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Financial Institutions (FIs) need to respond with agility and business velocity to keep pace with changing economic conditions. Yet, emerging competition from fintechs and challenger banks and increasing customer expectations is making this task difficult, especially as regulatory and compliance requirements increase. Embracing the next phase of digital transformation is an imperative for financial institutions to sustain and grow in a competitive environment of rising cost pressures.
Data has become the most valuable thing in the modern world. According to earthweb, more than 2.5 quintillion bytes of data will be created every day in 2022. These large quantities of data should be appropriately organized to identify meaningful patterns for decision-making. Techniques like clustering are widely used to efficiently collect data into groups based on their similarities and differences and improve the observability of your data.
If you’ve been following InfluxDB, you’ve probably heard of InfluxDB IOx, the next evolution of the storage engine powering InfluxDB Cloud. However, I wanted to learn more about how the open source components of the new engine help achieve the requirements for the new InfluxDB engine and why they were chosen. This post covers that precise topic. We’ll also learn why InfluxDB chose to contribute to these open source projects and what our commitment to open source looks like today.
