Bank leveraging 'spark technology' to crunch big data

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One of the leading talks these days is the big data revolution. There is no denying
the fact that big data is the fuel that is driving organizations towards success. For
several years Hadoop has been used as a go-to technology to process big data. Due
to its inexpensive nature and way to store data on commodity servers. But today,
organizations have started using its alternative called Spark. The reason is its faster
speed and ability to handle diverse data types.
Today we will talk about how banks are leveraging Spark to process big data.

Financial institutions and Spark
Financial institutions are now using big data to reduce customer churn by
extracting meaningful data while interacting with clients. They have a split platform
between banking, retail and investment, but they want a single consolidated view of
a party.
Well, the data that is required for the consolidated view resides in different systems.
And, to bring that data together, financial firms are now using Apache Spark, an
engine that runs in-memory and is 100 times faster than Hadoop and MapReduce.
Spark is used as a unifying layer. Organizations can build analytics models on top of
Spark, access data from repositories and also use Machine learning to automate the
analytics.

Some financial firms use Spark to analyze the text in regulatory firms. They can build
an analytical layer on top of Hadoop that can analyze the text of regulatory firms and
to look at patterns to know what is happening.
Everyone related to the banking industry knows that the banks often use various
programs to manage data. Banks have to take in a lot of disparate pieces of data
and must find ways to organize it.
As we are moving forward towards the digital era, the relationship between banks
and customers is more one-to-one. It is the core that you need on a daily basis and it
also forces you to understand the data.

Big data is taking off and Spark has been evolving and runs at the speed which is
100 times faster. The banks are also focusing on improving the customer
relationship and they are reaching out to products that are cheaper and have more
features.
One of the biggest organizations IBM has opened a Spark technology center, the
largest investment the company has made. Banks really want to get the insights on
what customers are doing and so they want something real-time like Apache Spark.
It is not only about making customers happy but also adding value to the
organization and increasing revenues.

Clearing confusion on Sparks
Most banks are only using 5% of their data. Open-source has changed the game and
now an Apache certification is more valuable than others.
One of the biggest things about Spark is the speed it offers and it runs in-memory or
on disc on data stored in Hadoop, NOSQL or cloud storage. The greatest advantage
of Spark is that it utilizes the unused memory in the Hadoop cluster to run processes
faster.
Spark is not fully streaming but runs micro-batches that are very fast. Also, new
releases of Spark have fixed all the previous problems. Banks surely don’t want to
miss Spark.

Ksolves Apache Spark services
Ksolves has been a partner for banking industries for many years and provides their
services to boost business. But now, when the banking sector is evolving and
moving towards Spark technology, we are ready with our futuristic Apache Spark
applications. We are one of the best Apache Spark development companies across
the globe. If you are looking for more information on Apache Spark, write your
queries in the comment section below or give us a call to book your free demo.

Bank leveraging 'spark technology' to crunch big data

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Bank leveraging 'spark technology' to crunch big data