aster.cloud aster.cloud
  • /
  • Platforms
    • Public Cloud
    • On-Premise
    • Hybrid Cloud
    • Data
  • Architecture
    • Design
    • Solutions
    • Enterprise
  • Engineering
    • Automation
    • Software Engineering
    • Project Management
    • DevOps
  • Programming
    • Learning
  • Tools
  • About
  • /
  • Platforms
    • Public Cloud
    • On-Premise
    • Hybrid Cloud
    • Data
  • Architecture
    • Design
    • Solutions
    • Enterprise
  • Engineering
    • Automation
    • Software Engineering
    • Project Management
    • DevOps
  • Programming
    • Learning
  • Tools
  • About
aster.cloud aster.cloud
  • /
  • Platforms
    • Public Cloud
    • On-Premise
    • Hybrid Cloud
    • Data
  • Architecture
    • Design
    • Solutions
    • Enterprise
  • Engineering
    • Automation
    • Software Engineering
    • Project Management
    • DevOps
  • Programming
    • Learning
  • Tools
  • About
  • Automation
  • Big Data
  • Platforms

Financial Services Companies Are Starting To Use The Cloud For Big Data And AI Processing

  • root
  • November 24, 2020
  • 3 minute read

The financial sector has historically been nervous about allowing its data to go off premises, making it harder to scale. Now it’s allowing for some data in the cloud to speed AI and data management.

Financial services companies are and continue to be focused on maintaining a majority of their mission-critical systems on premises, where they have direct control. They also want direct control to quickly recover systems if a failure occurs. It’s also financial institutions that have the reputation of being transaction-driven and not customer-centric.

As marketplace competition increases, most now recognize the need to store and mine customer information and the need to incorporate unstructured big data culled from the Internet, demographics, and other forms of data that don’t necessarily arrive in structured data record formats.


Partner with aster.cloud
for your next big idea.
Let us know here.



From our partners:

CITI.IO :: Business. Institutions. Society. Global Political Economy.
CYBERPOGO.COM :: For the Arts, Sciences, and Technology.
DADAHACKS.COM :: Parenting For The Rest Of Us.
ZEDISTA.COM :: Entertainment. Sports. Culture. Escape.
TAKUMAKU.COM :: For The Hearth And Home.
ASTER.CLOUD :: From The Cloud And Beyond.
LIWAIWAI.COM :: Intelligence, Inside and Outside.
GLOBALCLOUDPLATFORMS.COM :: For The World's Computing Needs.
FIREGULAMAN.COM :: For The Fire In The Belly Of The Coder.
ASTERCASTER.COM :: Supra Astra. Beyond The Stars.
BARTDAY.COM :: Prosperity For Everyone.

Financial institutions mesh unstructured data together with traditional structured data so they can perform analytics and artificial intelligence (AI) on a composite of customer information. But in the process of doing so, they must find ways to scale and store an increasing amount of data that can grow exponentially overnight.

The quandary they face is that a broad scale-out of data storage and processing isn’t workable with most on-premises systems, which might take a year or longer to budget for and acquire. This is where using more scalable cloud services can deliver value.

“Every organization that has data at scale can benefit from the economies of scale in the cloud,” said Paul Scott Murphy, VP of product management, big data/cloud at WANdisco, a provider of distributed computing services. “The cloud has been a natural home for huge swathes of data that financial institutions use every day.”

Murphy said that many banking customers he works with start with cloud data hosting of their customer-related data.

Read More  Google Cloud Next 2019 | How Customers Are Migrating Hadoop to Google Cloud Platform

“There is a natural affinity for those datasets to be used along with data from CRM, ad tech, and service desk applications that are cloud-native,” he said. We’ve seen that once these companies establish the necessary controls, security, and governance for the data they hold in the cloud. After that, they expand to much broader types of big data, such as transactional information for real-time risk analysis, data aggregation and analytics to support loan origination decisioning, and customer and market intelligence to offer personalization.”

Key factors that are moving more big data to the cloud include digital transformation, in which cloud hosting is playing a larger role; agility and cost optimization, which enable companies to move data more rapidly to the cloud than in their own data centers, and to do this in a pay-per-use mode that can trim operational and capital expense overhead; and an expanding array of AI and machine learning (ML) services and expertise that cloud providers can offer.

Together, these forces enable financial companies to bring big data and AI applications to market sooner than if they had to do it on their own.

Critical backups and recoveries of big data are also a concern.

“One way we have addressed data backup in the cloud is through a live data strategy,” Murphy said. “With this strategy, data changes are replicated immediately as they occur. This approach enables data to remain consistent across multiple environments and enables near zero recovery point objective (RPO) and recovery time objective (RTO) targets.”

