According to a 2013 analyst report, the banking sector ranked second, behind media & communications, in terms of Big Data investments. The report estimated that 34% of banks were already invested, while an additional 24% expected to do so in the near term.
The conviction is justified given that data has for long been a key value driver in banking. Big Data technologies have the potential to further enhance that value as banks navigate a transformed landscape characterized by exploding data varieties and volumes.
But technology is only as valuable as the outcomes it empowers. And 2014 will be the year when banks fully apply the buzz of Big Data technologies to the business of delivering competitive and profitable outcomes.
Read more at Finacle