A recent study by Thomson Reuters reports that the majority of capital markets firms have no clearly-defined big data strategy in place across the enterprise.

The study, conducted in May and June of 2014, analyzed 23 financial services firms and found that of the firms which are implementing big data are primarily doing so through analytics for trading and quantitative research.

Additional key findings of the study included:

  • 50% of respondents have already invested in big data.
  • 50%  currently employ or plan to hire a data scientist in the next 24 months
  • "Respondents cite inadequate technical knowledge as the most commonly encountered challenge during a big data project, highlighting the need for appropriately skilled staff to implement such a strategy."

In speaking about the study, Debra Walton, Chief Content Officer for Thomson Reuters, stated, “As more financial services firms move off the sidelines and ramp up their big data strategies, they will need to find insight, speed of response, and future scalability in order to boost their success in the market and take their business to the next level..."

Michael Lee is the Managing Director of Quality Deployment. He can be reached at insights@qdbve.com.

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