Murphy recommends that companies consider a live data backup strategy because it lowers the risks and costs of legacy data migration approaches and enables continuous data migrations, which are needed in a hybrid cloud computing environment that uses both on-premises and on-cloud data and applications.

Read More  How 'Anything Is Possible' Automated Data Pipelines With BigQuery And Windsor.ai

“I also suggest that companies take a data-first approach for their Hadoop big data migration to the cloud,” he said. “Get the data there quickly so your data scientists can begin to experiment with the new system immediately for a faster time to value.”

Finally, don’t consider decommissioning all or parts of your on-premises systems too hastily. If your long-term strategy is to move more data and applications to the cloud, do it gradually and test thoroughly.

 

This feature is republished from TechRepublic.


For enquiries, product placements, sponsorships, and collaborations, connect with us at [email protected]. We'd love to hear from you!

Our humans need coffee too! Your support is highly appreciated, thank you!

root

Related Topics
  • Big Data
  • Financial Sector
  • Hadoop
  • Machine Learning
You May Also Like
Google Cloud and Smart Communications
View Post
  • Platforms
  • Technology

Smart Communications, Inc. Dials into Google Cloud AI to Help Personalize Digital Services for Filipinos

  • October 25, 2024
View Post
  • Platforms
  • Public Cloud

Empowering builders with the new AWS Asia Pacific (Malaysia) Region

  • August 30, 2024
Red Hat and Globe Telecoms
View Post
  • Platforms
  • Technology

Globe Collaborates with Red Hat Open Innovation Labs to Modernize IT Infrastructure for Greater Agility and Scalability

  • August 19, 2024
Huawei Cloud Cairo Region Goes Live
View Post
  • Cloud-Native
  • Computing
  • Platforms

Huawei Cloud Goes Live in Egypt

  • May 24, 2024
Asteroid
View Post
  • Computing
  • Platforms
  • Technology

Asteroid Institute And Google Cloud Identify 27,500 New Asteroids, Revolutionizing Minor Planet Discovery With Cloud Technology

  • April 30, 2024
IBM
View Post
  • Hybrid Cloud
  • Platforms

IBM To Acquire HashiCorp, Inc. Creating A Comprehensive End-to-End Hybrid Cloud Platform

  • April 24, 2024
View Post
  • Platforms
  • Technology

Canonical Delivers Secure, Compliant Cloud Solutions for Google Distributed Cloud

  • April 9, 2024
Redis logo
View Post
  • Platforms
  • Software

Redis Moves To Source-Available Licenses

  • April 2, 2024

Stay Connected!
LATEST
  • 1
    Building secure, scalable AI in the cloud with Microsoft Azure
    • July 5, 2025
  • 2
    Turns out OpenAI is the customer behind Oracle’s mysterious $30 billion cloud deal
    • July 3, 2025
  • aster-cloud-erp-bill_of_materials_2 3
    What is an SBOM (software bill of materials)?
    • July 2, 2025
  • aster-cloud-sms-pexels-tim-samuel-6697306 4
    Send SMS texts with Amazon’s SNS simple notification service
    • July 1, 2025
  • Camping 5
    The Summer Adventures : Camping Essentials
    • June 27, 2025
  • aster-cloud-website-pexels-goumbik-574069 6
    Host a static website on AWS with Amazon S3 and Route 53
    • June 27, 2025
  • 7
    A looming hyperscaler exodus? UK IT leaders are thinking of ditching US cloud providers – here’s why
    • June 26, 2025
  • Prioritize security from the edge to the cloud
    • June 25, 2025
  • 6 edge monitoring best practices in the cloud
    • June 25, 2025
  • Genome 10
    AlphaGenome: AI for better understanding the genome
    • June 25, 2025
about
Hello World!

We are aster.cloud. We’re created by programmers for programmers.

Our site aims to provide guides, programming tips, reviews, and interesting materials for tech people and those who want to learn in general.

We would like to hear from you.

If you have any feedback, enquiries, or sponsorship request, kindly reach out to us at:

[email protected]
Most Popular
  • 1
    There’s a ‘cloud reset’ underway, and VMware Cloud Foundation 9.0 is a chance for Broadcom to pounce on it
    • June 17, 2025
  • 2
    ‘This was a very purposeful strategy’: Pure Storage unveils Enterprise Data Cloud in bid to unify data storage, management
    • June 18, 2025
  • 3
    Pure Accelerate 2025: All the news and updates live from Las Vegas
    • June 18, 2025
  • Oracle adds xAI Grok models to OCI
    • June 17, 2025
  • What is cloud bursting?
    • June 18, 2025
  • /
  • Technology
  • Tools
  • About
  • Contact Us

Input your search keywords and press Enter.