Big Data

How the Data Explosion is Driving Technology Innovation in the Financial Sector

Financial Sector

The reality of exploding data has revolutionized the way industries are doing business. As life has moved increasingly online, digital processes have become embedded in everything we do. In line with this, most organizations today realize their data stores are their most valuable assets and are looking for ways to ingest, process, enrich and analyze this data more rapidly, for greater critical insights. 

The financial services sector is a prime example – rife with challenges and valuable peta-scale data. On the one hand, the banking mainframes of the last half of the 20th century evolved into core-banking systems with workarounds allowing them to operate into the new century, but this also left many organizations dependent on complex legacy infrastructures.  On the other hand, with years in business and as known early adopters of new technologies, financial services especially have watched their data stores explode and looked for new, scalable technology to allow them to take advantage of this.  

As a result of digital transformation and the growth of online banking, the financial sector is increasingly turning to automation to replace previously manual or semi-automatic processes. Automated processes help make work with legacy systems easier. And the terabytes to petabytes of data which are generated by these processes are integral to the organization’s success. The massive data stores generated by automation are enriched with external data sources and are used to train machine learning algorithms and feed artificial intelligence to provide additional insights into decision making, while empowering teams to scale up and handle high volume tasks. 

One company which has been helping financial services organizations tackle this growing data challenge is SQream, the developer of the peta-scale analytics acceleration platform. From the ability to offer personalized customer services through micro-segmentation of customers, to identifying and managing risk through more accurate analytics, from optimizing operations to meeting tighter compliance regulations through improved reporting – the success of financial services use cases is reliant upon the enrichment of data.  The organization’s existing and external databases, archived data from tapes that are added into the data lake – these all must be ingested, processed and analyzed as part of the analytics landscape, in timely fashion and lowest time to insight as possible.   

In today’s digital climate, a nimble approach to doing business with rapid access to critical insights is the only way to remain competitive and make customers happy. The requirement of being able to scale, upgrade and ensure secure networks means organizations must adopt new ways of working. 

Read the new Industry Focus brochure from SQream, “Data Boom – or Data Bust? Analytics Challenges and Solutions in the Financial Sector” to learn how some organizations are meeting these growing analytics challenges and turning the data explosion into their greatest asset. You can download the full Industry Focus brochure here. 

SQream will also be hosting a webinar on Wednesday, May 12th at 11:30 AM EST, which will examine the financial sector’s data analytics challenges and delve into specific use cases in detail.

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