UK Financial Services Sector Struggles with Using Big Data
Published By : 22 Oct 2014 | Published By : QYRESEARCH
According to the survey conducted by Opinium, which included around 300 business decision makers in UK, it was found that the Financial Services sector is not using big data to the fullest of its capabilities.
This comes as a surprise since the Financial Services sector has always prided itself on seeking technological supremacy, thereby ensuring flawless work and utmost customer satisfaction. Despite the demanding nature of this sector which is based on superior financial modeling, lower latency transactions, and faster trading platform to gain a permanent competitive edge, it’s a shock that big data is not fully utilized. The report also goes to show, in spite of financial crisis and an attempt made to improve the risk calculation and transparency in financial services sector, the concept of big data remains rather alien to the system.
Around 56% of the respondents in the survey stated they completely understood the need for implementing big data to improve revenue streams and also understand their consumers better. However, only a half of this percentage were truthful about the incapability of their IT infrastructure to cope up with the optimum use of the data.
The business decision markers interviewed in this survey stated compliance concerns and consequent complications are posing as barriers in making good use of data. Regulation and considerations listed by Financial Conduct Authority (FCA) are proving to be serious restraints for keep a record of the data and adapting newer technologies. In addition to permanent nature of these regulations, new ones are likely to be adding, creating more complex situations for other areas of the industry.