From both a business and technology perspective, “big data” is generating a lot of discussion—so much so, that it can be hard to know what is hype and what is reality. Big data holds tremendous potential for financial services institutions to develop new and innovative solutions that result in significant business value. To capture that value, banks, insurance companies and investment firms must leverage big data solutions to make better sense of the real data they have, get to it quickly and make valuable decisions. It requires congruence between business objectives and the big data storage and analytics approach.
A major factor in the creation of value is trust in the information used to make decisions. Lack of trust in the information sources and analytics can derail the success of an analytics project and, conversely, solid trust can be a huge benefit in appealing to executives and boards of directors for funding of big data analytics initiatives. Establishing trust in big data is paramount to value creation as the variety and number of information sources grows.
What do financial institutions need to know to establish trust in big data and drive the right business opportunities from it? This paper focuses on helping financial services firms understand the technology component of big data value generation. To better understand how companies can maximize the value they generate from big data from the business perspective, see Grabbing Value from Big Data: Mining for Diamonds in Financial Services.