10
Big Data trends in Finance How Big Data is proving invaluable to Finance
I. Predictions via history
Market data sets with historical records used to feed predictive models, forecasts & assess trading impacts!
II. Transparent analyses Deeper analyses on governance & risk reporting Necessary for regulations & compliance standards
III. ERM scale-up
Makes risk management easy Improved transparency, auditability & provisions against human lapses
IV. Consumer-centric data strategy Data from multiple data touch-points (branch, web, mobile) to supplement new predictive analysis Focus on behavior patterns & increased conversion
THIS IS WHERE BIG DATA IS ALSO USED
V. Exploring newer markets
Substantial big data investment & infrastructure in BRIC economies Rising local & cloud-based data capacities
VI. Reducing cost of business Employing advanced big data storage & process frameworks Easing operations functionality to discover innovative trading opportunities
VII. Framework reconfiguration
Restructuring ETL processes to help manage large data siloes & large-scale data processing
More on ETL
VIII. Improving credit risk models Running analytics & enabling predictive analysis based on historical payment behavior Predict & determine future risk Provisioning priority collections
More on Predictive Analysis
IX. Increasing data collection points Universal use of mobile applications & Internetconnected devices (tablets, smartphones) to collect trading information Raising tech stack to battle data deluge Frameworks to integrate structured & unstructured data equally
X. Impermeable data centers Innovating self-secured algorithms to process data Ensuring data security to access control on & minimize negative impact on existing systems
SOURCE: insideBIGDATA
VISIT www.promptcloud.com/blog FOR MORE BIG DATA ANALYTICS, AND WEB CRAWLING ARTICLES