Where have you been all my life? How the financial services industry can unlock the value in Big Data

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1 Where have you been all my life? How the financial services industry can unlock the value in Big Data

2 Agenda Why should I care? What is Big Data? Is Big Data for me? What will it take? PwC Slide 1

3 The numbers don t lie, the stats behind Big Data are compelling Around 2/3 rd of Financial Services firms spend more on unstructured data infrastructure than any other industry, costs are expected to rise annually by9% Why should I care information technology and business executives surveyed by PwC believe that Big Data has significant potential to create business advantage Source: PwC 5 th Annual Digital IQ survey [1] A survey conducted by IDC says that almost30% of respondents view analysis of customer behavior data as their driver for using Big data technologies [2] Sitting back is not an option! 1. David Rogers and Don Sexton. "Marketing ROI in the Era of Big Data" The 2012 BRITE/NYAMA Marketing in Transition Study IDC Big Opportunities and Big Challenges: Recommendations for Succeeding in the Multibillion-Dollar Big Data Market, doc #237885, November PwC Slide 2

4 Revolutionary changes in mobile, social media and ecommerce require companies to rethink data all over again to stay relevant. Why Should I care? Internet/ Mobile Data Why do we need to this now? Large Volumes If the answer to any of these questions is Yes then you should start thinking about Big Data now and not later. Remember to Internal Data and Third-Party Data High End Modeling Collect what you don t have, Analyze what you need, Discard what you don t need and Distribute what is relevant PwC Slide 3

5 What is Big Data? What is Big Data? Big Data encompasses structured, semi-structured and unstructured information from demographic and behavorial information about consumers to product reviews and commentary; blogs; content on social media sites; and data streamed 24/7 from mobile devices, sensors, and technical devices Using Big Data to get the right information to identify the right markets and customers at the right time enables institutions to make the right strategic decisions. PwC Slide 4

6 Trying to unlock the power of Big Data without data analytics is like trying to harness the power of the Internet without a search engine... What is Big Data? Historically, while financial institutions collected copious amounts of data, they were unable to use that data to generate meaningful information in a timely manner This fragmented their view of business insights As a result, business opportunities and related growth were tied to a much slower roadmap. This value chain is at the foundation of Big Data PwC Slide 5 Because they were unable to develop Big Data analytics and process the data in real time, they had difficulty predicting and responding to changing business needs and arising opportunities 08 January 2013

7 We have observed three key attributes of Big Data volume, velocity, and variety which we refer to as the 3 Vs. Traditional data management practices cannot accommodate these attributes. What is Big Data? Volume FS firms grapple with the need to store large amounts of structured and unstructured data. Velocity Firms have begun to gain a competitive advantage by focusing on the ability to process more trades at a faster rate than their competitors. Variety Unstructured social media data including tweets, status updates, blogs, tags, pins, and videos is needed to keep up with evolving needs of the customer. PwC Slide 6

8 Financial firms are looking to transform their organizational culture to foster innovation while staying cost competitive. Is Big Data for Me? Managing exponential growth of structured and unstructured data: Digital data is used to analyze customer demands and growing business needs Market data in variable formats needs to be processed and analyzed Regulatory demands are pushing for a scalable platform to address ad-hoc queries to provide transparency IT and Operations both need to deliver high end processes and solutions while being cost effective: IT and Ops are looking to identify opportunities to reduce costs and reduce large data processing requirements IT is looking to create more flexibility to respond to business requests through document centric databases Business demands IT to provide enhanced user interface where IT does not need to be involved PwC Slide 7

9 Recognizing that Big Data is an innovation that delivers business insights and opportunities, we see leading institutions now beginning to utilize the power of Big Data to compete in the market. Is Big Data for Me? Big Data is not a technology problem A large asset management firm invested in standing up big data infrastructure but could not grow it because the business did not see the value Big Data is not a panacea Big data without the right foundation Big Data is used as an enabler A large mortgage servicing organization agreed that solving issues like poor quality of data and inadequate data governance cannot be solved by Big data A mid cap insurer in the mid west started a data warehousing program 5 years ago, and are just starting to see ROI. But the organization could not scale to meet the demands of the business A large Investment Bank already had a number of departments leveraging Big Data but had no common direction at the enterprise level. Standardized tools and approaches were needed PwC Slide 8

