Big Data in financial services

Big Data: Uncovering Hidden Business Value in the Financial Services Industry Executive Summary

ÂŹ To be published in: August 2014

Š GFT Technologies AG 2014

Big Data: Uncovering Hidden Business Value in the Financial Services Industry

Between now and 2020, the digital universe will double in size every two years. Businesses are projected to increase their investment in hardware, software, and services by 40% between 2012 and 2020 to keep up with this expansion, and the data-driven financial services industry will likely be an active participant. Investment in big data technologies will grow even faster, given the massive evolutionary leap it represents in shifting IT focus from relational databases to more open and flexible platforms. The challenge then becomes how to deliver a real return on that investment in the form of an improved bottom line.

The financial services industry is poised to reap significant rewards from big data investments through optimised architecture to extract the maximum value from its data. Many more dots can be connected than ever before, leading also to improved fraud detection, risk calculation, and other operational efficiencies. Big data can also be a powerful tool in helping traditional financial institutions to meet the challenge coming from businesses entering financial services from other sectors like telecommunications and even e-commerce.

Agility is key for success in the 21st century, and the effective deployment of big data projects can be the difference between success and failure.

This blue paper guides financial institutions through the opportunities, requirements, and challenges of the big data universe, leveraging GFT’s experience to recommend optimum ways in which to uncover the value that can be tapped from big data. Businesses must consider not only technology upheavals, but entirely new skill sets and ways to look at processes in order to take advantage of the power of big data. The paper culminates in a set of recommendations for where and how to start this journey, plus valuable tips to help ensure that the first big data project is a success.

Big Data: Uncovering Hidden Business Value in the Financial Services Industry | Š GFT Technologies AG 2014

July 2014

Page 2/2