Bank Leveraging ‘Spark Technology’ to Crunch Big Data

One of the leading talks these days is the big data revolution. There is no denying the fact that big data is the fuel that is driving organizations towards success. For several years Hadoop has been used as a go-to technology to process big data. Due to its inexpensive nature and way to store data on commodity servers. But today, organizations have started using its alternative called Spark. The reason is its faster speed and ability to handle diverse data types.

Today we will talk about how banks are leveraging Spark to process big data.

Financial institutions and Spark

Financial institutions are now using big data to reduce customer churn by extracting meaningful data while interacting with clients. They have a split platform between banking, retail and investment, but they want a single consolidated view of a party.

Well, the data that is required for the consolidated view resides in different systems. And, to bring that data together, financial firms are now using Apache Spark, an engine that runs in-memory and is 100 times faster than Hadoop and MapReduce.

Spark is used as a unifying layer. Organizations can build analytics models on top of Spark, access data from repositories and also use Machine learning to automate the analytics.

Some financial firms use Spark to analyze the text in regulatory firms. They can build an analytical layer on top of Hadoop that can analyze the text of regulatory firms and to look at patterns to know what is happening.

Everyone related to the banking industry knows that the banks often use various programs to manage data. Banks have to take in a lot of disparate pieces of data and must find ways to organize it.

As we are moving forward towards the digital era, the relationship between banks and customers is more one-to-one. It is the core that you need on a daily basis and it also forces you to understand the data.

Big data is taking off and Spark has been evolving and runs at the speed which is 100 times faster. The banks are also focusing on improving the customer relationship and they are reaching out to products that are cheaper and have more features.

One of the biggest organizations IBM has opened a Spark technology center, the largest investment the company has made. Banks really want to get the insights on what customers are doing and so they want something real-time like Apache Spark.

It is not only about making customers happy but also adding value to the organization and increasing revenues.

Clearing confusion on Sparks

Most banks are only using 5% of their data. Open-source has changed the game and now an Apache certification is more valuable than others.

One of the biggest things about Spark is the speed it offers and it runs in-memory or on disc on data stored in Hadoop, NOSQL or cloud storage. The greatest advantage of Spark is that it utilizes the unused memory in the Hadoop cluster to run processes faster.

Spark is not fully streaming but runs micro-batches that are very fast. Also, new releases of Spark have fixed all the previous problems. Banks surely don’t want to miss Spark.

Ksolves Apache Spark services

Ksolves has been a partner for banking industries for many years and provides their services to boost business. But now, when the banking sector is evolving and moving towards Spark technology, we are ready with our futuristic Apache Spark applications. We are one of the best Apache Spark development companies across the globe. If you are looking for more information on Apache Spark, write your queries in the comment section below or give us a call to book your free demo.