Tag Archive for financial data

Taking Big Data to the Bank

bank

by Angela Guess Russ Banham of CenturyLink recently wrote in Forbes, “A customer walks into the bank to make a deposit, greets the teller and, out of the blue, she’s asked if she would like a second mortgage. Is this any way to serve a valued customer? Not if she isn’t in the market for…

Financial Institutions Need to Go On the Offensive with Big Data

Paper money

by Angela Guess Pedro Hernandez of eWeek recently wrote, “Banks and financial services firms will be spending more in IT this year, according to Marcelo Marquez de la Garza, director of Worldwide Financial Services at Microsoft. Some investments will deliver a bigger bang for the buck, however. Big data will loom large over IT spending…

Using Big Data to Fix the Payday Loans Industry

zf

by Angela Guess Steve Lohr of the New York Times recently wrote, “At any given time, there are an estimated 22 million payday loans outstanding, and the fees paid by payday borrowers amount to about $8 billion a year — a lot of money for those in the working population least able to afford it.…

Catching Money Launderers with Big Data

Laundering Dollar Bills

by Angela Guess Thor Olavsrud of CIO.com reports, “For the past decade, governments around the world have established international anti-money laundering (AML) and counter-terrorist financing efforts in an effort to shut down the cross-border flow of funds to criminal and terrorist organizations. Their success has encouraged criminals to move their cash smuggling away from the…

Banking, CDOs, and Country-Specific Data Governance

Piggy Bank

by Angela Guess Andrew Waxman of American Banker recently wrote, “These are heady times for chief data officers. People in these often newly-created positions have a mandate to introduce major changes in data management and are given healthy budgets to grow teams and equip them with requisite tools. Budgets and resources, however, go only so…

The Case for NoSQL in the Financial Sector

Forex Money for Exchange in Currency Bank

by Angela Guess Adrian Carr, Vice President EMEA at MarkLogic recently wrote, “According to a Gartner report published in 2013, 64% of financial services firms have already either deployed or launched a big data initiative. Ovum also predicts a rapid increase in big data technology adoption with worldwide spending on management information systems in the…

Why are Banks Struggling with Big Data?

Piggy Bank

by Angela Guess Michael Flynn of BankTech reports, “In a recent Said Business School study, 63% of banks recognized proficiency in big data as a competitive advantage. However, 91% indicated that they lack key skills necessary to execute more effectively, and only 3% reported that their organizations had deployed big data initiatives on a continuous…