10 How can financial institutions apply Big Data to take advantage of opportunities and manage risk Is Big Data for Me? Customer Impact Investment Management Risk and Regulation Leverage Big Data technology to extract unstructured information from customer-service systems Utilize Big Data distribution technologies to integrate data from both traditional and internal structured sources and external unstructured sources Perform predictive analytics on payment and statement information to forecast buying patterns Develop and deploy a distributed compute farm that executes mortgage models Create functionality that allows a mortgage analyst to submit a model for processing Integrate data throughout the lifecycle of the loan from origination, to servicing, to close for better quality and consistency Use Big Data distribution technologies to integrate both structured and unstructured data from firmwide sources Measure risk and exposures by applying Big Data to integrate external market data into internal transaction data Develop stress strategies and perform parallel simulations. Build dynamic data structures to increase agility when faced with changing compliance and reporting requirements PwC Slide 9

11 You can start the Big Data journey at any level of maturity, but you should reach a certain level before you can invest High Low Maturity Big Data Experimentation can start here Level 1 Limited Data is mostly managed in excel spreadsheets You should be here before you can invest in a production ready Big Data solution Level 2 Evolving Data is managed in disparate relational databases with little integration Level 3 Functional Excellence Data is managed centrally in one or more integrated repositories with repeatable processes Full Information Management value realization Level 4 Integrated Excellence Analytic Models sit on top of enterprise databases with enhanced data quality What will it take Level 5 Information Premium Decisions are based on integrated internal and external fully simulated business operations PwC Slide 10

12 Financial institutions are finding it challenging to enable data oriented business capabilities with Big Data but are finding ways to overcome these barriers. What will it take Barriers to adoption Confusion around which problem Big Data is intended to solve Lack of the right tools; or having too many tools in house for Big Data Big Data solutions Define a business statement that will describe the Big Data vision. Develop and deploy common infrastructure execution environment(s). Not sure how to determine if the capability delivered value once implemented Measure value realization in small segments and in every step. Undefined or Ill-defined data policies Being unprepared to drive a shift in organizational mindset Create a data policy that addresses how long certain types of data should be retained, who should be entitled to see it, and the appropriate field of use. Think through the ways that the business model, processes, and people skills should change. PwC Slide 11

13 What does it take to turn information into growth? What will it take Upfront Recognize that Big Data Is Not A Technology Problem. Prepare their organization to Face the Big Data Storm by combining a whirlwind of data, technology, skills, business models, and economies. Educate your business leaders around both the Value and the How-To of making Big Datadriven, fact-based business decisions. Make sure that the Strong Governance is in place so that the combined IT and business goals can be met, and that costs can be minimized by standardizing common technologies, tools, and processes. Ongoing Be prepared to Fail Early and dispose of unused data that is not adding value. Recognize that Big Data technologies are still evolving and Require Careful and Ongoing Needs Assessments. Rather than focusing solely on external data, strive to achieve the full promise of Big Data by Combining Third-Party Data With Internal Data Assets. Look at Big Data as an Enterprise Asset that should be leveraged to create opportunities using analytics. PwC Slide January 2013

14 Once the opportunity has been identified, adopt an approach that will allow your organization to experiment before going down the SDLC track What will it take 1. Ideate - Out of the box thinking to enable business capability, build the idea, test the idea, then build it to production. 2. Incubate - Create a small scale execution environment to conduct Proof of Concept (POC) activities on ideas that passed the ideate phase. 3. Productionalize - Transition the POC developed in the incubate phase to the standard software development process. 4. Realize - Realize the value of the capability and operate it in production. Continuously test the value delivered, enhance as needed and retire timely as it becomes obsolete. PwC Slide 13

15 Thank You! 2013 PricewaterhouseCoopers LLP, a Delaware limited liability partnership. All rights reserved. PwC refers to the United States member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see for further details. This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. PwC Slide 14

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