10 Trends Driving Big Data in Financial Services

When it comes to Big Data, the financial services sector has been somewhat slow on the uptake. Neil Palmer, partner of SunGard Consulting Services’ Advanced Technology Business, explains it as a cautious approach to innovation driven by the heavily regulated nature of the industry. But with data growth becoming a challenge and increasing pressure to bring down operational costs, Big Data is beginning to shape financial services too.

After all, business analytics are the key to excellence in Financial Services, notes Michael Versace, research director of worldwide risk and big data industry leader at IDC Financial Insights.

Here are 10 trends that SunGard’s Palmer says will shape Big Data initiatives across all segments of the financial services industry in 2012.

New regulatory and compliance requirements are placing greater emphasis on governance and risk reporting, driving the need for deeper and more transparent analyses across global organizations.

Financial institutions are ramping up their enterprise risk management frameworks, which rely on master data management strategies to help improve enterprise transparency, auditability and executive oversight of risk.