Big banks making big data investments in ICT

Australian banks and financial institutions are investing in “big data” deployments for marketing, risk analytics and payment fraud management, according to a new report.

A “big data” deployment refers to the practice of collecting a very large database in real time for the purposes of data mining.

According to an IDC report, Business Strategy: Big Data Journey in Australian Financial Services – The Journey Begins, big data investments by major banks and financial institutions will predominantly be put in place as an extension of existing analytics programs and business-as-usual investments.

Investments by the banking, financial services and insurance sector are particularly important to the Australian ICT industry as it accounts for 22% of all Australian spending on ICT.