With data – big or small, structured or unstructured – set to be the next technological “treasure chest” to be unlocked, the need to have the most effective data analytics toolkit is more relevant than ever before for private banks.
Today, financial institutions are using behavioural customer insights as new currency for bankers to harness client portfolio management. The data platform that Microsoft supplies means that private banks can combine current, more traditional data, with less traditional, unstructured data streams – or “big data” – and feed them into analytics solutions. Through machine learning, banks are able to manage their risk exposures as well as gain customer insights to increase wallet share.
Harnessing various servers including the Cortana Analytics Suite and Azure Data Lake, Microsoft is able to create data visualisation tools on topics such as business intelligence for predictive analysis – a much sought-out tool by private banks looking to stay ahead of the curve.
Indeed, big data and analytics have become a major competitive differentiator for the financial services industry, particularly for private banks with large retail arms and therefore easy access to data warehouses. As private banks seek external vendors to help manage insurmountable amounts of data, it is important to ensure that along with performance, the analytics toolkit deployed is robustly secure for mission-critical workloads, while at the same time keeping costs low.
Microsoft ticks all the above boxes, and more. Its data analytics tools, accessible on both the desktop and mobile app, can be easily integrated into any part of the bank – a key concern for chief operating officers looking to implement systems across various silos. In short, Microsoft is the Best Provider of Data Analytics in 2015.