By Tony Agresta
Technology to store, manage, search and analyze Big Data leaps to the top of the agenda for Financial Institutions as enterprise NoSQL databases come of age.
Financial Institutions are focused on initiatives to survive in a world where regulatory pressure, risk mitigation and increasing volumes of data continue to pressure legacy infrastructures. Improved operational efficiency and revenue generation are at the forefront of the agenda.
Specific areas of concentration vary across regions of the world. Some common strategic initiatives in 2012 and 2013 include:
• Infrastructure Improvements – Current IT infrastructure needs an overhaul if financial institutions are able to respond to increasing regulatory pressure, new product innovation and huge volumes of complex data. By-products of this change include but are not limited to improved data analysis, reporting, data visualization, business intelligence and predictive analytics.
• Data Proliferation – The growth in mobile applications and social media present unique challenges. As customer touch points expand, new sources of data with new forms of complexity proliferate. Initial approaches to data storage have resulted in silos leading banks to consider innovative approaches to data consolidation.
• Operational Efficiency – Eroding profit margins, a reliance on legacy systems that can’t handle the load and the need for real time applications have led financial institutions to focus on operational efficiency. As they make improvements in this area, resources are being shifted to revenue generating projects.
• Data Security and Scalability – In the quest for security and scalability, CIOs and IT leaders are focusing on technology deployments where reliability and uptime are paramount. In turn, high performance transactional environments that utilize all forms of data will allow financial institutions to compete effectively against more nimble players.