Written by GoodData Author |
Data-driven innovators has a chance to rework the financial industry, from within and beyond Wall Street. Although finance and its associated industries are often considered “traditional,” many finance, insurance, investment, and real estate firms have found that embracing new tech has led to a revitalization of their industry.
As Marc Andreesen once said to the Wall Street Journal, “We have a chance to rebuild the system. … Lots of industries are changing in a similar way. There’s been a qualitative approach, and now there’s a quantitative approach.”
Finance professionals and financially-focused analysts alike have caught on to the potential of Big Data applications in their industry, leading to surprising agility in a historic industry. From KPMG’s implementation of analytics for fraud detection to financial startups’ ability to calculate more complete credit scores than FICO, data has already been transforming the financial industry. With bigger data volumes and more intelligent analytics, though, financial institutions can be even faster, more efficient, and scalable.
“In the age of big data, every bit of information has value and the potential to drive change.”
Using Big Data to Manage Big Performance
There are a number of financially-focused GoodData customers who have taken advantage of this analytics-driven opportunity. They can manage all types of data--from sales numbers to end-user financial data. For example, Xignite uses APIs to deliver financial market data to customers, and they service over 15 billion requests per month (around 500 million per day). But the scale of the data itself isn’t the only issue, since financial data is notoriously difficult to manage, consume, and analyze. Xignite needed to know how their APIs were being used and for what data, so they could better optimize their financial offerings to users.
That’s where GoodData came in. With our Open Analytics Platform, Xignite “could reliably track usage across all its customers to understand who its biggest data consumers are, which APIs see the most use, and what services were underutilized. That is valuable information when it is time to allocate development and maintenance resources.”
Driving ROI With Finance-Focused Sales Optimization
Xignite uses GoodData to become more efficient in their data offerings, but another GoodData customer uses their data to drive financial business. Steadfast Companies delivers value-rich real-estate investment, development and management opportunities to clients and partners across the United States and Mexico.
“We needed a solution that would support the way our resellers like to consume information. As an evidence-based industry, the ability to print out investment reports for stakeholders at our national accounts on performance is critical to demonstrating value.”
CIO, Steadfast Companies
Steadfast needed analytics to dive deep into their investment sales, without sacrificing real-time insights or mobile agility. That’s why they chose GoodData to provide the multi-user executive updates they needed, while allowing analysts to dive deep into top reps, brokers, and firms. In the fast-paced world of REIT, Steadfast users get automated email updates from the Open Analytics Platform, notifying them of achievements and problems in real time.
In addition to a complete view of their sales process, Steadfast has used analytics to open discussions in their broker and dealer partner relationships. More data-driven insight has enabled their reps to be prepared, ready to bring that “thud-factor” to executive meetings.
Written by GoodData Author |