Financial services companies contain huge amounts of Big Data, and they are trying to figure out how best to use this data to move their companies forward.

Peter Ku, senior director of Industry Consulting and chief strategist for Financial Services at Informatica Corp., spoke with John Furrier (@furrier) and Peter Burris (@plburris), cohosts of theCUBE, from the SiliconANGLE Media team, during Informatica World 2016.

Avoiding financial crises

“Obviously, the biggest of financial services is driven off of data,” said Ku. “They produce the most data out there.” So there some huge challenges that the financial sector is dealing with as they manage Big Data.

In banking, there have many new regulations coming about since 2008 so that the market doesn’t go through another crisis. “Data’s pretty important for that analysis,” said Ku. In the insurance industry, there are many of the same issues. “Insurers also need to understand, ‘Where are my exposures?'” he added.

Growing financial businesses

“The major way that companies are growing their business is by cross-selling and up-selling products and services to existing customers,” said Ku. From a digital perspective, companies must be able to offer the right product at any time on multiple devices conveniently for their customers.

Another issue is that financial services need to understand who their customers. Mining Big Data effectively can help with this issue.

Innovating the business and reducing the cost

“The question now is: How you do adopt technology solutions to reduce the cost of doing business so that you can shift that investment model more toward innovating the business?” explained Ku.

Informatica starts at that level when they’re talking to customers about their Big Data, because innovation is hugely important.

Watch the full video interview below, and be sure to check out more of SiliconANGLE and theCUBE’s coverage of Informatica World 2016.

Photo by SiliconANGLE