In 2016, data-rich financial institutions are challenged by the need to effectively manage and monetise information that is often held in silos across the organisation in a number of different formats and schemas. For these companies, competitive advantages can be gained through bespoke analysis of this data in an effort to uncover hitherto unexplored correlations. Big Data technology is an enabler and, as this trend in the treatment of data gathers pace, financial companies are beginning to exploit its capabilities to achieve more profitable approaches to data management.
However, the benefits of Big Data implementations can only be fully achieved with a change of culture across the organisation. Successful Big Data project implementations consider how the technology can be used across the whole of an organisation, facilitating Big Data usage in various environments and for a number of different purposes. These joined-up thinking approaches to Big Data technology implementation can assist companies in the realisation of a data management approach that will future-proof their operations for years to come.
This report reviews the extent to which Big Data technology is already being implemented, and it examines nine business use cases specific to financial organisations. To support each use case, the report provides examples of implementations across the financial markets. This report is the second of two GreySpark reports exploring Big Data technology in the financial services industry; the first report, titled Big Data Technology in Investment Banking, described the key concepts of Big Data technology for non-technical business managers.
