Managing the Chaos of Bank Big Data in the Context of Open Banking
If we were to say that every day, across the world, over 2.5 quintillion bytes of data are generated, it might be a very grandiose way of explaining the power of Big Data, but it doesn’t make it any easier to understand. Even if we were to say that it’s ‘25’ with 29 zeros after it, it doesn’t help much. So, let’s try a little exercise to better get to grips with it: if we divided the surface of the Earth into sections of one square millimetre each, we would need to put about 5,000 gigabytes of data in each of those little sections in order to store all the data that’s produced… per day. Staggering, right?
With this image in your head, it’s much easier to understand why this data is so relevant for those who want to make commercial use of it and, above all, the importance of being able to handle some dizzying figures where about 80% are made up of unstructured data.
In the banking sector, organisations are using Open Banking technology to unravel this data and use it to create commercial strategies and opportunities. There’s an enormous amount of unstructured data available online in the form of audio and visual content and social footprints. The prize goes to the one who can untangle it all and most accurately analyse it.
It’s in this context that the market research specialists Reports and Markets have recently released their report entitled “Global Open Banking Market 2019”, a “professional in-depth study on the current state” of this industry, featuring some of the key players operating in this market.
This report provides a basic overview of the industry, including definitions and classifications. The analysis of the Open Banking market includes analysis of international markets, developing trends, the competitive landscape and the development status in key regions. The report also discusses policies and plans for development, as well as analysing manufacturing processes and cost structures, and furthermore, it establishes the consumption and supply and demand of import/export, with figures, costs, prices, revenue and gross margins.
It also examines technology manufacturers in terms of their manufacturing base, basic information and competitors, and the analysis of both the technology and the product type introduced by each one of these manufacturers forms another key part of this report. According to the authors, “it provides information that is not available in any other published source”, including trend factors that influence the market shares of America, APAC, Europe and MEA.
“It also includes analysis tools such as SWOT analysis and Porter’s Five Forces model in order to present perfect, in-depth knowledge about the market” of Open Banking. And how could it be any other way? When talking about this market, addressing the study in terms of value chain analysis and regulatory analysis is inevitable.
Report: Global Open Banking Market 2019
The report covers the following items in detail:
Global Open Banking market sizes from 2015 to 2025, along with the CAGR for 2018-2025.
Market size comparison for 2017 vs 2025, with actual data for 2017, estimates for 2018 and forecast for 2019 to 2025.
Global Open Banking market trends, which cover a wide range of consumer trends and manufacturer trends.
Value chain analysis which includes participants from raw material suppliers to intermediate buyers in the global Open Banking market.
The main market opportunities and challenges in the forecast timeframe focused on.
Competitive landscape with analysis of competition patterns, portfolio comparisons, development trends and strategic management.
Complete company profiles of the main industry players.
This is a complete manual, available to anyone by requesting a copy via this link. The price varies depending on whether it’s for individual or corporate use. It’s a compendium of order within the growing chaos of data produced every day across the world, where both traditional and new players will play a big role in leading a future which is already here – the Open Banking market.
On the 16th and 17th of November, Madrid hosted the 14th National Credit Congress, organised by CMS Group and attended by more than 1,000 people to discuss the latest challenges and innovations in the industry.