Big Data is all the rage but taming all the information flowing through the world’s computer networks, mobile devices, social media channels and so on is a huge job.
Chicago-based Envestnet, among a handful of others, is trying to help retirement plan advisors and others in the finacial services industry corral all of that Big Data. The publicly traded wealth management software company does so, it says, by looking at Big Data from a different perspective.
Envestnet, of course, isn’t alone in recognizing the potential of turning Big Data into something useful. Companies as large as IBM have been plying these waters, as have a number of startups.
The research and consulting firm Celent explored the potential of Big Data in the financial services industry in a recent report, “Big Data in Wealth Management: The Search for Customer Insight.”