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Top Big Data Trends in the Financial Sector to Watch out for Today Top Big Data Trends in the Financial Sector to Watch out for Today
News    10/04/2019

Top Big Data Trends in the Financial Sector to Watch out for Today

Most trends have a transient nature. The same rule does not hold true when it comes to big data trends in the financial sector. Then, trends related to big data finance are not merely fads but stay consistent.

For some time so that the finance companies can build strategies around the trends. Instead, developments in big data technologies for the finance industry have the staying prospect and the ability to bring enormous organizational changes for the better.

The fast overload of data in the last few years due to changing data technologies, big data, the business intelligence (BI), the Internet of Things (IoT), and smartphone technologies have made banks and financial service companies use advanced data management practices.

The online lenders and financial institutions are continuously looking for sophisticated data collection methods and its secure storage, information management, data control, and protected data platforms.

With the advent of data technologies in the last couple of years, banks and financial organizations witnessed big data technologies thriving. Then, why not make the best use of it to improve financial processes, business, and customer experience?

Big data trends will result in key cultural changes across the finance sector,where teams controlling huge databases and businesses or customer info will start managing all data in an efficient way. Thus, finance companies, employees, and stakeholders would focus on big data management for better outcomes.

According to an article published on https://www.huffpost.com, all finance will become big data finance in the near future. That is because finance today is no longer a small data discipline but much more beyond that. Here are some of the top big data trends that rule the finance sector:

More money spent on advanced technology

Did you know that the International Data Corporation (IDC) estimated that the market for data would soar from $130.1 billion to a gigantic $203 billion by the year 2020? It means that the finance companies would spend more dollars on advanced technologies, especially on big data and BI to take their operations to the next level.

 It indicates that big data will grow bigger in the years to come with so much information overload in banks and finance companies. Today, online lenders and financial service organizations can predict customer behavior and tailor financial products depending on their lifestyle and spending habits.

Customer service will improve manifold due to big data together with parallel technologies like cloud computing, data migration, artificial intelligence (AI), and machine learning.

Without these, big data would not have gained such popularity as we all witnessed in the last few years. Moreover, online lenders and financial companies will deliver more value to their customers leveraging big data.

Also Read: Best Call Tracking Software

Data protection and privacy will gain priority

With information overload, increase in financial data volumes, channels, as well as data types, dealing with tons of info has become a problem today. The regulatory authorities are applying new, rigorous laws for dealing with confidential and sensitive customer data.

It signifies that data protection and security will gain prominence in the days to come. For example, if you have taken a loan from https://libertylending.com or similar platforms, you will want your personal data to remain secure.

When it comes to GDPR, it provides transparency in data control, management, and transfer. All businesses including the finance companies will need to incorporate GDPR in their overall business strategy to conform to the guidelines or regulations.

Big data administrators would collaborate with the security team to avoid internal data security threats or breaches that would make customer and business info safe.

Blockchain Technology

There is a great deal of conjecture related to blockchain technology in the financial sector. Many believe that its benefit is in its potential to decentralize databases by connecting detached transaction data mutually via a line of a computer program, thus efficiently avoiding a central principal body.

Again, blockchain also provides a safer and effective way to share information. For instance, Bitcoin is the most popular usage of blockchain technology. Then, there are other numerous uses that have been identified, of late.

Based on the findings of Michael King, in January 2016, in the Finextra white paper, banking on Blockchain, it was predicted that the technology would ease the anti-money laundering regulation procedure. The regulatory bodies could refer to a bank’s or finance company’s blockchain.

It is true that blockchain is quite new and still has ample scope for development, but it has great possibilities. In the years to come, big data would change to simply data because the implementation of the latest trends or technologies would become more widespread and universally accepted.

As of now, big data is the buzzword and we all expect that a rising number of banks, online lending companies, and Fintech firms would investigate about big data and adopt the technology to gain competitive advantage and retain customers.

Advanced data processing

When it comes to the financial service companies, the process of storing data is changing, as more businesses move from enterprise data warehouses to logical data warehouses. The latter has a wide scope for predictive analytics.

The EDW has some challenges; it has a tough time deriving collectively data from various sources. Then, the replacement process and more adaptable LDW can understand data from multiple sources and gauge its performance without any hurdles.

When it comes to data warehousing, it has always depended on extraction, transformation, and load (ETL) tools. Under this process, data was manipulated and organized daily.

Also Read: Worried About Online Security?

Then, there is a problem, which is that ETL tools do not offer analytics in an opportune way, and because the warehouse-type keeps changing, it is logical to modify this approach for placing info or data into the warehouse. Consequently, ETL is turning into ELT, i.e., extraction, loading, transformation). Here data is placed real-time and unstructured, until awaiting some request from the end-user.

Conclusion

The banks and finance companies use the latest big data trends, investigate the benefits and embrace the technology to provide outstanding customer service, grow, and gain competitive advantage.


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