Big data in banking

Abstract

Big data is a hot topic in banking but yet it is a complex one,which is clearly in the early stages of evolution. Many organizations drive business using big data technologies are still challenged by multiple issues and rapidly shifting technologies. Expecting positive results on big data investment needs solution that focuses on purpose, people, and process prior to exploring data and technologies.Big Data opens up innovative ways for banking organizations to interact and leverage data. Banks should be flexible to changes, willing to be prudent and practical in their strategy for rollout. They should be willing to adapt to calculative risk strategy requiring to be open to failures, on a small scale if not large, resulting in large-scale success.As a result, organizations need to change their focus on their architecture, development, migrations, and maintaining big data solutions. In this presentation, we will discuss: traditional data management in banking, risks and impediments to using big data, success stories of banks using Big Data and use cases.