JP Rangaswami, who joined Deutsche Bank in January as its first-ever chief data officer, said better and cheaper metadata was allowing the bank to analyze previously inaccessible information.

“We are able to see patterns that we could not see beforehand, allowing us to gain insights we couldn’t gain before,” Rangaswami told Reuters in an interview.

Upgrading the technical infrastructure Deutsche Bank needs to get the most out of this data is a priority for Chief Executive John Cryan. He is trying to improve the performance of Germany’s biggest bank, which is struggling to adapt to the tougher climate for banks since the financial crisis.

Cryan, who unveiled a big overhaul at Deutsche on Oct. 29, said at the time that imposing standards on Deutsche’s IT infrastructure was key to improving controls and reducing overheads.

The CEO said in the October presentation that IT design had occurred in silos with the application of little or no common standards. “Our systems are disjointed, cumbersome and far too often just plain incompatible.”

An annual global survey of more than 200 senior bankers published last week by banking software firm Temenos found that “IT Modernization” was now top priority, displacing earlier investment objectives such as regulation and customer friendly mobile apps. IT modernization ranked only fourth among major priorities in the survey last year.

The shift toward technology as a priority shows the extent of the challenge facing banks to modernize infrastructure to analyze internal customer data and try to fend off competition from new financial technology companies.

Rangaswami, who was chief scientist at Silicon Valley marketing software giant Salesforce from 2010 until 2014, said the data would allow Deutsche to tailor services to customers’ needs and to identify bottlenecks and regional implications faster and solve problems more quickly.

Source- http://www.thegurureview.net/aroundnet-category/deutsche-bank-taking-a-deeper-dive-into-big-data.html

The carrier also announced it is creating a new dedicated network core for IoT connections that can scale far beyond the ability of its existing networks with the intent to reach billions of sensors and devices.

“Continued innovation in smart cities, connected cars and wearables demonstrates that IoT is the future for how we will live and work,” said Mike Lanman, senior vice president of enterprise products at Verizon during an event held at Verizon’s San Francisco Innovation Center. He said Verizon is taking a “holistic approach” to help expand the IoT market from millions of connections to billions. The event was webcast.

Other major wireless carriers, including AT&T, are developing programs to offer a range of services to industries and cities for connecting IoT sensors to wireless networks and then to cloud services for data analysis.

At Verizon, Lanman said the company is working to lower the cost of connecting billions of existing devices that companies have used for years to Verizon’s network. Holding up a new computer chip made by Sequans Communications, an LTE chip maker, he said the chip will provide a “significant reduction in cost…that changes the game.” It will provide 4G LTE connectivity in modules connected to IoT devices to “make the wide-area network more accessible to developers.”

Also, next year Verizon will launch a new IoT core network within its LTE network to provide a “much lower cost” than with Verizon’s existing wired and wireless networks.

“The cost for an IoT module and the cost to connect will both drop dramatically,” Lanman added. “Whether you are connecting your dog or water meters and any other low-payload devices, we’ll handle it through a new IoT core.”

Source-http://www.thegurureview.net/consumer-category/verizon-launches-thingspace-for-iot-development.html