Big data in finance refers to large, diverse (structured and unstructured) and complex sets of data that can be used to provide solutions to long-standing business challenges for financial services and banking companies around the world. The term is no longer just confined to the realm of technology but is now considered a business imperative. It is increasingly leveraged financial services firms to transform their processes, their organizations, and the entire industry.
How big data is revolutionizing finance
The exponential growth of technology and increasing data generation are fundamentally transforming the way industries and individual businesses are operating. The financial services sector, nature, is considered one of the most data-intensive sectors, representing a unique opportunity to process, analyze, and leverage the data in useful ways.
Traditionally number crunching was done humans, and decisions were made based on inferences drawn from calculated risks and trends. However, in recent times, such functionality is usurped computers. As a result, the market for big data technology in finance offers inordinate potential and is one of the most promising.
- Real-time stock market insights
Big data is completely revolutionizing how the stock markets worldwide are functioning and how investors are making their investment decisions. Machine learning – the practice of using computer algorithms to find patterns in massive amounts of data – is enabling computers to make accurate predictions and human-like decisions when fed data, executing trades at rapid speeds and frequencies.
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