Data volumes have grown hugely in recent years. According to Forbes, from 2010 to 2020 the amount of data created, captured, copied, and consumed in the world increased from 1.2 trillion gigabytes to 59 trillion gigabytes. A 2020 Statista prediction indicated that data creation globally was likely to grow to more than 180 zettabytes by 2025. Yet, for all this abundance of data, the financial services industry remains surprisingly information-poor.
Banks face the perfect storm. There is more data than ever, and it is more varied and moves about with increasing speed. Negotiating this volatile landscape is challenging and requires reliable, actionable information. Deriving the required business insights from the unrelenting flow of data is an extremely difficult task, made even more so by the plethora of point systems and manual processes that obstruct firms from achieving a consistent, holistic picture of what is unfolding in and around them.
