A recent report on big data technology claims the buy-and sell-side are failing to fully realise the potential benefits of the technology.
The report, authored by consultancy firm, GreySpark Partners, found that despite the uptake in big data technology across companies, a “traditional and siloed” approach means many are missing out on potential benefits.
Financial firms need to take a more “holistic and cohesive approach” to big data systems, in order to “deliver both cross-departmental cost savings and boost revenue generation”, the report claims.
Senior consultant at GreySpark, Rachel Lindstrom, explained the benefits of big data implementation “can only be fully achieved with a change of culture across the financial organisation.”
Lindstrom added: “Successful big data project implementations consider how the technology can be used across a firm, facilitating big data usage in various environments and for a number of different purposes.”
There has been a significant uptake in big data technology across banks and financial institutions, as firms struggle to manage and consume the sheer volumes of data.
GreySpark identified nine use cases for big data technology, all of which can help firms with issues like strategic decision-making and protecting against reputational damage.
Lindstrom concluded: “… big data implementations can deliver financial benefits as a result of easier information sharing across an organisation as well as the analysis of more data and types of data.”