Industrial and Commercial Bank of China (ICBC)
has signed up business analytics software provider SAS to overcome
what the industry has coined the “Big Data Challenge.”
With the rise of social media and,
consequently, its unavoidable significance for customer
relationship management, banks find themselves swamped with data to
track and analyse.
ICBC has 200 million customers, 600 million
accounts and processes 200 million transactions per day and had
thus implemented Big Data Analytics technologies by SAS to sift
through large volumes of data.
The bank also aims to improve its risk
Associate vice president of IDC Asia-Pacific,
Phillip Carter said the era of Big Data had arrived.
“Multi-petabyte data warehouses, social media
interactions, real-time sensory data feeds, geospatial information
and other new data sources are presenting organizations with a
range of challenges, but also significant opportunities,” he
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He added a new class of technologies was
needed to analyse large amounts of data.
“It will become clear that the real
value will be derived from the high-end analytics that can be
performed on the increasing volumes, velocity and variety of data
that organizations are generating,” he said.