Professional Documents
Culture Documents
com
www.ikanow.com
ITS GONE! HOW TO HIT A HOME RUN WITH FINANCIAL DATA ANALYTICS
These days, it seems like every financial institution is operating as if theyre up to bat in the bottom of the ninth inning with two outs. Crunch time is now all the time. We at Ikanow want to give them more strength at the plate.
Whos on first?
Lending money carries risks not only for the borrower but also for the company or individual that is supplying the funds. While there are existing checks and legislation to try and minimize the risks to both parties, things can and do still go wrong. You only have to look back to the mortgage crisis in the US; in January 2010 there were over seven million mortgage holders who were at least 30 days behind in their mortgage, with many experiencing foreclosure.
www.ikanow.com
Having access to as much financial data as possible when making lending decisions is a must; but, it is as essential to know how to analyze the data and to know how to apply what you have learned. Financial data analytics is not for the faint-hearted. Using the right tools and connecting with the right data is essential for hitting one out of the park.
www.ikanow.com
their individual needs better. It can also assist in improving customer confidence in the financial industry; essential as it remains at an all time low. Edelman, a public relations firm in the US, found that less than half of Americans trust any financial services. This is compared to an astounding 83% who have full trust in the technology sector. As financial data analytics involve using computer software to track digital footprints, among other things, peoples faith in technology can be harnessed to return their faith in financial institutions.
www.ikanow.com
www.ikanow.com
www.ikanow.com
www.ikanow.com
www.ikanow.com
unstructured. In order to gain a competitive advantage in the financial sector, firms must develop financial data analytics solutions that process this data virtually instantaneously. The sheer quantity and various types of data, as well as the need to process it quickly, all pose unique challenges for financial firms.
www.ikanow.com
10
In todays world, financial data analytics is only useful if it has an ultra-low low latency. Essentially, it must be live. Regarding infrastructure, firms must have the infrastructure in place to process big data at an extremely high velocity. The need for instantaneous information also has implications for software. Any financial data analytics software must be built to the highest standards, so that it can process all the data a firm has instantaneously. The programming should be as efficient as possible, so computers can run the software quickly. The interface should be as simple as possible (while still providing all the necessary information), so people can use the software quickly. Any big data analytics program that companies in the financial sector rely on must be able to merge structured and unstructured data quickly and in a format that users can easily understand. Information from Oracle, Microsoft Office and XML needs to be complemented by data from social media. Any software used should be able to present different types of data quickly and in flexible formats, so users can manipulate it as needed. Users should not have to waste type reformatting their data or searching for the right information. The analytics software should take care of that work for them.
A Scalable Solution
Finally, any financial data analytics solution that a firm decides to implement must be scalable. This may be obvious for growing small- and mid-sized companies that cannot afford the upfront costs of a large-scale solution. Even the most well-established, large businesses in the financial sector need a scalable solution, though.
www.ikanow.com
11
The solution developed should be scalable. It must be able to grow as big data continues to grow. This field has emerged in the past decade, but it is on track to continue growing in the coming years. Anything implemented today must be upgradeable for next year. Hardware will need to be upgraded in the future, but the ability to grow is especially important for software. A program should be continually developed, and it should be built so that its files will be compatible with future software programs.
aboUT ikanoW
Ikanows founders created the company in 2011 in response to personal observations while working with the Department of Defense and Intelligence Community regarding the challenges of information unification. The founders believe new ways of thought were required to solve complicated data and information. They believed that analysis solutions required focusing on processes and tools, specifically open-source tools, which will become the primary means for businesses to solve their structured and unstructured document analysis challenges.
Request quote
Request Demo
www.ikanow.com
12