Al Nugent, chief operating officer at data management firm Adaptive Computing, claimed firms would have to embrace this technology in response to pressures to produce reliable and accurate financial insights. By failing to adopt quicker and more efficient data analysis, he claimed financial institutions will be unable to understand patterns and relationships emerging from data.
Nugent claims that an increasing number of financial institutions are looking to become more sophisticated and progressive with their technology applications. He states that it is increasing requisite to provide real-time data and analysis quicker and at a lower cost.
“Thanks to new technology ‘the times, they are a changing’ with HPC, and Big Data is leading the charge. Indeed, the evolution of Big Data has affected almost every industry, and it’s no surprise that the financial community has embraced it so avidly,” said Nugent.
Nugent’s comments reiterate the findings of SAS’s Big Data Analytics: Adoption and Employment Trends, 2012 – 2017 report. SAS claims the benefits for companies adopting Big Data analytics are huge – it says the financial services industry is one of the key sectors requiring this technology.