Big Data has emerged in recent months as a potential technology solution to the issue of dealing with vast amounts of data within the enterprise. As in other industries, financial services firms of all kinds are drowning in data, both in terms of the sheer volume of information they generate and / or have to deal with, and in terms of the growing and diverse types of data they confront in those efforts.
But the relative immaturity of Big Data solutions, and widespread lack of understanding of what the term really means, leads some to question whether ‘Big Data’ is no more than a technology solution looking for Big Problem to solve.
So is Big Data for real? Can so-called Big Data solutions provide relief to the embattled data architects at financial institutions? Or is Big Data a solution looking for a set of problems to solve?
Research conducted by A-Team Group on behalf of Platform Computing suggests that current market sentiment, financial hardships and regulatory scrutiny may be conspiring to create the perfect conditions for Big Data solutions to provide value to financial institutions.