve in a way that older methods don’t. Examples include: marketing, fraud prevention and risk management. Then, it is important to look for the technologies that will best serve those purposes.
Some companies are beginning to launch analytics platforms that utilize advanced analytics englines. One company has launched the Tresata Analytics Platform.
According to this company, it has automated the process of creating data assets from its clients’ vast troves of existing data across all customers, geographies, markets and products.
“We are having tremendous success and showing banks the benefit of applying a data approach to solving massive business problems is a game changer — we can do it better, faster and cheaper,” said Mehta.
The company’s customers are using it for many things such as: payments flow analysis, trade flow analysis, automated risk scoring and regulatory reporting.
If you need assistance identifying your big data solutions, you can Click Here to learn more about business solutions using big data. Or Click Here to directly contact us at Cliintel. We can help!
No comments:
Post a Comment