by Bob Olson
How in-memory database solutions are allowing banks to overcome their data challenges.
The falling cost of RAM is pushing bank data warehouses away from data storage and straight into memory, significantly reducing licensing and maintenance expense. Imagine all your data running in real-time and your reports available instantaneously — and all at lower cost.
For decades, banks have struggled to keep up with data technology advances: how to store data economically, how to utilize it effectively, and how to make it pay off. Today, thanks to circumstances that enable in-memory database management solutions, banks have a great chance to get ahead of the big data curve.
One stubborn problem has always been the sheer volume of data and its rapid growth. According to the EMC Digital Universe study, data is rapidly outpacing storage and is expected to balloon tenfold from 4.4 trillion gigabytes in 2013 to 44 trillion gigabytes in 2020.
Another problem, as it has been with all bank technology deployments, is the crippling curse of all those legacy silos. What good is data about, say, a customer’s mortgage if the folks in consumer lending and insurance can’t access it?
But an even bigger problem for banks’ data hopes was the high cost of RAM for storing all that data and the difficulty of getting answers fast enough to be useful. Today, however, the falling cost of RAM has changed that calculation.
With in-memory databases, the data is stored in main memory, instead of on disks, giving users extremely fast response times to their queries. Plus they can skip or reduce data indexing, which lowers IT costs and lets them implement data solutions more rapidly.
Cheaper, faster, easier — not a bad trifecta
These cost-effective in-memory databases can revolutionize several areas by providing better data while using fewer costly resources:
You can probably think of a dozen opportunities in your own area where today you have an overabundance of data and latency in using it. So either the data goes unused, or you devise costly workarounds. That’s where in-memory databases can revolutionize your operation and help you tap into your ocean of data quickly, economically, and efficiently.