Drowning in Data Lakes

Drowning in Data Lakes MASTER Whenever I talk to someone in a bank at the moment, I hear about projects looking at the application of big data technology to a number of business problems. But I don’t hear much about success of these projects. It is almost as if the technical team desperate not to be “caught on the hop” by a competitor bank launching a killer Big Data solution are thrusting forward regardless of a clear of mission for the project. However, without a clear use case, the exercise becomes academic and involves dumping as much data as possible into a data lake, hoping something useful will surface. At the outset, my view was this was the right approach, but the truth is that these data lakes aren’t helping, and the teams building them are going to drown in their own lake. Does this mean that big data is dead in banking? Far from it. In fact it is a fantastic tool set that just needs to be used appropriately in areas that help the bank meet its obligations and cut cost. Having just completed a big data strategy in a tier 1 bank, I can see a very clear and powerful use case in compliance. But you need to bring the business and the compliance teams with you, because driving the value out of the project is difficult, not because the value is limited but because the process is complex. With typical tier 1 / 2 banks now looking at cost of compliance supervision and regulation exceeding a $1B a year, and with the volume of fines banks are receiving, there is a point when they sink under the costs of compliance. Big data potentially offers the solution to this tsunami of costs. It can be used via smart algorithms running against relevant but comprehensive data sets stored on big data platforms, that provide a solution to an ever increasing army of manual oversight and checking and reporting. Heliocor’s recently launched Robolitics solution, designed to work with leading platforms, accelerates delivery of compliance tooling that is customisable and configurable to the data and processes in your business.Drowning in Data Lakes MASTER