How Analytics is Driving the Next Big Leap in Financial Services
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Financial institutions are embarking on a data-driven journey. Here’s how analytics is leading the next big leap in the financial services industry.
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How Analytics is Driving the Next Big Leap in Financial Services
- 1. VALUEDRIVERSFORFINANCIALINSTITUTIONS REGIONWISEINVESTMENTPATTERN ACROSSTHEGLOBE Source:Datameer Operational analytics Fraudand compliance Productand ServiceInnovation ToUnlock Insights 48% 21% 12% 10% -TarrillBaker,ChiefDataOfficer,GlobalBankingandMarketsatHSBC Themarketismovingfromproducttoclientcentric.Applyingbigdata technologyacrossourdataandcombiningitwithunstructureddataisa keyenablerofbeingabletomakethatswitch HOW AREFINANCIALINSTITUTIONS USINGANALYTICS? FinancialServicesinstitutionsareleading theBigDatamarchwitha IDCPredictsthattheglobalanalyticsmarketis expectedtobevaluedat Analyticswilldefinethedifferencebetweenthe losersandwinners -TimMcGuire,aMcKinseydirector “ Analyticswilldefinethedifferencebetweenthe losersandwinners ” Analyticswilldefinethedifferencebetweenthe losersandwinners “Themarketismovingfromproducttoclientcentric.Applyingbigdata technologyacrossourdataandcombiningitwithunstructureddataisa keyenablerofbeingabletomakethatswitch ” Themarketismovingfromproducttoclientcentric.Applyingbigdata technologyacrossourdataandcombiningitwithunstructureddataisa keyenablerofbeingabletomakethatswitch HOW ANALYTICSISDRIVING THENEXTBIGLEAP INFINANCIALSERVICES Financialinstitutionsareembarkingonadatadrivenjourney WhileNorthAmericais surgingaheadintermsof theirbigdatainvestment, Europe,theMiddleEast andAfricaaren’ttoofar behind,followedbyAPAC andLatinAmerica NorthAmerica LatinAmerica APAC Europe TheMiddleEast Africa Source:Datameer THEANALYTICSPLATFORMMARKET Gartnerpredictsthatthemarket forbusinessintelligence platformsinAsiaPacificis expectedtobemorethan $1.6billionby2017 TheglobalHadoopmarket isprojectedtoreach $50.2billionby2020 Informationadvantagewasidentifiedasakeypriorityareaamongstthe topsixprioritiesforretailbankstowinin2020.However,lackof preparednessbybanksposesaseriousconcern. Executives in the financial institutions considerthefollowingasobstaclesforreal timedecisionmaking: Processingdataswiftly Integrating various data streams to formasinglepicture Accessingthenecessarydatastreams 40% 38% 22% KEYAREASOFBIGDATATHATPOSECHALLENGES Source:Gridgrain GAPSINANALYTICS-READINESS *AccordingtoastudyconductedbyQuartetfs,across60industryparticipantswho holdseniorITpositionsatglobalinstitutions 47%-VolumeofData37%-Velocity 17%-Variety BIG DATA EmbraceAnalytics.Takethenextbigleapwith agility,innovationandadaptability. EndeavourSoftwareTechnologieshasbeenonthecutting-edgeofdeliveringEnterpriseDigitalTransformationsolutionsto Fortune500companiesandSMEsspreadglobally,since2002.EndeavourspecializesinMobile,CloudEnablementandData Analytics.Ourteamof800+expertshelpsorganizationsembracedisruptivetechnologies,armingthemwithbespokesolutions thataugmenttheirbusinesscapabilities. www.techendeavour.com RiskAnalysis Trading Post-TradeProcessing SecurityVulnerabilities (Cybertheftandfraud) 42% 31% 22% 5% Source:Gridgrain