{"id":15378,"date":"2020-10-06T13:28:09","date_gmt":"2020-10-06T13:28:09","guid":{"rendered":"http:\/\/bulletins.bfconsulting.com\/?p=15378"},"modified":"2020-10-06T13:28:09","modified_gmt":"2020-10-06T13:28:09","slug":"big-data-challenges-and-trends-for-the-financial-services-industry","status":"publish","type":"post","link":"https:\/\/bulletins.bfconsulting.com\/en\/big-data-challenges-and-trends-for-the-financial-services-industry\/","title":{"rendered":"Big Data challenges and trends for the financial services industry"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Big Data is one of the biggest trends happening right now in the financial services industry, with nearly every player understanding the need to leverage analytics garnered from an ever-increasing number of data sources to survive. That being said, let\u2019s look at 10 of the biggest Big Data challenges and trends in the financial services industry:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><b>Quality of data<\/b><span style=\"font-weight: 400;\"> \u2013 in today\u2019s world, data comes for a myriad of sources, which can make it difficult to determine which data is valuable and which is not. At the same time, it is important as real-time analytics tools help companies extract real-time quality insights.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Regulatory requirements<\/b><span style=\"font-weight: 400;\"> \u2013 many businesses today face strict regulatory requirements. Some Big Data technology allows financial institutions to scale up risk management cost-effectively, while improved metrics and reporting help transform data into insights required for risk management.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Data silos<\/b><span style=\"font-weight: 400;\"> \u2013 financial data comes from a variety of sources. The combination and reconciliation of Big Data requires data integration tools that simplify the storage and access processes.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Cybersecurity<\/b><span style=\"font-weight: 400;\"> \u2013 data is an increasingly-sensitive subject and that must be gathered, handled and stored responsibly and with respect to the subjects of that data.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Robo-advisors<\/b><span style=\"font-weight: 400;\"> \u2013 robots aren\u2019t just replacing truck drivers; they\u2019re making their way into the financial services sector. Robo-advisors are being deployed to offer low-cost, real-time personalized financial portfolio advice to customers. And Big Data analytics is now being used to manage portfolios without human intervention.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Social credit scoring<\/b><span style=\"font-weight: 400;\"> \u2013 an online presence is now being used to determine creditworthiness, with a growing number of credit businesses using personal data mined from social networks like Facebook, Twitter, and LinkedIn to analyze consumers\u2019 credit risk.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Mortgage lending<\/b><span style=\"font-weight: 400;\"> \u2013 mortgage applications are going to go beyond traditional data analysis methods and will begin incorporating social media data as well. Big Data will also be utilized in the application process to mine important inputs from public databases, bank records and other websites to gather as much information on applicants as possible.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Optimizing protection and mitigating risk<\/b><span style=\"font-weight: 400;\"> \u2013 advanced customer data, transaction data and geospatial data combined with advanced data analysis that looks at transaction anomalies will allow for easy risk detection and fraud prevention.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Unified data analytics<\/b><span style=\"font-weight: 400;\"> \u2013 in times past, large financial services organizations that span their wings throughout different departments had to set up individual Big Data analytics platforms. However, in 2020, unified data analytics platforms will make it possible for large financial institutions to benefit from an easy-to-use data analysis system.<\/span><\/li>\n<li style=\"font-weight: 400;\"><b>Big Data and the hybrid cloud<\/b><span style=\"font-weight: 400;\"> \u2013 Leveraging Big Data solutions is all well-and-good, but what will happen when you meet hardware limitations. A hybrid cloud is an approach where a company can extend its internal capabilities with on-demand cloud infrastructure.<\/span><\/li>\n<\/ul>\n<div class=\"rpbt_shortcode\">\n\n<div id='rpbt-related-gallery-1' class='gallery related-gallery related-galleryid-15378 gallery-columns-3 gallery-size-thumbnail'><figure class='gallery-item' role='group' aria-label='The brave new world of open banking in the Asia-Pacific region'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/the-brave-new-world-of-open-banking-in-the-asia-pacific-region\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2019\/06\/the-brave-new-world-of-open-banking-in-the-asia-pacific-region-150x150.png\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-12965\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-12965'>\n\t\t\t\tThe brave new world of open banking in the Asia-Pacific region\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Banks must embrace fintech to survive'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/banks-must-embrace-fintech-to-survive\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/02\/people-standing-together-in-shape-of-an-arrow_3446-294-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-8578\" loading=\"lazy\" srcset=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/02\/people-standing-together-in-shape-of-an-arrow_3446-294-150x150.jpg 150w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/02\/people-standing-together-in-shape-of-an-arrow_3446-294-300x300.jpg 300w, https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/02\/people-standing-together-in-shape-of-an-arrow_3446-294.jpg 626w\" sizes=\"(max-width: 150px) 100vw, 150px\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-8578'>\n\t\t\t\tBanks must embrace fintech to survive\n\t\t\t\t<\/figcaption><\/figure><figure class='gallery-item' role='group' aria-label='Finding the brains behind artificial intelligence'>\n\t\t\t<div class='gallery-icon landscape'>\n\t\t\t\t<a href='https:\/\/bulletins.bfconsulting.com\/en\/finding-the-brains-behind-artificial-intelligence\/'><img width=\"150\" height=\"150\" src=\"https:\/\/bulletins.bfconsulting.com\/wp-content\/uploads\/2018\/01\/AI-IMAGE-01-150x150.jpg\" class=\"attachment-thumbnail size-thumbnail\" alt=\"\" decoding=\"async\" aria-describedby=\"rpbt-related-gallery-1-8038\" loading=\"lazy\" \/><\/a>\n\t\t\t<\/div>\n\t\t\t\t<figcaption class='wp-caption-text gallery-caption' id='rpbt-related-gallery-1-8038'>\n\t\t\t\tFinding the brains behind artificial intelligence\n\t\t\t\t<\/figcaption><\/figure>\n\t\t<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>Big Data is one of the biggest trends happening right now in the financial services industry, with nearly every player understanding the need to leverage analytics garnered from an ever-increasing number of data sources to survive. That being said, let\u2019s look at 10 of the biggest Big Data challenges and trends in the financial services &hellip;<\/p>\n","protected":false},"author":12,"featured_media":15379,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10,16],"tags":[],"_links":{"self":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/15378"}],"collection":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/comments?post=15378"}],"version-history":[{"count":1,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/15378\/revisions"}],"predecessor-version":[{"id":15380,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/posts\/15378\/revisions\/15380"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media\/15379"}],"wp:attachment":[{"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/media?parent=15378"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/categories?post=15378"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bulletins.bfconsulting.com\/en\/wp-json\/wp\/v2\/tags?post=15378"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}