Data analytics has always been on the forefront in the financial sector, and Malaysian company Affin Hwang Asset Management continues this trend by ramping up their data analytics . Allen Woo, chief innovation officer for Affin Hwang , states “We’re in the infancy of data analytics, but the future is promising”. They have already accumulated a modest amount of data from customers that are used to improve experience. This has lead to the development of an API (application programing interface) and a data virtualization tool.
These new developments have not been without challenges, such as batch processing where data was moved to and from warehouses. This affects the reliability of pricing. The tools they have created and hope to improve on will be used to cut down on the amount of data moved, lower overall data cost, and increase the speed of analysis. In the financial world, where numbers change by the second, this is crucial.
Affin Hwang believes in data privacy and regulation. Woo has said the firm’s compliance team regularly reviews how data is being used and stored, and what data can be shared. This is important in moving forward with their data innovation plans. Overall, I think these moves by Affin Hwang can be inspiration for any financial company looking for an advantage against their competition, and show once again how data analytics is powering innovation in yet another area of society.
Source – How Malaysia’s Affin Hwang is harnessing data analytics, by Aaron Tan. Found at – https://www.computerweekly.com/news/252480128/How-Malaysias-Affin-Hwang-is-harnessing-data-analytics
LIS 4022 Spring 2020 