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What is Data Lake and Why are BFSIs Betting High On It?

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​​IIMN Data Science

What is Data Lake and Why are BFSIs Betting High On It?

A Data Lake is a storehouse of data, either within an organisation or on services like Cloud. This data is collected in its original form such as images, audio, multimedia etc. Data can be organised in various ways such as in rows and columns, like logs, as documents or as videos. Data Lakes replace data warehouses. Since a Data Lake is the source point for a huge volume of information, it can be used by any organisation to move towards efficient decision-making. 

Data Lakes are the future of data storage for Banking, Financial Services and Insurance Companies. BFSIs spend millions on storing and preserving data each year. They require a smart solution that provides speed, security and scale. Data Lakes are ideal to meet the specific challenges of data storage. They are centralised storage systems which can be accessed easily and lead to data security, high-speed processing and transparency.

It has started to become an integral part of Banking, Financial Services and Insurance companies. New age professionals are expected to understand and implement concepts like the Data Lake.

You can pursue contemporary banking certificate courses such as the Post Graduate Certificate Programme in Banking and Finance to gain in-depth knowledge about Data Lake.

Advantages of Data Lake for BFSIs are as follows:

  1. A Data Lake accepts all forms of data from images to documents to audio files, from various sources. BFSIs used data warehouses earlier, which stored information in a certain format. A Data Lake replaces this and enhances data-driven decisions.
  2. The data can be stored in multiple ways such as logs, rows and columns, XML, binary form, sensor data, social data etc. BFSIs have to deal with large volumes of diverse data on a daily basis. A Data Lake can organise such data and ease transactions and operations at a large scale.
  3. Data Lakes support multiple programming languages such as Hive, Hawq, Impala etc. as opposed to data warehouses which only support SQL language. This makes it easier for BFSIs to work with Data Lakes without having to translate their data.
  4. Data Lakes have an added feature that enables them to process large data sets available to them and apply algorithms on them to provide valuable insights. BFSIs can use these insights for strategic decision-making.

The current industry trends and the future prospects in BFSI make learning about Data Lake profitable for professionals. Thus contemporary professional banking courses have expanded their scope to include newer technologies and concepts including Data Lakes, to make their students industry-ready. Many universities provide banking certificate courses, at bachelor and postgraduate levels, to equip professionals entering banking and financial institutions.

Conclusion

Data Lakes are an efficient answer to the problem of data storage faced by BFSIs today. Its unique features like high-speed data processing, scalability, and schema flexibility make it a better investment as compared to data warehouses. It lends credibility to BFSI as the client data is secure and transparent. With the data organised, BFSI can offer an improved customer experience.

FAQs

  1. Will I receive any certificate after the Banking and Finance course?

You will receive a Post-Graduate certificate in Banking and Finance after completing your one-year degree programme from IIM Trichy

  1. What are the skills needed for the Banking and Finance industry?

The skills needed for banking and finance industry are as follows:

  • Analytical skills
  • Accounting skills
  • Communication skills
  • Basic maths
  • Problem-solving skills
  • Logical reasoning
  • IT skills
  • Attention to detail
  1. What is the total fee of the Banking and Finance course?

The fees for a banking and finance course depends on the college or the university you join

For the bachelor’s degree course, the fee is approximately 1 Lakh Rupees for a 3-year program. The fees for postgraduate courses or MBA is approximately INR 2 Lakhs for a 2-year program.

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