IBM's announcement of the massive support it is throwing behind Apache Spark gives additional strength to the big data analytics movement. By backing the open source Apache Spark project, IBM is not just stepping deeper into big data analytics, but it is recognizing the importance of processing speed in completing the big data picture.
Citizens Bank, in the process of being spun off from former parent company Royal Bank of Scotland, has signed a technology outsourcing and optimization contract with IBM. The five-year agreement will transition Citizens Bank's back-end technology infrastructure to a managed service environment.
Experian may have roots that date back to the 1800s, but that doesn't stop it from adopting a modern way of integrating its data and decision analytics into cloud-based workflows. The company is launching a new Salesforce.com app called FusionIQ that integrates its credit data with the Salesforce.com customer relationship management platform to give clients a comprehensive view of the creditworthiness of their customer base.
A recently published BNY Mellon paper on big data compares the finance industry to Rockefeller's Standard Oil: it generates and stores the raw materials of data but refines only a small portion of it for use. With technology supplying the tools and shrinking margins providing the motivation, the industry now has the opportunity to grow that portion, and widen the scope of insight it can get from the industry, according to the paper.
CBOE Holdings, the holding company for the Chicago Board Options Exchange has agreed to acquire the market data services and trading analytics platforms of Livevol. The company plans to tailor the Livevol platforms to provide more detailed trading analytics on CBOE's proprietary index products including CBOE Volatility Index, S&P 500 Index, Russell 2000 Index and MSCI Emerging Markets Index.
BBVA Compass has launched two content portals aimed at delivering advice to individuals and small businesses on personal finance and business management issues. The sites, Great Ideas for Small Business and MoneyFit, are each populated with hundreds of advice articles organized by topic, and the bank said both sites will be updated with new content weekly.
JPMorgan reportedly plans to cut a total of 5,000 jobs across most of the firms' major business units. At least 1,000 cuts have already been made, the Wall Street Journal first reported, with cuts affecting corporate and investment banking, consumer and community banking, asset management, commercial banking and the controls part of the bank, such as legal or compliance.
In the visible banking paradigm, banks make themselves more visible across social media, and they use the medium to better understand their key influencers – both the supporters and the critics.
Morgan Stanley Wealth Management is partnering with education technology company EverFi to launch an interactive Web-based financial education program for its wealth management clients called Morgan Stanley Financially Fit. The program, which will be offered by Morgan Stanley financial advisors to customers and their families, was tested with financial advisors in the Washington D.C. area last month.
BNY Mellon launched a new "big data analytics" tool for treasury clients this week designed to provide real-time information on straight through processing success rates, as well as trend data and information on the type and number of payment queries.