UBS is a global financial firm working in over 50 countries, providing investment and financial products to its clients. UBS has taken a major step towards integrating the big data technology into its decision making steps. Big data is viewed as an opportunity by many financial organizations as it taps into the unused data classes of assets. Big data comes with a prospect for many financial organizations that handle diversified portfolio but data security has been a concern of the banks.
UBS is eyeing a fresh and comprehensive start in the big data, with Evidence Lab, the venture is set to go on for about four years. With the use of better big data research, the Swiss bank seems to be looking for new paths to generate wealth with all the data built in. The Swiss bank has already integrated Evidence Lab work into its financial research. Nearly, 90 percent of the analysts tap into the group and it’s on track to publish 3,000 joint analyst-evidence lab research reports by end of this year.
The corporate and private equity clients have approached the bank to tap into thousands of data sets. These thousands of data sets include various environmental factors (air quality, disaster risk), hotel reviews and automated cars. UBS is looking to generate fresh prospects for revenue with its four-year effort.
