By Leron Kornreich, Communications Director, Sisense
Financial institutions and banks know what to do with traditional data. They’ve been using and processing huge amounts of data long before anybody was talking about Big Data, yet the financial world has been slow to join the Big Data revolution. The banking world is often described as conservative, and, until recently, hasn’t been quick to adopt technological solutions to solve financial problems.
All that could be about to change. Sisense, the Big Data Company, with offices in Israel and now NYC, offers a faster, cheaper solution to data processing issues facing banks and large financial institutions. At the Strata+ Hadoop World Conference in NYC last month Sisense unveiled the latest version of their Prism BI tool- Prism 2.0 in-chip technology with Crowd Accelerated Analytics. This means that whilst other data analytics tools slow down trying to information, Sisense’s Prism speeds up the more queries it has to deal with, even if they aren’t under the same query. “While other solutions get clunky and costlier as load increases, SiSense Prism gets faster and overcomes the increased expenses associated with slow-downs,” says Amit Bendov, CEO, SiSense. “It’s like we’re breaking the laws of physics. We call it power querying.”
Non-traditional data sources
Big Data Analytics Solutions, such as Sisense can pull huge amounts of data, including from non-traditional sources including social media and search engine queries, and can process it to help financial institutions gain greater insight into their customers, and into their transactions. Most Big Data solutions slow down when processing huge amounts of data, resulting in processing that is costly and slow. Prism 2.0 Crowd Accelerated Analytics maximises data processing, both from traditional and non-traditional sources for banks and other institutions with large-scale financial data, allowing different team members to query and process the same data set without slowing down the processor.
Improved customer relationships, better risk management
Big Data Analytics such as SiSense Prism 2.0 offer financial institutions the possibility of improving their customer relations, by using non-traditional data to understand their customer behaviour. By collecting data both from social media and google search a bank will better understand it’s online reputation, and how better to offer their customers what they are looking for.
Big Data also helps banks and other financial institutions with their risk management. Combing social data, news sources and other available information together with tradition financial data the bank may hold allows them to get a clearer picture of transactions, and the risk they involve. Big Data is vital for traders, and other financial professionals deal with high-risk transactions, and the speed the data is processed is crucial to financial success.
Big Data Analytics may offer a boost to the financial world, but processing all that data gets expensive, and when dealing with the massive data input of the banking world, any established data solution was bound to be slow. Cue SiSense’s release of Prism 2.0 last month. Now Big Data solutions are quicker, because the more data is inputted the faster the results will be. SiSense’s Crowd Accelerated Analytics are a revolution for the banking word precisely because the product can handle massive data, whilst maintaining optimum speed, even for complex queries.
Unlike some enterprise BI products, Prism 2.0 In-chip technology is relevant to financial organizations and institutions of all sizes. SiSense is democratizing Big Data Analytics by pioneering a new approach that enables organizations of all sizes to make sense of their data. SiSense Prism™ — powered by Elasticube™ technology — delivers unmatched performance, agility & value. With customers in 49 countries, including global brands like Target, ESPN, Merck and NASA, SiSense was recently recognized as one of the “10 Most Innovative IT Ventures” at Under the Radar and designated a company to watch by Information Management and Prism won the “Audience Choice” award at the O’Reilly Strata Conference.