The purpose of this use case is to provide control to outsourced services and establish uninterrupted daily management operations and procedures by using Big Data technologies. This use case would be applicable to any financial institution and to any medium to large company in general, since IT has become critical to any industry and the outsourcing of services has been demonstrated as a main trend. Apart from the sector, this use case is intended to be applied to companies who are doing business in a cross border scenario, since when the infrastructure is not localized in a particular country is when outsourcing of services is making more sense and provide better benefits. European legislation is also aligned with this strategy and for this reason European Regulation that applies to these matters is being issued as a key factor to enhance European industry competitiveness.
The vast majority of banking and financial firms globally believe that the use of insight and analytics creates a competitive advantage. The industry also realizes that it is sitting on a vast reservoir of data and insights that can be leveraged for product development, personalized marketing, and advisory benefits. Focusing on the customer is increasingly important and the critical path towards this direction is to move the data analytics tools and services down to the employees with direct interaction with the customers, utilizing Big-Data-as-a Self-Service solutions.
Another critical requirement for financial organizations is to use data and advanced analytics for fraud and risk mitigation and achieving regulatory and compliance objectives. With cybersecurity more important than ever, falling behind in the use of data for security purposes is not an option. Finally, real-time view and analysis is critical towards competitive advantage in the financial/banking sector.