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Friday, 14 February 2014 00:00

Be innovative and unlock your Big Data!

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The new priority in innovation for Wealth Management firms is clearly Big data analytics. In the Capital markets industry firms process and produce considerable amounts of digital data in real time on a daily basis. This creates opportunities for broker-dealers, asset managers, custodians and hedge funds.

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Due to competitive differentiation pressures, Capital Markets executives are embracing Big Data in order to gain new insights. Big Data can help improve statistical confidence. Tools and technology are necessary to help capture, analyze the data for new marketing and investment approaches, risk management and strategy.

The analytics spotlight is on. Wealth Management firms that are serious about customer analytics strategy including aggregated data will have greater customer and advisor retention, discover investment opportunities, and be able to better scrutinize both operational and reputational risks. By leveraging aggregated information through customer analytics; firms will be able to make better predictions and improve the effectiveness of targeted customer marketing and ongoing service campaigns.

Many Financial Services firms are beginning to now realize how much data they collect or already have in store, and looking into ways to develop new market strategies and commercial opportunities using this data. As a result, there are a number of new service providers emerging offering a wide array of technologies to facilitate the overall process.

Big Data cannot be an IT only managed asset at Capital markets firms. It is also an asset that the business teams need to succeed. A Capital Market firm that does not consider Big Data as part of its strategy in 2014 will certainly miss an opportunity.

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Jose Pierre

José Pierre, founder and CEO of Marketware International Inc., leads a firm that provides strategic consulting to both top-tier multinational financial institutions and their vendors as well as turnkey solutions for global trading and portfolio management.

 

José Pierre founded Marketware International in 1995, based on a vision of developing technology platforms for secure, cost effective, high volume online trading and portfolio management. By 1997, TD Waterhouse, Royal Bank of Canada, CIBC and other top-tier North American firms were clients. In 1999, TD Waterhouse acquired Marketware and Mr. Pierre, as SVP for International Technology for the TD Waterhouse Group, directed the development and delivery of high volume, local securities trading platforms throughout Europe and Asia.

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