Cost of technology and integration of multiple sources and several data types are the major inhibitors before financial organisations for adoption of in-memory computing, according to a new report.
IDC’s Financial Insights’ In-Memory Computing and Its Impact on Banking report revealed that the banks, mostly among top-tier organisations involved in investment banking and capital markets activities, will create a progressive shift to in-memory computing and analytics.
IDC Financial Insights EMEA Banking research manager Alex Kwiatkowski said in-memory analytics represents a genuine paradigm shift in the way that financial institutions can interrogate and understand their business information.
"Adopting in-memory technologies will substantially improve operational performance in key areas such as risk management and fraud reduction," Kwiatkowski said.
"Given the current — and likely future — state of the global financial services sectors, this is one technology that banks cannot afford to ignore."
According to report, deploying in-memory analytics onto the desktops of operational end users in the front office that include financial controllers and market risk managers is required to occur along with the implementation and progressing deployment of in-memory analytics.
The report also revealed that organisations will also require plugging business-specific calculations into a new analytics system powered by in-memory technology, together with development of automated processes and decision-support applications.
The key vendors that are active in in-memory computing and analytics include SAP, Oracle, SAS, IBM, and Quartet FS.