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Financial institutions accounted for 19% of all expenditures in big data

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18 January, 2018 13:30

The spending of financial institutions in massive data represented 19%, or $ 9.2 billion (G$) of 48.4 G$ of the global market for big data and analytics (BDA) in 2016, according to the director of industry of big data and analytics, Stratecast Frost & Sullivan, Jeff Cotrupe.

He adds that financial institutions have had an excellent return on their investment of BDA. Nearly 60 % of these have reached their return-on-investment (ROI) within 12 months, and almost 90 % within 24 months.

A good management of massive data

The most recent white paper, Stratecast Frost & Sullivan, entitled, » Innovating Financial Services in the Big Data Era, reports that the financial institutions are more than a respectable job of managing big data. However, the pace of business now demands that they do so more rapidly than ever before, while responding to the ongoing challenge to reduce costs without sacrificing the customer experience.

The report inidiqué also that the financial institutions must ensure that teams across the company to understand the data, but should also help to measure the impacts of their actions and help to adequately communicate the information.

Many challenges

Financial institutions face many challenges with the arrival of technologies and the rise in popularity of Bitcoin. The report, however, is reassuring. If they are managed effectively, big data can provide, in real-time, analytical information actionable that can resolve these challenges and to grasp new opportunities.

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