Financial services companies are often prime candidates for big data and cloud solutions. They handle vast amounts of customer data – often siloed in legacy systems – and consolidating it can bring big benefits. Adding new types of data, such as social media and phone calls, makes the case for cloud-based data management and analytics even stronger.
Using Apache Hadoop and the Cloudera Enterprise Hub financial organizations can collect, control and interrogate their data in new ways, helping to increase revenue, enhance the customer experience and boost security:
- A leading payment processing company ingests 4TB of data per day into its Hadoop environment and uses it to supplement fraud detection and prevention. It estimates that this has saved millions of dollars in fraud losses.
- A top investment bank uses Hadoop to explore petabytes of data around its investments, transactions and customer histories. It can now identify and solve problems as they happen, or even before, and can provide its financial advisors with customized recommendations to clients based on real-time market conditions.
- A large insurer has brought together customer account information, public economic and social studies, and telemetric sensor data in its Hadoop cluster. It runs descriptive modelling across all this complex, multi-structured data and has seen an average 7,500 percent increase in speed of analytics, helping it make timely and differentiated offers to its customers.