Global Analytics and Risk Compliance Solutions for Banking Market 2016-2020
About Analytics and Risk Compliance Solutions
Financial services, insurance, and banks are among the most data-driven industries. Commercial banks and insurance companies operate within regulatory environments that require firms to store and analyze several years of transactional data. For making the most from the business financial services, companies rely on relational technologies coupled with business intelligence tool to handle the ever-increasing data and analytics burden. In today’s world of information, financial service industry is witnessing a disruptive change in the way do businesses worldwide. Regulatory reforms drive this change. Ailing business and customer settlements, continuous economic crisis in other industry verticals, high cost of new technology and business models, and high degree of industry consolidation and automation are some of the other growth drivers. Companies are rapidly changing business models. Financial institutions are changing the way they do businesses and building a high degree of ability to avoid the risk for losing confidence of customers and shareholders. With the growing customer expectation, financial institutions are gearing up their efforts to attract, retain, and grow their next generation of technological-driven bankers.
Technavio’s analysts forecast the global analytics and risk compliance solutions for banking market to grow at a CAGR of 17.2% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global analytics and risk compliance solutions for banking market for 2016-2020. To calculate the market size, the report considers the revenue generated from the Americas, APAC, and EMEA.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Analytics and Risk Compliance Solutions For Banking Market 2016-2020
Technavio recognizes the following companies as the key players in the global analytics and risk compliance solutions for banking market: CMO, EMC, IBM, MetricStream, and Nasdaq.
Other Prominent Vendors in the market are: Check Point Software Technologies, LogicManager, MEGA International, NAVEX Global, Oracle, Protiviti, Rsam, SAI Global, SAP, SAS Institute, Software AG, and Thomson Reuters.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is emergence of social media as marketing and collaboration medium. Social media has been playing a major role in data source for many organizations. This is because of its ability to offer instant feedback about the businesses through social networking sites and blogs. Organizations are adding data warehouses with external data sources. In addition, advancement in text analytics and sentiment analysis is encouraging organization to include social media in their business.”
According to the report, one driver in the market is exponential growth in data and portfolio risk solutions. Organizations across industries are undergoing major digital transformational changes. The inherent benefits of digitization such as better decision-making, improved customer relationships, efficient resource planning, innovations in products and services, and cost savings have boosted the adoption of digital technologies. This has resulted in exponential growth of corporate data. For instance, the healthcare industry has been generating large volumes of digital data due to rapid digitization of manual patient records, fueled by legislative regulations and the need to provide better patient care at lower costs.
Further, the report states that one challenge in the market is lack of expertise in big data technology. Banks need to develop continuously and offer innovative solutions per changing customer requirements. This costly complex process involves a great degree of uncertainty and any failure in understanding the requirements of customers leads to loss of time and money. Most of the organizations in the financial services sector expect big results but are fearful of spending. Thus, their lack of a forward-thinking attitude makes it difficult for banks to calculate and track possible ROI. This may hinder the value additions thereby challenging the development of banks. Therefore, to ensure sustainable growth, it is important for banks to understand the current market need and accordingly offer tailored solutions to clients.
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