The amount of data in our digital world is exploding. The typical large institution collects trillions of bytes of information related to their clients, operations and behaviour. Millions of platforms are being used in the physical world to collect, create and communicate this data on a day to day basis. This includes social media, mobile technology, security trading, market pricing, news and other digital information sources.
The term Big Data describes this explosion of new data characteristics and promises to enable new insights and capabilities that were previously impossible to achieve. While the opportunity for Financial Services firms is great, so too are the challenges.
This whitepaper will look at the challenge of implementing a Big Data strategy within Financial Services organizations and proposes that a new, more integrated approach is required to harness the rewards of Big Data.