Big Data Trends in the Financial Industry

Big Data Trends in the Financial Industry

Banks, brokerages and other financial institutions are all looking for ways to put big data to work these days. According to a study by the IBM Institute for Business Value, more than 70% of financial companies that use big data analytics say it creates a competitive advantage for their organization.   Financial organizations tend to have a lot of data, and mining that data can help them find a way to maintain their edge with customers. “The key is making sure you use big data for what it is, a signal of how people have responded to a set of past circumstances,” says Eric Nalbone, head of performance marketing for Kabbage, which provides funding to small businesses. Here’s a look at the biggest trends in how financial firms are using big data in their organizations. Applying It to Risk Management Financial institutions and companies that want to protect themselves and …

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