DATA ANALYTICS AND THE FUTURE OF BUSINESS INTELLIGENCE IN FINSERVE
WRITTEN BY : JOANNA ENGLAND
Years Modern banking solutions have been integrating innovative technologies into their conventional and hybrid infrastructures over the past decade . A considerable part of the banking sector has succeeded , but there is ample room for improvement .
Experts and veteran analysts believe that data analytics and business intelligence fill that void perfectly , creating a better space for financial services .
Big data analytics Banking was one of the first sectors to recognise the potential of big data in improving products and services . However , unlike the old days , handling big data has become simplified , requiring minimal infrastructure and reasonable investments .
In addition , big data analytics has also become a more secure option , thanks to technological improvements . As a result of these changes , more institutions from the banking sector are adopting big data analytics .
Providing banks can rely on multiple sources of the data streams and that more markets have moved to digital modes of transactions , adopting a big data-inclusive approach has become more accessible , logical , and profitable for banks and financial services providers .
Unfortunately , the numbers from the industry indicate that less than 10 % of banks and finserve institutions use big data analytics . However , these numbers are expected to rise in the coming years .
Augmented Data Analytics A big contributor to the problem is the legacy system . Incumbents are slow to act when it comes to managing their data in the most innovative of ways , says Rupert Morrison , CEO ,
Orgvue , an SaaS provider that implements data management systems for large corporations .
68 November 2021