Big Data

Data Analysis

Introduction

Data is growing at a tremendous rate over time. Many industries face the same issue that they need analysis numerous of data which is collected from different sources to identify the valuable information as the big data itself does not create any value. Especially in financial industry, how to analysis the useful information to make profit and evaluate the risk from the big date is increasingly important.

So recently many financial service firms are trying to apply more advanced data analytics to improve their performance. The following report will show that how the data analysis works for the financial firms from three examples.

1. Bank

According to IBM report (2013), 71 percent of the banking and financial markets firms report that they have got the competitive advantage for their organizations by using the information from data analytics. Here we take Morgan Stanley as an example.

Morgan Stanley, which is a famous global investment bank, provides its products and services to variable customers including corporations, governments, financial institution and individuals in 42 countries. With such a large company, vast amounts of data will be created every day so that the traditional database is not able to meet the need any more. In order to deal with the numerous of data they created, Hadoop system, which is an advanced data analysis technology has been applied by Morgan (Tom 2012).

As explained by Gary, executive director of enterprise information management at Morgan, their data analysis system Hadoop can operate with large volumes of data from all angles and detect patterns of the data for further investigation (Tom 2012). With the data analysis technology, each data will be correlated and matched. Gary shared that they can detect any problem by watching their entire web and database logs. For example, they are able to trace back the details such as who did that, how, when and the reason of the issue and...