Preparing for Innovation: Harnessing the Data Explosion
Overview
The growth in data is a function of multiple technological advancements in and around financial services.
The adoption of cloud, mobile technologies and apps, wearable devices, intelligent/smart networks and systems, Internet penetration and usage, are some of the major factors for growth in overall data. To put this into perspective, IDC estimated that the digital universe is doubling its size yearly and would reach 44 ZB in 2020 from 4.4 ZB of data generated in 2013. It also forecasted that the big data technology and services market will grow at a 26.4% compound annual growth rate to $41.5 billion through 2018, or about six times the growth rate of the overall information technology market.
The ability to draw insights and the ability to use data to provide context and personalization to clients would deepen any online interactions and give advisers the ability to differentiate themselves in the market.