Big Data was the talk of the town in 2013 and the trend is likely to continue in 2014 as well. Though Big Data has been used in the finance domain earlier, it has been limited.But this year it is expected to take a giant leap in terms of its applicability.
Using the power of social media and analyzing the vast amounts of data generated by them, financial companies can directly interact with their retail clients to provide them with an insight to the customers’ experience. Finance sector being data-centric, Cloud technology will help companies store large volumes of data which was otherwise not feasible given the cost and technological setup constraints. The sophisticated mobile technology will help in generating more data from the customers within an exceptionally short span of time. And finally, Analytics will do the most interesting part – forecasting and predicting results with the help of Predictive Modeling and beyond. Together, the Social, Cloud, Mobile and Analytics (SMAC) will close in and will redefine the financial sector operations.
Additionally, Big Data and Analytics will be used more and more in solving different financial cases and also studying investment practices with the help of Semantic Analytics.
For more information,read http://www.wallstreetandtech.com/data-management/big-data-use-cases-across-financial-serv/240165075 to know on how Big Data is about to change the Financial world.