Big Data Applications in Financeby Jacek Kruszelnicki
Financial service organizations generate huge volume of data and have relied on data analytics for quite some time. But the intense search for competitive advantage in finance points to Fast Data rather than Big Data as the secret weapon in many financial domains.
Fast Data data is the ability to ingest, process and analyze huge amounts of data in real-time (within single milliseconds or less after ingestion). Low-latency processing is not new in finance as trade execution systems have been going through the speed "arms race" for some time.
But the scope of applications that could benefit from Fast Data extends well beyond just order execution, into risk management, portfolio management, regulatory/compliance, and many other areas. To stay competitive, organizations will need to build interoperable applications using Complex Event Processing, combining, parametrizing and analyzing data coming from multiple streams of related information originating from different sources.