In a recent 2012 IT trends report, IDC Financial Insights highlighted big data as one of the key areas of focus in EMEA this year. The analyst house then went on to predict that ‘in-memory computing will appear on banks’ radar screens’. This shift will be driven by a recognition of the tangible benefits, which include real-time analytical capabilities, faster response to operational anomalies and greater insight into customer behaviours. However, the analysts believe that adoption will be restricted to few reference banking customers, rather than a mass migration.
Yet, even if just a handful of banks switch to in-memory analytics this year, they will be part of the avant-garde movement. Being a first-mover in this market holds few risks and potentially huge benefits.
Banks have long struggled with masses of data – the majority of which is currently used to ill-effect from both a customer and business point of view. Of course banks shouldn’t start analysing data simply because it is there. They need to examine the current business issues facing the institution, such as improving operational efficiency, and determine if expanding and deepening the scope of their analytics will deliver tangible business value. As long as banks are clear on the business goals and benefits of migrating to in-memory analytics, they should not be disappointed in their investment. Whether the industry will become the early adopters in 2012 remains to be seen, but once the market does start moving, it would be wise not to be left behind.