Discover PerformanceHP Software's community for IT leaders // November 2013
Big ideas for Big Data in FSI
A network of sophisticated electronic systems powers the operations of every financial services company. Imagine what you could do if you could harness all that data.
Without question, data is the lifeblood of the financial services industry. It’s used to assess credit-worthiness, develop actuarial models, and make multibillion-dollar trading decisions.
Financial firms and markets arguably generate the highest volume of data of any industry segment: the New York Stock Exchange creates 1 terabyte of market and reference data per day, individuals create 10,000 payment card transactions per second, and so on.
That much data creates a heavy regulatory and governance burden, but also the potential for great reward. The key differentiator between the leaders and laggards in financial services today is how skillfully they turn data into useful information and use it to fuel success.
Six ways to get ahead with Big Data
Though challenged by an increasing volume and variety of data, financial services companies have a huge opportunity to benefit from Big Data. Here are six of the most transformative industry use cases.
- Customer retention and service—Customer data can help you know what products and services would be most appealing to your customers, and how they should be presented to win your customers’ hearts and wallets.
- Big Data for better decision making—Getting the right data to the right decision makers—precisely when they need it—can mean big money in financial services companies. This is especially true in capital markets institutions, where money is made by making trades based on nearly real-time market analysis.
- Optimize operations and streamline bank processes—Disparate transaction processing environments have been the cause of industry-wide vulnerability, due to inefficient back office infrastructures. With greater automation and integration of data across platforms, FSI firms can decrease costs and errors and improve productivity.
- Product and service innovation—Traditional products and services are increasingly commoditized. To remain competitive, financial services organizations must innovate. Big Data from newer technologies, such as mobile and GPS, can help in the design and delivery of new services.
- Risk management—Financial institutions are top targets of cyber crime. Properly collected and analyzed, Big Data can give visibility into your entire business, so as to identify, detect, and manage risks before you suffer both financial and reputational loss.
- Regulatory compliance and audit—Given the organizational and departmental silos that exist across most financial services companies—especially those that have undergone mergers and acquisitions—the industry’s heavy regulatory burden is a chronic vexation. Big Data technology can help you bring all governance/compliance-related data from disparate units and systems together for continuous, integrated monitoring and management.
HP HAVEn is the industry’s first comprehensive platform and ecosystem for Big Data. Together, the platform and ecosystem provide the capability to handle 100 percent of your enterprise data—everything from high-frequency trades to social media—and securely derive actionable intelligence from that data in real time.
The HP HAVEn Big Data platform has three components: engines, data connectors, and a virtually limitless potential for applications.
Engines: HAVEn engines are designed to handle specific, high-performance functions. They are purpose built and complement one another. The engines include:
- Hadoop, an open source distributed file system
- HP Autonomy, which provides automated conceptual and contextual understanding of human information
- HP Vertica, for blazing-fast, low-cost analytics with infinite scale
- Enterprise security, powered by HP ArcSight, to help secure and govern Big Data
- Connectors: The HAVEn platform has 400 connectors from Autonomy, 300 from ArcSight, and supports custom connectors.
- Applications: HAVEn supports a wide range of HP and third-party applications, to support horizontal and industry-specific data management needs.
The HP HAVEn ecosystem brings the software environment above together with everything else you might need to profit from Big Data, such as hardware and services. HAVEn openness preserves customer choice in technologies while protecting existing investments. Customers can choose from a wealth of resources, partners, and integrators across the globe.
Making your next move
Big Data has rapidly become one of the most written-about topics in IT, but very little of the commentary focuses on how organizations can profit from connecting new streams of data to derive valuable intelligence. Many leading organizations are rapidly embracing HAVEn to create a wide variety of solutions that leverage Big Data for competitive advantage and growth.
To learn more about what HAVEn provides, download the white paper “Capitalize on Big Data.” Learn more about how to develop your Big Data strategy in our free ebook, “Connecting data for new business insight” (reg. req’d).
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