Banking and the Financial Services Industry is a domain where the volume of data generated and handled is enormous. Each and every activity of this industry generates a digital footprint backed by data. As the number of electronic records grows, financial services are actively using big data analytics to derive business insights, store data, and improve scalability.
Technology has made the Banks to work in tandem to harness the data for intelligent decisions. This has prompted many BFSI organizations to disrupt their analytics landscapes and gather valuable insights from immense volumes of data assets stored in their legacy systems. Harnessing Big Data in Banking Following the Great Recession of 2008 which drastically affected global banks, big data analytics has otherwise enjoyed decade old popularity in the financial sector.
Author: Kamalika Some