As the amount of structured and unstructured data explodes, the financial sector is realizing the necessity of harnessing and analyzing that data in the fastest, most effective way possible in order to stay competitive. A revolution can be defined as a fundamental change in an organizational structure that takes place in a relatively short period of time when people “revolt” against the current order. Currently, the financial sector is making a massive shift towards big data and machine learning technology and applied solutions. Here are five signs that this is the beginning of a revolution in finance
Investors in the financial industry are now having to confront the challenge of managing a large volume of data in this unstructured format, assembling in-house data scientists, engineers and IT staff who can transform it into insights. This is an extremely lengthy and expensive process. The majority of buy-sides do not have access to these types of resources, and that’s why big data vendors are essential. For hedge funds, asset managers and banks looking for a big data vendor,we have narrowed down the top 10 key areas to consider when deciding on an alternative data vendor.