The amount of data generated each second in the banking sector will grow 700 percent by 2020.

is based on predictions made around 2015 and widely discussed in industry reports. It reflects the exponential increase in data generation driven by digitization, mobile banking, and customer interactions across various channels within the financial services industry. This massive surge in data was expected as more customers began using digital services, electronic transactions increased, and banking operations became more automated.

Updated statistics show that data generation in the financial sector continues to grow, especially with the rise of real-time data processing and advanced analytics. For example, global data creation is projected to reach 181 zettabytes by 2025, and the banking sector remains one of the largest contributors to this data explosion due to its vast customer base and transaction volumes.

This trend is important because it highlights the need for banks to manage and analyze enormous volumes of data efficiently. Properly leveraging this data can improve customer service, operational efficiency, risk management, and personalization of services. However, the challenge lies in managing the volume, velocity, and variety of this data effectively.

A data consulting firm can help financial institutions in several ways:

Implementing Big Data Solutions: They can assist in deploying advanced data management tools, ensuring that banks can handle the volume and speed of data generated daily.

Analytics Strategy: A consulting firm can help develop a long-term data strategy, including using AI and machine learning to derive insights from data, optimize customer experiences, and detect fraud in real-time.

Data Governance: Consultants can also assist with data governance frameworks to ensure compliance with regulatory requirements while maximizing the value of big data.

By utilizing the expertise of a data consulting firm, banks can turn data challenges into opportunities for growth and innovation, staying competitive in an increasingly data-driven world.

• In the banking sector, investments in big data analytics were estimated at $20.8 billion in 2016.
• Big data ranks 20th across 33 key technologies when businesses were asked their top technologies and initiatives strategic to business intelligence.
• 21 percent of investment professionals use web traffic to derive data.
• The big data software market was worth $31 billion in 2018, growing 14 percent from the year before.
• The worldwide big data market is projected to grow from $42 billion in 2018 to $103 billion in 2027.
• 98 percent of sales representatives at construction companies that adopt analytics and geographic data reported dramatic decreases in their time frame for providing price quotes.
• 90 percent of the world’s data was created between 2015 and 2016 alone.
• 83 percent of enterprise executives say they’ve pursued big data projects to gain a competitive advantage.
• 62 percent of retail businesses see competitive advantages from information and analytics.
• 59 percent of executives say big data at their company would be improved through artificial intelligence (AI).