The report forecasts the global big data as a service market to grow at a CAGR of 60.9% during the period 2016-2020.
With the rise in mobile workforce and consumer expectation, financial institutions are gearing up their efforts to attract, retain, and grow their next-generation IT-driven bankers. However, many industry verticals are struggling to act quickly to meet the expectations of online customers due to fragmented processes, legacy technology infrastructure, and ingrained businesses.
Financial service is in a positive stage for the adoption of big data. Most financial services currently focus on improving their traditional data infrastructure and address issues such as customer data management, risk, workforce mobility, and multichannel effectiveness. These consistent problems have led financial organization to deploy big data as a long-term strategy.
According to the report, there has been an increase in the number of predictive modeling tools with interactive visualization and automation. These tools accelerate the methods for developing, ascertaining, and analyzing predictive models, which can be used by financial institutions for operations such as customer analytics, product innovation, risk reporting, and threat management.
Further, the report states that the synchronization of big data technologies with the existing IT databases is a major concern. Migration of databases from similar sources on different schedules and at dissimilar rates can quickly get unsynchronized with the OS. With large data volumes, conventional data marts, sequences of data extractions, and migrations and transformations have become challenging for large organizations, which can be addressed by big data solutions.