Financial companies are heavily regulated and frequently scrutinized. While these companies increasingly are moving to the cloud, 81% of banking CEOs are concerned about the speed of technological change. In addition, personal financial information is in high demand by hackers. Balancing compliance and security mandates, providing customers with a modern user experience, and ensuring overall profitability is an ongoing challenge.
Big data helps financial companies manage governance, risk, and compliance; provide better customer insight and service; optimize pricing and lending strategies; and promote better operational efficiencies.
Financial services companies must have productive communication internally and with customers.
Financial firms' software systems must support and enforce compliance mandates.
FSI firms must ensure compliance with jurisdiction-specific data privacy and protection rules while securing sensitive company and customer data.
Big data makes it possible to capture real-time activity and immediately detect anomalies, detecting fraudulent behavior before any harm can be done.
Firms must be able to continuously monitor their infrastructure to prevent any potential downtime and minimize its impact on business if it does occur.
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