Dell, the International Institute for Analytics (IIA) and RainStor held a webinar last week titled “Banking on Big Data? Reduce Risk, Stay Compliant and Reduce Cost” to explore innovative ways in which banks can reduce the cost and complexity of retaining big data.
Regulatory compliance is driving the need for more holistic and regular reporting and auditing. This has contributed to a spike in the amount of data stored and the length of time it is stored, which makes the data increasingly more complex to manage and more difficult to derive business value from.
The IIA opened the webinar with an overview of the evolution of big data analytics from the IIA’s Analytics 1.0 era in the 1960’s (“Traditional Analytics”) to Analytics 2.0 in 2005 (“Big Data Analytics”) and, most recently, Analytics 3.0 (“Rapid Insights Providing Business Impact”).
“There is considerable evidence that we are entering into a new era: the era of Analytics 3.0,” said Sarah Gates, Vice President for Research at the IIA. “This environmental shift combines the best of what we saw in the 1.0 and 2.0 eras, the most important trait being that virtually any type of firm in any industry can participate in the data-driven economy now. If a company is willing to exploit the possibilities of big data, they can develop data-based offerings for their customers and to support internal decision with analytics.”
Dell and RainStor followed with an introduction of the Dell-RainStor Big Data Retention Solution – combining Dell storage (i.e. EqualLogic, Compellent and PowerVault), Dell Services, and RainStor database technology – which helps banks reduce the cost and complexity of retaining big data while also improving data retrieval and analysis.
“Big data has matured in a lot of ways,” said Remi Bello, Senior Consultant, Marketing Strategy and Analytics at Dell. “This has led us to believe that the conversation shouldn’t just be about big data but it should also be about actionable insights. So, what Dell seeks to do is to help our customers of all sizes turn big data into an advantage.”
RainStor closed the webinar with a discussion on ways in which its innovative database can help banks take the big out of big data.
“RainStor has been focused on financial services ever since the company was founded,” said Ramon Chen of RainStor. “A lot of features and functionality that are in the RainStor product today were born specifically working with banking and financial services [firms].” If you missed out last week, watch the archived webinar and let me know what you think in the comments or at @Remi_Bello.