Today’s financial services providers put great effort into collecting big data. With the industry’s digital transformation came the unprecedented growth of data from every step of the customer journey, operational activities and employee engagement. When properly leveraged, these massive amounts of data can help banks and other financial firms increase customer loyalty, improve risk analysis, optimize operations and more.
In reality, financial services organizations have not been very good at taking advantage of the mounds of data at their fingertips. Much of their data sits in antiquated, siloed architectures that weren’t designed to handle massive modern-day volumes, nor the complex queries required in today’s financial environment. Moving data across the pipeline to extract insights can be painstakingly slow, complicated and costly — both in terms of infrastructure and manpower.
To help tackle these challenges, SQream, the developer of the SQream DB data analytics acceleration platform, has come out with a free step-by-step guide entitled, “Best Practices in Data Management for the Financial Services Data Professional.” The guide provides financial services data professionals a clear list of steps they can take to optimize data ingestion, manage their data more efficiently, and ultimately, gain better business intelligence. Data practitioners wanting to extract more value out of the massive data at their organization’s disposal can simply download the free eBook and follow the practical guidelines in their daily business operations.
“Across industries, data professionals are faced with a host of challenges when trying to translate their big data into business value, but unique industry demands compound the difficulty in financial services organizations,” said SQream co-founder and CEO Ami Gal. “They’re sitting on massive amounts of data, but are analyzing only a small fraction of it.”
A well-known industry statistic is that even though 90% of global data was created in the last five years, only 1% of this data has ever been analyzed. The data sitting unanalyzed in financial firms’ ever-growing data stores are potentially holding critical business insights.
“In order to avoid falling into the one-percent statistic,” says Gal, “organizations need to take a close look at each aspect of their data pipeline and determine where optimizations can be made. The data is already theirs — now they need to clear some hurdles to accessing and analyzing it.” With SQream DB, enterprise organizations can accelerate their analytics, analyze significantly more of their data, and uncover valuable business intelligence.
SQream’s step-by-step guide, “Best Practices in Data Management for the Financial Services Data Professional” can be downloaded here.