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 flexibility to supply personalised buyer providers by micro-segmentation of consumers, to figuring out and managing danger by extra correct analytics, from optimizing operations to assembly tighter compliance rules by improved reporting – the success of economic providers use circumstances is reliant upon the enrichment of knowledge. The group’s current and exterior databases, archived information from tapes which might be added into the info lake – these all have to be ingested, processed and analyzed as a part of the analytics panorama, in well timed vogue and lowest time to perception as attainable.
In at the moment’s digital local weather, a nimble method to doing enterprise with fast entry to crucial insights is the one strategy to stay aggressive and make prospects completely happy. The requirement of with the ability to scale, improve and guarantee safe networks means organizations should undertake new methods of working.
Learn the brand new Trade Focus brochure from SQream, “Data Boom – or Data Bust? Analytics Challenges and Solutions in the Financial Sector” to find out how some organizations are assembly these rising analytics challenges and turning the info explosion into their best asset. You’ll be able to obtain the complete Trade Focus brochure here.
SQream can even be hosting a webinar on Wednesday, May 12th at 11:30 AM EST, which can look at the monetary sector’s information analytics challenges and delve into particular use circumstances intimately.