Era of Data: High-volume, high-velocity and high-variety
The era of data is here and now we are literally drowning in new data by the second. There are many sources that predict the size of digital information will double every two years (at least), and we all play a role in this exponential growth.
As an example, think about the number of digital photos or videos that we produce today compared to our parents’ (or even our grandparents’) generation. In my case, the number of digital photos and videos that I have of my 1 year old son, are far more than all the ones that my parents collected and stored of me as a child. Obviously, one of the main reasons for this to happen is that we have new technologies at hand, allowing us to easily produce and share high volumes of data in real time.
So in this context of high-volume, high-velocity and high-variety of data, organisations and especially banks, will need to invest in new Big Data technologies for collecting, storing and processing all of these large volumes of unstructured data.
Challenges for Banks
When it comes to implementing these new technologies, however, a lot of questions and challenges block banks from moving forward. Some of the questions that we often receive in our daily conversations with our stakeholders are: When will I pay the investment? In a world where technologies have exploded, how to select the right one? How to integrate new data with old data from our legacy systems (in some cases dating back as far as the 1970s and 1980s)? How to deal with all the security concerns? And so it continues…
From my experience in working in the adoption of Data Solutions for banks, I think there’s a fundamental challenge that often directors, CEOs, IT Stakeholders forget. It has been the common challenge of all the changes in the world since the beginning of history: the human factor.
Like any other revolutionary change, introducing Big Data requires a cultural shift. People need to understand that data is the most valuable asset in today’s world. Without a data driven organisation we cannot be successful. Consistent data gives banks the opportunity to know their customers better (360’ view), be easily compliant to regulators, create the right products, and increase the growth of business, among others.
In order to be successful, banks need to get the commitment of groups and individuals to change the way they work (employees, partners, regulators, suppliers) and teach them to embrace data exploration. Having the best technology in place with the perfect infrastructure and powerful analytic tools to explore all the data doesn’t matter if your people don’t help you protect your data.
Our solution approach
Having this mind, our approach when adopting big data solutions, is based in a 3 step process, starting by laying the foundation. We work together with Banks to establish IT and business architecture, as well as people, process and technology, target operating model and a roadmap for evolution. Only with a strong foundation can you build a great house.
In step 2, we propose affordable solutions to centrally capture, store and utilise data that the bank produces and consumes. In step 3 we provide solutions that support the business areas in their day-to-day operations with flexibility, fast response, compliance, real-time analysis, etc.
Our solution approach (technologies, methodology, etc.) is based on real experience guiding our customers in delivering modern data platforms. However, we strongly believe that for each reality, there’s a specific solution that will fit better. To find the right solution is fundamental to leverage the strong collaboration and commitment of a data driven organisation.