Whitepaper: Banking on Big Data
Author: Shailesh Karia
Shailesh Karia was a Group CIO, Continental Europe at Deutsche Bank. He has been a transformation Leader with over 30+ years of experience working with global Investment Banks and Consultancy. Mr. Karia has led multi-million dollar programs. He has a thorough banking industry/products background with deep technology knowledge, including Big Data. He has a proven track record for delivering multiple transformation programs, regulatory-driven initiatives, and acquisitions programs in a well-connected European market.
Banking On Big Data
This whitepaper explores the concept of Big Data, its history, and how it is being leveraged by banks and financial institutions to obtain value from their data.
Big data is the main focus in the IT plans of most financial institutions. As the financial sector becomes increasingly competitive, the value contained within their data sets can determine their success or failure. Their data is increasing rapidly. This data is coming from multiple sources and the traditional tools to analyze and manage this data is largely incapable to cope with the current growth. Big Data is marketed as the solution to address various banking, regulatory, compliance, and financial challenges. But, the true power of technology lies in the value addition it brings to an organization.
Let us understand how and why Big Data technology plays a pivotal role in the banking and financial sphere.