Skilled at leveraging big piles of data for business value, banks have long been considered innovators for their use of analytics to tackle such critical banking functions as risk management, price discovery and fraud detection. However, things are different today. The piles of data are much bigger, faster, and far more unstructured and complex than they ever have been, necessitating new industry responses.
For example, with Dodd-Frank and Basel III, regulators demand that banks provide increased transparency and risk mitigation to allay concerns. 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.
Perhaps a 2010 Gartner data management survey of financial services firms best underscores this trend. It found that only 43% of responding firms give the quality of their data for supporting operations a high rating. Similarly, only 33% gave the quality of their data for supporting business intelligence and management decision making a high rating.
But now a solution exists that helps banks reduce the cost and complexity of retaining big data while also improving data retrieval and analysis. The Dell-RainStor Big Data Retention Solution combines Dell storage (including the Dell DX Object Storage Platform), Dell Services, and RainStor database technology, to help reduce the cost of retaining big data through data reduction, simplified data management and near-perfect scalability, which can provide easy access to the data by standard SQL BI/analytics tools.
Join Dell, RainStor and the International Institute for Analytics (IIA) for a webinar 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. The IIA will introduce its acclaimed Analytics 3.0 framework, outlining how banks can bring together the best of traditional analytics and big data to drive business impact.
Date: Tuesday, May 14, 2013
Time: 11:00am PT / 2:00pm ET
Duration: 1 Hour