Big Data, Banking and Privacy

The Banking sector has undergone quite a transformation over the past two decades. This has been mostly attributed to the advancement in technology, including faster and cheaper computers, greater connectivity among market participants, and tremendous amounts of data.This has mostly led to several new products being invented or mushrooming by the fact that there exist  huge amounts of data sets to be manipulated.

Therefore this  era of big data has brought a long with it several advantages.  Some of the ideas and products that are existing due to this revolution could not have been thought of if it is not for the existence of the massive data-sets and ways to manipulate them.

This advantages range from many new benefits to investors including more sophisticated trading algorithms, lower transactions costs, faster execution times, and greater volume of trade.This has seen a lot more  different organization across the board besides the banking institutions  investing heavily in setting up the infrastructure that can contribute towards being able to utilize their big data. Those that have these systems in place have had  to clean them up or upgrade them to the levels where they are able to analyze this data on a real time basis.

This has been the major focus of companies like Hepta Analytics. The major role that hepta Plays in this space is helping organizations set up the right infrastructure in preparation of big data as well as the analysis of the data where necessary.

However,as much as  big data  comes with  its advantages , it  has also brought unintended consequences in the form of loss of privacy and identity theft, “flash crashes,” botched IPOs, and business-ending trading errors at the speed of light. This has been a major topic of worry and discussion since its advent. As much as there are various business models arising   from the fact that there needs to be privacy in  this massive volumes of  data sets coming  in at unprecedented levels, there is still suspicion around whether these models are true to what they say they do. There has been so many cases of loss of personally identifiable information through some of these business models that purport to protecting consumer data that ,trust has been lost a long the way.

However, there  is hope given that this conversation is going on through various technology platforms and various offline platforms. This shows that everybody  now cares about the need for stringent data security measures. This gives various individuals working in different facets of technology to combine resources and work towards protecting the integrity of their profession and ensuring that it advances towards levels that contributes to the betterment of humanity rather than destroying it.

Big Data and its related discipline is  absolutely important  for any organization that is interested in advancing their business forward but at the same time, can be destructive if not utilized in the right way. It is therefore imperative that a balance is strike between the two!