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Why big data is still a big opportunity for banks

December 26, 2018 / techwireasia

BANKS understand that big data means big money. It represents a big opportunity to them — and they know that unlocking the value in that data could help set them apart from the competition in the dull banking landscape in the region. It’s why bankers in this part of the world were among the top spenders in the big data and business analytics market this year. IDC expected revenues for big data and analytics (BDA) in the Asia/Pacific (excluding Japan) to reach US$14.7 billion in 2018 this year, an increase of 14.4 percent over 2017 figures. Analysts believe that growth is a result of investments led by banking, telecommunication, and discrete manufacturing companies, and forecast that the growth rate of the BDA market will remain at 14.4 percent (CAGR) for the next three years or so. Obviously, big data is on the radar of leaders in the world of banking, and they’re racing to gain the capabilities to harness their data repositories.