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Data governance in big data platforms

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During the past decade many financial companies have invested heavily in big data. The promise of this technology, of being able to analyse vast amounts of data quickly and obtain previously unavailable insights about the customers, trends and future opportunities, is remarkable. However, it has become clear that it is not enough to throw all the available data together and run the latest visualisation software on it. To build a business strategy based on this intelligence something more is needed – trust in the data on which the intelligence is obtained. Data governance is an important enabler of this trust. This paper considers in depth how data governance becomes an important enabler of effective use of big data platforms in financial services companies by examining three major use cases of big data environments: ad hoc analytics and visualisation, online data archival and business critical applications. By thorough examination of the essential dimensions of data governance, the paper builds a framework that can guide the management of the companies in their decisions on the appropriate uses of big data platforms and the corresponding investment in the necessary levels of data governance.

Keywords: big data; data; data analytics; data architecture; data governance; data management; data quality; metadata; ontology

Document Type: Research Article

Publication date: March 1, 2017

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  • Journal of Digital Banking is the major new professional journal publishing in-depth, peer-reviewed articles and case studies on how to develop a profitable, customer-focused digital banking strategy – specifically by using technology and automation to deliver efficient, secure and seamless customer experiences with lower operating costs.

    Each quarterly 100-page issue – published in print and online – will feature detailed, practical articles showcasing the latest strategic thinking on how to exploit new and existing digital banking markets, technologies and business models along with actionable advice and ‘lessons learned’ from fellow digital banking professionals on the key business, risk and operational requirements for putting that strategy into practice. It will not publish advertising but rather in-depth analysis of new thinking and practice at a wide range of financial institutions, financial technology innovators, central banks and financial regulators worldwide for readers to benchmark their organisation against, with every article being peer-reviewed by an expert Editorial Board to ensure that it focuses on the digital banking professional’s perspective, the challenges they face and how they can tackle them.

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