Banking has its eye on Big Data

The banking industry’s interest in Big Data is growing exponentially, helping the financial world utilise data that has reached unprecedented levels.

As data storage reaches petabyte levels, technology consultants Infosys reports the banking sector can generate statistics eight times faster than previously. One IT analyst reports receiving more Big Data enquiries from the banking sector than any other during the 12 months up to October 2012.

It’s nothing new for big business to try and mine data, but in the past it was time consuming and difficult for analysts to find useful data. With Big Data technology, banks can now collect and process data in a more holistic way and utilise the data in decision making. Ways banks are utilising Big Data include analysing customer transaction patterns in real time to look out for unusual transactions which may be a result of account takeover fraud.