Data Management

08:43 AM
S. Ramakrishnan, Oracle Financial Services Analytical Applications
S. Ramakrishnan, Oracle Financial Services Analytical Applications

The Road to Big Data

As big data becomes inescapable in today's financial services industry, institutions can prepare by surveying the analytics landscape, targeting a specific problem to solve, studying relevant cases and expanding capabilities with the right technology solution for their environment.

Study Relevant Use Cases

Pioneering financial institutions are already experimenting with new analytical strategies, and it always helps to learn from the experience of others. Consider the case of a global capital markets firm that had outgrown its technology infrastructure and was struggling with inefficient processes. Management was concerned that trading practices in the dealing room across the equities, bonds and foreign exchange desks could result in unexpected losses. They saw the potential for insider trading and other possible rogue trader scenarios and feared the reputational damage that could result from this kind of scandal. The customer implemented an integrated platform for behavior detection for trade surveillance, operational risk and compliance and business intelligence on a high performance infrastructure. Today, the firm has increased management confidence by reduced dependence on human managers in the dealing room, and gained tighter controls that reduce the risk of trading abuse.  

Expand Capabilities with the Best Technology Solution

In the era of big data, financial institutions must expand their analytical capabilities in four key ways:

• Analyze more data
• Address uncertainty in data requirements
• Respond to an increasing volume of unanticipated questions
• Produce more analytical insights in real time

The way to do this is to adopt a unified analytical platform and expand the toolkit of applications that allow an FSI to acquire, organize and analyze vast amounts of structured, semi-structured and unstructured data.

big data chart
Expanded toolkit of big data offerings
Ideally, shared building blocks common to each application ‒ such as data model, infrastructure and business intelligence layer ‒ ensure consistency, traceability and availability across the enterprise, while providing for customer-specific configuration and expansion. A unified platform should support analytical “intersections” to address emerging or overlapping analytical needs without extensive “re-wiring” and rebuilding of the supporting data infrastructure.

To ensure long-term success, the platform and applications that run on it must meet critical requirements for: • Robust processing • Unstructured analysis • Expanded event analysis • Expanded customer view • Real-time response

Big data is a new reality in financial services and it is here to stay. FSIs that embrace its potential, outline a viable strategy – which begins with a bite-sized initiative that will garner a quick and significant win – as well as understand and build a solid analytical foundation are well positioned to make the most of their big data.

S. Ramakrishnan is Vice President and General Manager, Oracle Financial Services Analytical Applications.

[5 Things To Know About Big Data]

2 of 2
Comment  | 
Print  | 
More Insights
Newest First  |  Oldest First  |  Threaded View
User Rank: Apprentice
12/14/2012 | 1:25:15 PM
re: The Road to Big Data

Big Data and the resulting data deluge is affecting
all FSIs. From an Enterprise Data Management perspective, Big Data is not just
about collecting vast amounts of data but clarifying what data is fundamental
to the company, turning it into meaningful business intelligence and acting
upon the opportunities presented.

It is critical that the correct framework is in
place to manage data exceptions, and then analyse the results in order to
facilitate decision making. -áIn essence, it is about improving the data
flows around the organisation, making the business more efficient and thus
achieving cost reductions. This framework must be underpinned by a
comprehensive data model to achieve the required consistency, traceability and
availability across the enterprise, and ensure compliance with current and
future business initiatives.

Furthermore, data visualisation is now
imperative in order to make sense of your critical data and has become a
powerful weapon in driving the business forward. -áStrategic data
management married to intuitive visualisations puts control of your data into
your hands; tactical GÇ£quick fixGÇ¥ approaches result in companies constantly
playing catch up without really tackling the issue.

- Rob Styles, Sales Leader for the UK, Nordic Region and Benelux at GoldenSource Corporation.

More Commentary
Shared Reporting Services on the Horizon, Genpact Predicts
The financial services industry is starting to adopt shared services, resulting in reasonable impacts to the bottom line. Genpact expects a push for reporting efficiency will come next.
Don't Let the Cloud Rain on Your Operations Strategy Parade
Avoid migrating large applications all at once to minimize risk during a cloud project.
Could Intel Lose Data Center Market Share to ARM Chips?
ARM chips could be an alternative for certain purposes in the datacenter, but many questions have to be answered before they pose a threat to Intel's market dominance.
Cost to Trade: Hey, Banks, It’s Time to Face the Music
Why is calculating the cost to trade so difficult for banks? The answer is as complex as the calculations themselves.
M&A Activity Will Continue to Grow in 2015
Data shows that the M&A market continues to improve, and forecasts indicate deal making will be healthy in 2015.
Register for Wall Street & Technology Newsletters
White Papers
Current Issue
Wall Street & Technology - Elite 8, October 2014
The in-depth profiles of this year's Elite 8 honorees focus on leadership, talent recruitment, big data, analytics, mobile, and more.
5 Things to Look For Before Accepting Terms & Conditions
5 Things to Look For Before Accepting Terms & Conditions
Is your corporate data at risk? Before uploading sensitive information to cloud services be sure to review these terms.