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Executive Summary
Regulation requirements and the desire for a greater understanding of risk are both behind the growing importance of connecting big data. However, it is important to understand that simply collecting big data does nothing to improve the quality of insight within a financial institution. It is only through identifying relevant data markers and breaking down the barriers between siloed repositories of information that useful intelligence can be gained. To this end, how does one go about conceptualizing the beginning of this task? The process of creating data insights starts with knowing the questions you are trying to answer, then carefully managing the data tags and integration required to paint a picture, often incorporating external reference data along with proprietary information. In this way, an organization is able to solve big data mysteries with smart data clues.
While there is currently no such thing as a “pure” big data environment, firms realize the need to bring their data into this new standard. As silos are broken down and linked internally, organizations can begin to build a more integrated and insight-driven future.