Big Data Technology and Its Uses in International Banking

Julio M. Herrera Velutini, the chairman of a prominent Puerto Rico-based financial firm, was previously involved in the Venezuelan banking industry. Coming from a family with more than 120 years of history in Venezuelan banking, Julio Herrera Velutini has an established career in international banking that spans more than two decades.

As technology has progressed, international banking has come to rely on big data applications to improve the efficiency and accuracy of financial transactions. “Big data” refers to an amount of data so large that it cannot be handled by traditional data processing applications and must be managed using big data technology.

Because banking and finance involve working with massive amounts of sensitive data in a timely manner, this information is best managed using big data technologies. These technologies increase banking efficiency by reducing the time required to access, analyze, and alter data, thus saving time to perform functions such as processing applications and managing client requests.

Big data technology reduces costs in the banking industry because it enables efficient and accurate data use that minimizes computational requirements and the need for banks to store information at external facilities. Big data technology also helps prevent fraud by using strategies such as recognizing anomalies in data sets.