The Demands of Big Data on Financial Services
The age of "Big Data" is threatening the gains in data agility — and with it, competitive decision making and effective business action — that financial services firms have struggled to achieve. Senior data management practitioners and stakeholders at financial services firms must realign their data management practices now to account for big data and increased demands for data agility.
In this Gartner Research Note, Research Analyst Mary Knox explores the topic "Big Data and Agility Demands Threaten to Overwhelm Financial Institutions." Her research presents key findings and recommendations regarding the impacts of Big Data within the Financial Services industry. Her key findings include:
- Current data initiatives, based on traditional best practices, are in danger of being derailed, discarded or sidelined, erasing many of the data quality gains that this industry has so painfully won.
- Big data is big across four dimensions — volume, complexity, variety and velocity — similarly, demands being placed on data, requiring increased data agility, are also becoming big across those same four dimensions.
- Data management practices regarded as "best practices" are artifacts of the past, based on often-unexamined assumptions. While many data management practices are still valid, the changing conditions of big data and increasing data agility demands challenge the appropriateness of others.
- Assessing the validity of the assumptions underlying data management practices will enable banks and investment services firms to modify and extend their current practices to meet the new realities while preserving previously won gains in data access and quality.
Register to Download this Research Today!
