Today, banks and insurance companies are collecting, storing, and analyzing massive amounts of data – commonly referred to as «big data». Businesses are recognizing the potential value of big data and are putting the technologies, people, and processes in place to capitalize on these opportunities. However, merely collecting and storing big data creates little value. The key to extracting value from big data is through the use of analytics. The data must be analyzed and the results used by decision-makers and organizational processes in order to generate substantial value.
Big data and analytics are intertwined, but analytics is not new. Many analytic techniques, such as regression analysis, simulation, and machine learning, have been available for many years. Even the value in analyzing unstructured data such as e-mail and documents has been well understood. What is new is the coming together of advances in computer technology and software and new sources of data, such as data from social media. This confluence has created the current interest and opportunities in big data analytics.
The panel speakers, two CEO’s of Swiss FinTech startups, a FSI executive and an analyst shared their perspectives on the most recent trends in Big Data Analytics, as well as the associated opportunities and challenges. As such, the panelists see a trend of moving from Big Data Analytics platforms to solutions. However, finding the right use cases remains one of the biggest challenges in creating maximal value for a company.