Gartner Research

Best Practices for Big Data Maturity in Financial Services

Published: 15 August 2012

ID: G00233996

Analyst(s): Mary Knox

Summary

Banks' big data initiatives are in their infancy. To mature, these initiatives must be brought under the banks' data governance practices. Data governance policies must be re-engineered to meet the new data requirements.

Table Of Contents
  • Key Challenges

Analysis

  • Current State of Big Data Initiatives in Financial Services
  • Best Practice 1: When Talking About Big Data, Ensure That Everyone Is Using the Same Definition, Preferably a Broad Definition Such as Gartner's
  • Best Practice 2: Identify the Business Benefit of Big Data Initiatives
  • Best Practice 3: Include Big Data Initiatives Under the Purview of Existing Data Governance and BI Structures
  • Best Practice 4: Re-examine — and Revise and Extend — Data Governance Practices and Precepts to Encompass the Realities of Big Data
  • Best Practice 5: Begin to Experiment With Hybrid Data Architectures That Couple Data Standardization and Centralization With Distributed Architectures, Integration and Transformation to Enable Heterogeneous Big Data Environments

©2019 Gartner, Inc. and/or its affiliates. All rights reserved. Gartner is a registered trademark of Gartner, Inc. and its affiliates. This publication may not be reproduced or distributed in any form without Gartner’s prior written permission. It consists of the opinions of Gartner’s research organization, which should not be construed as statements of fact. While the information contained in this publication has been obtained from sources believed to be reliable, Gartner disclaims all warranties as to the accuracy, completeness or adequacy of such information. Although Gartner research may address legal and financial issues, Gartner does not provide legal or investment advice and its research should not be construed or used as such. Your access and use of this publication are governed by Gartner’s Usage Policy. Gartner prides itself on its reputation for independence and objectivity. Its research is produced independently by its research organization without input or influence from any third party. For further information, see Guiding Principles on Independence and Objectivity.

Already have a Gartner Account?

Become a client

Learn how to access this content as a Gartner client.