Global investments in Big Data and business analytics is projected to grow from USD 130.1 billion in 2016 to over USD 203 billion in 2020. Here are 3 of the biggest Big Data trends, each represented by an innovative new solution:
- Business intelligence (Qlik Analytics Platform) – Qlik has developed its own solution to help financial institutions gain business intelligence insights. The platform works by collecting a financial institution’s data (both structured and unstructured) and turning it into usable and relevant contextual insights for specific departments or roles.
- Cybersecurity (Versive) – Versive Security Engine uses machine learning to help financial institutions identify and subvert cyberattacks. The solution works by identifying normative patterns during periods of no cyberattack events. After a brief training period (i.e. with human analysts), it is then able to identify abnormal patterns that could indicate a cybersecurity threat. The software also builds a daily list that identifies data patterns that indicate possible future intrusion attempts.
- Regulatory compliance (Ayasdi) – Ayasdi’s Model Accelerator is a Big Data and artificial intelligence service that predicts and models regulatory risks. The solution can help financial institutions by automatically monitoring transaction data to identify anomalies that could indicate money laundering or fraud attempts. It also reduces the number of false positives given by traditional rule-based approaches.