Partnerships Advance Financial Analytics And Data Sharing
Big data isn't just an issue businesses have to deal with; local and regional governments also are sitting on massive amounts of data that are increasing every day. And some of these municipalities are tackling big data in ways that provide some useful lessons for banks.
New York City last summer launched a $15 million partnership with Columbia University to tackle the increasing volume of big data the city has and produces. The agreement includes the creation of 44,000 square feet of new space on Columbia's campus by 2016 and the addition of 75 new faculty dedicated to big data. Among the initiatives is a financial analytics center, which will bring together expertise in finance theory, machine learning, statistics, signal processing, operations and natural language processing. One of its projects includes developing statistical algorithms for predicting market moves with greater accuracy.
New York also is among several big cities engaging in a data partnering plan. Chicago, Seattle, New York and San Francisco announced in August that they would add their data sets to the federal government's open data portal, Data.gov, with the belief that comparative data from different levels of government can be useful in aiding the work of developers. Such data could also conceivably be used to spot patterns and anomalies to help in the fight against cybercrime. -- B.Y.
Katherine Burger is Editorial Director of Bank Systems & Technology and Insurance & Technology, members of UBM TechWeb's InformationWeek Financial Services. She assumed leadership of Bank Systems & Technology in 2003 and of Insurance & Technology in 1991. In addition to ... View Full Bio