Big dat a in t he f inancial sect or 2017

Big data has been slowly making its way into the financial sector to improve customer experience and reduce risks. This is further supported by the upward trend in the usage and spending on big data solutions in the financial services industry. Here are the top ten trends to look out for in the year 2017.

Big data and Block chain in financial services ? Block chain technology has gained popularity recently, although still it is in the early stages. Blockchain offers an intriguing way of managing transactions through transparency and optimized effort. It is expected to converge with big data to enhance security and analytics, offering a centralized network to power digital transactions.

Cloud solutions in financial services ? Financial sector is slowly moving to adopting cloud solutions on a larger scale. The main objective is to synchronize financial data with the marketing information for better governance and future predictions.

Fraudulent activities on the rise ? The stakes for fraud are rising with each year forcing the financial service sectors to increase their monitoring and prevention efforts. Data management and analytics are the most preferred tools to improve fraud detection and minimize criminal activities.

Improved financial data governance ? Bank CDOs are majorly focussing on adopting solutions that manage critical aspects of the overall governance.

Open source not the only solution ? Financial services have come to realize that with their rising requirements the ?open-source? only approach is proving difficult. This year, we see a trend of combination of both open source and proprietary solutions.

Integration of real time and historical data ? Financial firms have always stored historical data and using analytics to make informed decisions. Considering the drive to increase real-time payments, the integration of historical data with real time data can add the required push to improve consumer engagement and security.

Going mobile ? With the growing use of mobile apps and social media, financial services are investing heavily on banking apps. Use of on-the-go mobile applications has even given this sector data to derive meaningful insights and extend their value-added services.

Cybersecurity as preference ? Risk management has always been the strongest interest of the finance sector. 2017 will see an increase in the security initiatives and risk assessment teams.

Utility based shared service ? The utility shift is underway and this will create opportunities to advance market structure.

Automation on the rise ? Simple automated tasks are on the rise this year as big data adoption grows. Data management and analytics have helped reduce the operational costs in the financial sector by delivering advanced solutions to improve efficiency and manage risks.