Big Data game changing opportunity for financial institutions
Scott Isaacs, vice president, field operations, South Asia, SAS, feels that banks in Asia are ready to tap into Big Data. May 31, 2012 | Tiah Wen LiBig Data – a controversial topic that has attracted much attention and discussion. The debate is certainly apt as in 2011 the global output of data reached an astounding 1.8 zetabytes, each zetabyte equalling 1 billion terabytes. 90% of our world's data today was created within the last two years. In a recent interview, when asked whether banks in Asia are ready to tap into the opportunities offered by Big Data, Scott Isaacs, vice president, field operations, South Asia of SAS, said “banks in Asia are taking advantage of the opportunities inherent in Big Data today… What we have noticed is to benefit from Big Data, it’s important that banks are more flexible.” According to Isaacs, Big Data is, and has always been, a game changing opportunity for financial services companies such as banks. Huge volumes of data create the undeniable need for banks to ensure that its data management system is unified, and it is imperative for the system to be one with high performance analytics to grow revenue, reduce risks, prevent fraud and meet regulations. Here in Asia, banks continue to prioritise Big Data, looking to propel themselves forward through data mining and analysis as well as derive greater customer insights to foster deeper relationships with their best customers. “In an increasingly complex environment, banks can make use of Big Data to understand more than ever before about market trends, economic factors, competitors, customers, and more,” says Isaacs. He went on to give the example of Bank of America who is now able to better manage its lending risk to avoid defaults and other difficult situations. Besides that, Big Data gives banks the opportunity to analyse data in real time, as well as provide quick insights and decision making for their clients. This will allow banks to progress from “What can we do?” thinking to “What else can we do”. Once this is done, banks can then innovate and apply this knowledge to change their proc... Please login to read the complete article. If you already have an account, you can login now or subscribe/register.
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