Data lakes are centralized repositories of data that are helpful for compliance purposes, performing forecasts, risk assessments, and understanding customer behavior.
A data warehouse is a storage system that enables you to track crucial data points over time and analyze them to run your financial operations smoothly and make sound decisions.
When it comes to financial services, people’s lives can be somewhat fragmented. Depending on the situation, they might be juggling two or three different financial institutions along with several diverse financial products.
An extremely vital aspect of the banking and finance sector is their ability to manage exposure to losses & risk and to protect the value of its assets.
With the rapid growth of FinTech organizations, the banking and finance sector are chomping at the bit to figure out a way to accelerate their data initiatives.
Just like most industries, banking and finance have forever changed due to the explosion of big data and the infrastructure required for processing such data.