Big Data as Competitive Advantage in Financial Services

Categories: Financial Services

Do you want to advance your company from a Digital Explorer to a Digital Transformer? Digital Transformers generate increased revenue and run a more efficient business by developing advanced digital capabilities.

According to IDC Financial Insights Research Director Bill Fearnley, it takes three steps to get there:

  1. Provide your customers with an omni-experience
  2. Use the information you have about your customers to create competitive advantage
  3. Grow revenues, better manage risk and compliance with connected services

Data is the secret ingredient in all three areas.

With big data, competitive advantage comes from new insights, derived from aggregated data. An organization is able to achieve these results by using advanced analytics tools. Also important is the speed with which an organization discovers, develops and tests new ideas.  

In a recent webinar, two of Cloudera’s customers from Transamerica, John LoGiudice, VP of Insights and Innovation and Vishal Bamba, VP of Insights and Analytics, talked about their journey. They built an Enterprise Platform for Marketing and Planning, using the following technologies: Cloudera’s Apache Hadoop platform, data management software from Informatica, machine learning software from H2O, and a data visualization tool from Tableau.

Transamerica shared some best practices and key learnings for the Financial Services sector such as the need to create a data governance body framework early on in the big data project lifecycle. The reason being that it is highly important to build and set a Financial Services Apache Hadoop cluster to the highest enterprise standards for security and compliance. Because of the heightened security risks in the sector, Transamerica selected Cloudera Navigator to ensure full data lineage and security. Navigator was one of the reasons why they selected Cloudera.

Today, Transamerica is able  to offer improved customer experience, better customized marketing efforts, and they increased their developers’ productivity. Their models are now tested in one day vs. one week. Transamerica is now able to analyze millions of records of customer data in seconds, a feat that was impossible before. Their data is now aggregated on the Hadoop platform and is constantly being enriched and refreshed. Transamerica is able to deliver value to the business more rapidly due to the increased ease to add data sources.

Hear more about Transamericas use case and to learn more best practices.

Planning to attend  Strata + Hadoop World New York? Drop by the Cloudera booth to speak with our industry experts.

facebooktwittergoogle_pluslinkedinmail

Leave a Reply