SWIFT Suggests Beneficial Use of Big Data Analytics for Financial Organizations

SWIFT Suggests Beneficial Use of Big Data Analytics for Financial Organizations
17.02.2016 07:00 am

SWIFT Suggests Beneficial Use of Big Data Analytics for Financial Organizations

Big Data

A new paper from the SWIFT Institute published today highlights the many uses of big data analytics by financial organisations to meet evolving regulatory and compliance requirements.   

The paper, entitled The Role of Big Data in Governance: a regulatory and legal perspective of analytics in global financial services’, explains how financial firms are using the latest and most effective forms of analytics in the wake of increasing regulatory mandates. The paper, prepared by Dr. Daniel Gozman from the University of Reading, and Professor Wendy Currie and Dr. Jonathan Seddon from Audencia Nantes School of Management, also cites two case studies as examples of how these analytical tools are influencing operational risk and practices within organisations across the financial services industry.  

“With 2.5 quintillion bytes of data generated daily and regulators requesting more data from organisations, analytics have a big role to play”, says Peter Ware, Director, SWIFT Institute. "The research dives into unchartered territory, highlighting the challenges and opportunities for financial organisations using business intelligence tools to improve operational efficiency and compliance.”

Highlights from the research include:

  • Organisations that harness the power of analytics to better understand organisational operations may reap many additional benefits beyond compliance;
  • Improved understanding of operational risks may also allow firms to reduce their requirements to hold higher levels of regulatory capital;
  • Analytics may help organisations better understand how individuals in the firm interact with one another and thereby act to improve lines of communication;
  • Analytics may also assist organisations in vital strategic decision making and related efforts to recruit and retain necessary staff; and
  • Firms that embrace information governance techniques are better placed to exploit big data analytics and related future innovations.

”As the use of big data analytics within financial firms becomes further embedded and institutionalised, the ability of firms to facilitate analytics and reduce related costs and overheads through information governance will become increasingly important,” explains Professor Wendy Currie, Audencia Nantes School of Management. “Firms that are able to become masters of their own data and conquer challenges related to volume, velocity, veracity and variety will be able to draw a competitive advantage through enhanced strategic decision making and increased operational efficiency.”

To download a copy of the paper, visit www.swiftinstitute.org/papers

Related News

FDX Managing Director Don Cardinal Testifies Before Congress on Big Data in Banking and Financial Data Security

 Financial Data Exchange Managing Director Don Cardinal testified before the U.S. House Committee on Financial Services Task Force on Financial Technology, regarding the role... Read more »

WHISHWORKS Announces Ambitious Plans for UK Growth and Global Expansion

WHISHWORKS, a Big Data specialist and MuleSoft®strategic partner for the banking and finance sector, has announced exciting expansion plans across the USA and the Middle East... Read more »

Big Data made simple

We are now creating more data in every two days than was created from the dawn of civilisation all the way up to 2003 (a figure in the area of five exabytes or 5 trillion... Read more »

Tieto Intelligent Wellbeing is the first Nordic AI and big data platform to receive CE certification

Tieto Intelligent Wellbeing data platform has received CE certification for medical devices. This EU certification is the first of its kind in the Nordics for a big... Read more »

ITRS releases integrations to monitor leading open source big data technologies

ITRS has released a set of six fully-supported integrations to monitor key big data technologies used in financial services today including Kafka, Hadoop, PostgreSQL, MongoDB,... Read more »

Leveraging Big Data Analytics in Banking

While the generic benefits of Big Data Analytics are known, applying it in the context of banking for fraud prevention and cross-sell must be approached differently.

 ... Read more »

Free Newsletter Sign-up
+44 (0) 208 819 32 53 +44 (0) 173 261 71 47
Download Our Mobile App
Financial It Youtube channel