Using people power to drive down the costs of big data analytics.
First they poached Commonwealth Bank’s CIO, and now global banking giant Barclays is coming for the Aussie bank’s software.
Visiting Australia last week to speak at the UTS big data summit, Barclays’ global chief data officer Usama Fayyad revealed he is working with CommBank to tee up a cross-border partnership that will see the London-based company use open source data analytics tools developed by internal CBA coders.
Fayyad told iTnews it was a chance meeting with then CBA CIO Michael Harte – who had flown to Barclays’ London HQ to interview for their top tech job – that set the wheels in motion for a software development collaboration that will see Barclays take lessons from its Australian counterpart.
For the past three years, CBA’s information strategy team under Andrew Kerr has been diligently working away at an extract, transform, load (ETL) tool that it can run on top of Hadoop to exploit its vast data sets.
ETL represents an expensive headache for big financial institutions, Fayyad said.
The complex process behind pulling useful data out of often vast and unstructured warehouses means organisations are forced to pay top dollar for licences before they can access their own information.
Read the full story by itnews at: http://www.itnews.com.au/News/397383,inside-barclays-and-commbanks-open-source-collaboration.aspx#ixzz3I3cFPKZb