Tag Archive for financial data

Using Big Data to Fix the Payday Loans Industry

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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…

USAA and IBM Join Forces to Serve Military Members

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by Angela Guess In a new report out of IBM, the company has announced that “the cognitive capabilities of IBM Watson technology are now available to USAA members. USAA is the first to commercialize the use of Watson as a consumer-facing application. USAA, a financial services provider for the military community, is offering IBM’s Watson Engagement Advisor in…

Collibra Releases New Data Governance Suite for Banks

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by Angela Guess Compliance Week reports, “Collibra, a global data governance provider, has released a new product suite, designed to help large, complex financial institutions directly address some of their most challenging regulatory compliance and data reliability challenges. Designed for scalability, ease-of-use, and quick deployment, Collibra’s new Data Governance Center for Financial Services can be deployed…

Improving Data Governance at the Bank

Mass job creation and the space-time lifecycle view of entrepreneurship and investment

by Angela Guess Julie Benson of Banking Tech recently wrote, “Recently there has been a significant number of new regulations requiring financial institutions to increase the amount of data fields they have on their customer records – whether it’s FATCA indicia or EMIR classifications… We are also seeing more swingeing fines imposed by the regulators when…