Frost & Sullivan Whitepaper Reveals That Analytic Insights Hold The Key To Solving Pressing Issues And Capturing Market Opportunities
Bitcoin and other new technologies are beginning to provide consumers with alternatives to potentially replace banks altogether. However, disruptive market forces are far from the only challenges financial institutions face. While many are beginning to do a respectable job of managing big data, the pace of business now demands that they do it faster than ever before— while meeting the ongoing challenge of reducing costs without sacrificing customer experience. Financial institutions must not only help teams across the enterprise understand their data but also measure the impacts of their actions and adequately communicate insights.
The latest Stratecast | Frost & Sullivan whitepaper, Innovating Financial Services in the Big Data Era, highlights the challenges and opportunities financial services face and will discuss:
- Where spending is occurring today and where it needs to be focused going forward
- The benefits that can accrue from the adoption of analytics platforms
- Case study snapshots of best practices in the industry
“Despite the challenges posed by various external and internal forces, there is good news here, and plenty of it, in the form of big data. If managed effectively, big data can provide the actionable analytic insights that hold the keys to solving these pressing issues, and to new areas of opportunity,” said Jeff Cotrupe, industry director, Big Data and Analytics, Stratecast | Frost & Sullivan. “A growing number of financial institutions are seeing the light: big data expenditures in this sector accounted for 19 percent, or $9.2 billion, of the $48.4 billion global BDA market in 2016, addressing issues and opportunities including security and privacy; data governance and blockchain; risk management and regulatory compliance; AI; and IoT.”
One reason for the spending, said Cotrupe: financial institutions are achieving an excellent return on their BDA investment. Nearly 60 percent of them achieve ROI in 12 months, and nearly 90 percent have attained ROI by the 24-month mark.
A growing number of financial institutions are looking to one of the preeminent providers of big data and analytics solutions: Tableau. Tableau continues to display the power of a business intelligence platform for managing big data from all sources, delivering the analytical depth that companies need to survive and prosper in ultra-competitive global markets.
“Tableau’s data-agnostic enterprise platform crunches massive datasets to provide actionable, self-service analytics that drives innovation and results. Its vision for smart analytics is geared to help financial institutions deliver on the dual promises of AI and the IoT,” said Cotrupe. “Tableau is making great data visualizations second nature so teams are free to focus on business value; using visual data to connect the dots and drive deep customer understanding; unlocking insights to tell a story; and more..”