Big Data in Financial Services

Big Data in Financial Services

This article looks at the Financial Services industry to examine Big Data and the technologies employed. It further covers ROI, Big Data analytics, regulation, governance, security, and storage as well as obstacles and challenges that have made the industry what it is today.

We already analyze Peta-scales of Big Data and zettabytes will be next (Kaisler et al., 2013).

But what is Big Data? In a nutshell, it is the ability to retain, process, and understand data like never before (Zikopoulos, 2015). Big Data is when you have challenges that cannot be handled by traditional database systems.

Challenges in the context of Volume, Variety, Velocity, Veracity. These can be found in Financial Services. In fact, technology is so integral to banking that financial institutions are now almost indistinguishable from IT companies.

This article looks at the Financial Services industry to examine Big Data and the technologies employed. It further covers ROI, Big Data analytics, regulation, governance, security, and storage as well as obstacles and challenges that have made the industry what it is today.

Big Data in Financial Services

Many financial services institutions have already begun their Big Data journey by investing in the platforms that compute and store big data. Why? Because there is value in it and finding new forms of value is all about the financial services business.

Big Data customer analytics drives revenue opportunities by looking at spending patterns, credit information, financial situation, and analyzing social media to better understand customer behaviors and patterns.

Big data is also key to core business models of financial service data providing e.g. Bloomberg, Reuters, DataStream, and financial exchanges that quote financial transaction prices and record millions of daily transactions per second for customer analytics use and regulatory compliance requirements (SOX, GDPR).

All this Big Data has to be stored (see NASDAQ case study) as there is always more data than the organization computers can handle, no matter how fast computers get, and no matter how large the organization is, there are always more data sources than organizations know what to do with or how to combine and data has been at rest and streaming for a long time.

Below are graphical representations of the scale and societal impact big data has had on the finance industry.

big-data data-science finance machine-learning data

Bootstrap 5 Complete Course with Examples

Bootstrap 5 Tutorial - Bootstrap 5 Crash Course for Beginners

Nest.JS Tutorial for Beginners

Hello Vue 3: A First Look at Vue 3 and the Composition API

Building a simple Applications with Vue 3

Deno Crash Course: Explore Deno and Create a full REST API with Deno

How to Build a Real-time Chat App with Deno and WebSockets

Convert HTML to Markdown Online

HTML entity encoder decoder Online

Most popular Data Science and Machine Learning courses — July 2020

Most popular Data Science and Machine Learning courses — August 2020. This list was last updated in August 2020 — and will be updated regularly so as to keep it relevant

Role of Big Data in Healthcare - DZone Big Data

In this article, see the role of big data in healthcare and look at the new healthcare dynamics. Big Data is creating a revolution in healthcare, providing better outcomes while eliminating fraud and abuse, which contributes to a large percentage of healthcare costs.

Silly mistakes that can cost ‘Big’ in Big Data Analytics

‘Data is the new science. Big Data holds the key answers’ - Pat Gelsinger The biggest advantage that the enhancement of modern technology has brought

Big Data can be The ‘Big’ boon for The Modern Age Businesses

We need no rocket science in understanding that every business, irrespective of their size in the modern-day business world, needs data insights for its expansion. Big data analytics is essential when it comes to understanding the needs and wants of a significant section of the audience.

15 Machine Learning and Data Science Project Ideas with Datasets

Learning is a new fun in the field of Machine Learning and Data Science. In this article, we’ll be discussing 15 machine learning and data science projects.