Big Data offers many new opportunities to businesses around the world, particularly within the finance sector. However, the huge influx of information will also present additional compliance challenges for financial institutions.
Addressing how organizations handle their data has become more urgent during the financial crisis, with an increasing number of businesses prioritizing their data architecture, Computing magazine reports. Colin Gibson - the head of Royal Bank of Scotland's data architecture for the markets and international banking division - told Computing's Big Data Summit 2012 attendees that it was up to financial sector institutions and other companies to integrate. Additionally, he said data should be used to derive insight about future financial crises.
During his address, Gibson reiterated a concept that is often applied to data quality
maintenance, noting that Big Data will be "a journey; you will never be finished," as quoted by the news outlet.
The potential benefits associated with Big Data are not limited to finance. ITWire points to research released by McKinsey last year that showed by "fully exploiting Big Data," retailers could potentially improve their operating margins up to 60 percent.