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Information-driven Financial Services organisations rely on Cloudera Enterprise to speed digital transformations

Financial services firms from all over the world are under pressure to grow their businesses by adding new, consumer-friendly digital services, including more mobile access options, while minimising risk and maintaining compliance. Today Cloudera, the global provider of the fastest, easiest, and most secure data management and analytics platform built on the latest open source technologies, announced more financial services firms are turning to Cloudera Enterprise as the backbone of an enterprise data hub to support digital transformation efforts.

Cloudera’s big data software solutions help information-driven financial firms increase revenue while at the same time attracting new and retaining existing customers. Cloudera solutions also enable powerful fraud detection capabilities and ensure that financial organisations are complying with government regulations.

“Financial services organisations 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,” said Steve Totman, big data evangelist and industry leader, Financial Services at Cloudera. “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 works with more than 180 leading global financial organisations including Allstate, Bank Mandiri, Credit Suisse, DBS Bank,Markerstudy, Nordea, Northern Trust, and Royal Bank of Scotland to realise business value in three key areas:

  • Customer Insights: Financial services organisations need to centralise fragmented customer data that resides in silos spread across hundreds of systems and platforms in order to gain a more complete view of their customers’ behaviors and then use that information 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: Traditional technology cannot keep up with the scale and sophistication of advanced persistent threats. Customers use Cloudera to detect and prevent fraud by enriching and analysing full data sets—both historical data and real-time streaming data. Cloudera’s platform enables financial services organisations to take advantage of machine learning models that predict cybercrime, money laundering and insider threats faster and with more accuracy.
  • Risk and Compliance: As the requirements for compliance with an increasing variety of risk, corporate governance, transparency, and technology standards grow to exabyte scale, financial services firms and regulatory agencies are building data infrastructure with Cloudera’s platform at the core. Deploying an enterprise data hub means organisations can reduce the cost of compliance and generate compliance reports faster 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 foundation for transforming existing processes through machine learning/artificial intelligence and predictive modeling. In the financial services industry, model scoring ensures that organisations can eliminate risk and detect fraud faster and smarter by utilising massive amounts of data to train their systems.

Growing Customer Momentum

Financial Services organisations are adopting modern data management and analytics platforms to ensure their data is secure, 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, commented: “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.”

“We wanted to create an enterprise data hub that would allow us to move past vertically aligned implementations of key data marts without any governance, and eliminate data duplication so we could have a single representation of the data across the organisation. Ultimately, we’re trying to monetise the concept of big data to add financial value to our businesses and our clients through new services and business capabilities,” said the head of Data Architecture and Semantic Technology, Credit Suisse.

David Gledhill, chief information officer, DBS Bank said: “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.”

Dan Fiehn, group IT director for Markerstudy, a leading UK insurer and 2016 dual-award winner of Gartner’s Most Innovative Digital Product in EMEA and EMEA Financial Service Digital Champions, said: “Our ability to innovate is based on the work we have done with Cloudera Enterprise. We use video telematics to track fleets of vehicles, predict driving patterns and warn customers of potential accidents. This big data analytics platform, powered by Apache Hadoop, helps us gain customer insights to increase safety, make risk and underwriting more accurate, and decrease fraud occurrences.”

“Nordea has modernised its IT landscape by using Cloudera’s platform for data processing, management, storage, and lineage, which has expedited performance, improved the economics of IT investments, and enhanced data quality,” said Alasdair Anderson, executive vice president, Nordea. “As a result, Nordea is now positioned to reduce risk and achieve regulatory compliance while delivering enhanced customer experiences.”

Expanding the Partner Ecosystem

To deliver the most effective, real-time data analytics solutions specific to the financial services market, Cloudera has partnered with companies such as CSC and SAS to deliver compliant environments that decrease time and cost.

“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,” said Jim Coleman, big data product and offering practice partner, CSC.

“Partnering with Cloudera allows SAS to provide financial services customers an enterprise data hub where they can have all their data in one place,” said David M. Wallace, Global Financial Services marketing manager at SAS. “This promotes collaborative efforts between the analytical teams and provides timely, reliable and accurate Information needed to support business decisions.”
Learn more about why leading global financial services companies rely on Cloudera: http://www.cloudera.com/solutions/financial-services.html