The way business is conducted is changing drastically for financial services companies, according to a new report from Celent; and “when sensibly integrated with core, channel and decision support systems, [big data] holds the promise for enabling the survival of financial service companies within this epic transformation,” Celent said.

To help companies take advantage of big data, Celent outlines steps insurers can take to shore up capabilities, the different data types insurers should plan for, the big data ecosystem that all companies need to be aware of and function in, and lastly, a case study of Taishin International Bank for firms already engaging big data and looking for innovative possibilities.

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