Financial services firms from all over the world are under pressure to develop their businesses by adding new, consumer-friendly digital services, including more mobile access options, while lowering risk and sustaining compliance. Today, Cloudera announced more financial services organisations are choosing to Cloudera Enterprise as the mainstay of an enterprise data hub to support digital transformation efforts. Cloudera’s big data software solutions help information-driven financial firms grow revenue while concurrently enticing new and retaining current customers. Cloudera solutions also enable powerful fraud detection capabilities and ensure that financial organisations are in parallel with government regulations.
According to Steve Totman, Big Data Evangelist and Industry Leader, Financial Services at Cloudera, “Financial services organizations have many challenges to overcome as they move to embrace a digital transformation including customer journeys, fragmentation, security, privacy, and data quality. They must also attract a new generation of customers who require these institutions to offer more services over a variety of channels. We have seen strong demand for Cloudera’s enterprise data hub from financial firms that need to address these complex business challenges and enable faster and more accurate analytics while adhering to regulations and requisite security and governance practices.”
Increasing Business Value
Cloudera collaborates with more than 180 leading global financial organisations including Allstate, Bank Mandiri, Credit Suisse, DBS Bank, Marketstudy, Nordea, Northen Trust, and Royal Bank of Scotland to realize business value in three key areas:
● Customer Insights: Financial services organisations must centralise fragmented customer data that stays in silos spread across hundreds of systems and platforms to get a more complete view of their customers’ behaviours. Then, that information is used to boost satisfaction and retention. By using Cloudera’s enterprise data hub, organisations can create a secure, single, central, active repository that builds a true 360-degree view of the customer journey.
● Fraud Detection and Cybersecurity: Conventional technology cannot keep up with the scale and sophistication of evolved persistent threats. Customers use Cloudera to identify and prevent fraud by enriching and analysing full data sets—both historical data and real-time streaming data. Cloudera’s platform allows financial services organisations to maximise machine learning models that estimate cybercrime, money laundering and insider threats quicker and with more accuracy.
● Risk and Compliance: As the requirements for compliance with an increasing variety of risk, corporate governance, transparency, and technology standards extend to exabyte scale, financial services firms and regulatory agencies are building data infrastructure with Cloudera’s platform at the core. Utilising an enterprise data hub means organisations can cut the cost of compliance and generate compliance reports quicker for regulations such as Dodd-Frank, CCAR, BCBS239, FRTB, Basel III, Solvency II, MiFID II, IFRS-9, PCI DSS and more.
In each of these use cases, customers chose Cloudera’s platform for their expertise and as a basis for transforming current processes through machine learning/artificial intelligence and predictive modelling. In the financial services industry, model scoring ensures that organisations can exterminate risk and identify fraud quicker and smarter by deploying massive amounts of data to train their systems.
Growing Customer Momentum
Financial Services organisations are embracing modern data management and analytics platforms to ensure their data is safe, easily accessible and compliant with the latest industry regulations. Today, 19 of the top 30 global systemically important banks (G-SIBs) use Cloudera to gain insights from their data.
Muhamad Guntur, SVP Enterprise Data Management, Bank Mandiri, said, “We have been committed to improving experiences for our customers across touchpoints and leveraging big data is a significant part of that. As our organisation has become increasingly data-rich, we have been in need of a technology partner that will help us derive real meaning and business value from this trove of data. Cloudera’s big data solution is part of our efforts to create a more seamless banking experience for our customers and we are thrilled to be working with them to make this a reality.”
David Gledhill, chief information officer, DBS Bank mentioned, “Over the past few years, we have been deeply immersed in furthering our digital innovation agenda. From changing the culture and mindset of our employees to re-architecting the bank’s technology infrastructure and leveraging artificial intelligence, biometric and data analytics, we hope to create a more intuitive and seamless banking experience for our customers. As the World’s Best Digital Bank, working with right partners is important. We’re excited about the data solution Cloudera provides and look forward to working closely with them to improve our customer proposition.”
Expanding the Partner Ecosystem
Cloudera has partnered with companies such as CSC and SAS to deliver compliant environments that decrease time and cost.
Jim Coleman, Big Data Product and Offering Practice Partner, CSSC said, “Cloudera was critical to our PCI/HIPAA-compliant solution. The unique technologies of Cloudera Navigator, Cloudera Sentry, and other security capabilities were essential to the successful audit of the solution."