Banks are facing some of the biggest challenges they’ve ever seen–and this is an industry that has faced a lot over the years. Regulators and other enforcement agencies are arguably more relentless than in previous years to rid the industry of corruption and criminal behavior. But they’ve also added considerable pressure on banks to improve their technical forensic and security capabilities. Big data is the best answer to these problems but that’s not to say that it’s a quick and easy fix–nor is it to say that these are the only problems that need fixing.
“The criminals are also rapidly innovating their technology and their tactics, both within institutions as well as outside them,” explains Jason Bloomberg in his post in Forbes. “Money laundering, for example, has become increasingly sophisticated since the economic downturn of the last decade. Furthermore, the money launderers always seem to have an edge, as they obscure their activities by using the complexity of the global financial infrastructure to their advantage.
Read the entire article at http://www.fiercebigdata.com/story/big-data-banking-battle-brewing/2014-07-30.
