Big Data Means Big Opportunity for Banks
For banks, Big Data isn’t just about more data – it’s about where that data comes from, how quickly it moves, and whether it can be put to productive use. The use of Big Data methodologies can have a significant practical impact on a financial institution, helping to improve risk and decision-making processes.
For example, instead of creating a data warehouse for a specific task, a Big Data approach uses highly flexible tools that are capable of performing a wide variety of analytic tasks. Organizations that use this approach can often leave data “in place” rather than undergo costly consolidation efforts.
Crowe Horwath LLP banking consultants have extensive experience helping banks apply to streamline the collection, consolidation, and governance of data for a variety of business uses. They are particularly adept at helping institutions accelerate their Big Data efforts in six critical areas:
- Bringing together stakeholders
- Using the right skills
- Selecting the right data management tools
- Identifying and integrating disparate data sources
- Addressing data quality issues
- Understanding and avoiding implementation failures
Crowe helps banks adapt Big Data solutions to various different types of data, both structured and unstructured, using an approach that can scale effectively to deal with data sets that could include billions of records and require analyzing terabytes or petabytes of data.
Big Data at a Glance
The "Four V's" of Big Data:
Big Data allows banks to make better, smarter, faster decisions. Is your institution ready to take advantage of this opportunity? Contact Crowe for a complimentary consultation regarding your institution’s current Big Data maturity and methodologies.
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