Industry Solutions

Operational Data Store (ODS)

About

The Competitive Advantage of Digital Transformation for Financial Organizations

Technology innovations and a fierce competitive environment are revolutionizing the financial industry, and the focus on delivering exceptional customer experience, optimizing operations and adhering to regulations is now more important than ever. As financial organizations implement strategic initiatives such as the introduction of new digital applications and customer 360, deploy on-line services such as fraud detection, customer onboarding and loan approvals, and improve their risk management and trading processes, the need for extreme performance, speed and scale is growing.

In addition, new regulations such as instant payments and Open Banking initiatives, require banks to accelerate services from business days to seconds, while handling new transaction loads on already strained legacy systems.

GigaSpaces’ Smart DIH is a distributed in-memory Digital Integration Hub with unparalleled low-latency, high-performance and scale that aggregates and offloads from your multiple back-end systems of record. You gain the agility to introduce new digital applications and the ability to deploy real-time operational analytics and BI – across any environment.

Benefits

DECREASE THE RISK OF TRADE RECONCILIATION

Deliberate and non-deliberate discrepancies create risks for the business. As the volume of data continues to grow, a simplified big data network design will help the organization scale and ensure availability.

Guaranteed data integrity, fast data processing, and real-time queries and advanced analytics power the speed and scalability required for the trade reconciliation process with reliability and accountability. This way, financial services organizations can reduce risk exposure and meet regulatory requirements while lowering operational costs.

REAL-TIME RISK DATA STORE AND OPERATIONAL INTELLIGENCE

The financial services industry is undergoing a fundamental transformation from a product-centric to a customer-centric model, and in leveraging insight-driven innovations, built on scalable, low-latency in-memory computing platforms.

Yet, reducing the institution’s risk exposure and meeting regulatory requirements while lowering operational costs is still a key challenge. By aggregating and ingesting billions of messages in real-time into a live risk result store, organizations can power hundreds of applications at the speed of real time while maintaining transactional integrity.

InsightEdge Smart ODS helps traders and risk managers view their portfolio risk in real-time. It also accelerates credit and market risk simulations, optimizes TCO, and avoids over-provisioning of costly on-prem and cloud resources.

DETECT FRAUD AND PREVENT MONEY LAUNDERING

Fraud detection is a billion-dollar challenge for the financial services industry, affecting consumers and banks alike.

Deploying and running analytics and machine learning on data as it is born, enriched with historical context, can help financial organizations detect and prevent money laundering and other fraudulent activities while eliminating the need to provision new data stores for fraud detection workflows.

InsightEdge Smart ODS offers the speed and scale to handle the exploding growth of digital and mobile payments, helping you make more accurate real-time fraud decisions. You can reduce false positives leading to cost savings, improved customer experience and lower customer churn.

ENHANCE CUSTOMER EXPERIENCE (CUSTOMER-360)

Financial institutions can differentiate in a highly competitive market by providing a great customer experience, especially as customers become more knowledgeable and demanding.

Providing a superior customer experience requires a complete view of your customer data, including interactions across different channels, transactions, accounts, portfolios, financial products owned etc. The challenge is that customer data is scattered across multiple siloed data sources and different systems of record. InsightEdge Smart ODS unifies your customer data in a single distributed, high-speed data store and processing hub; powering your applications and analytics with unparalleled speed and scale, to deliver an optimized customer experience.

BE READY FOR OPEN BANKING

Open banking initiatives are transforming the banking industry. But the opportunities that open banking brings introduce challenges as well. Banks need to provide and support open APIs and be ready for a significant increase in transaction volumes, that can strain legacy systems and lead to sub-optimized customer experience.

InsightEdge Smart ODS can help you meet the open banking regulation by seamlessly modernizing your legacy systems of record, with extreme processing speed and autonomous scaling to meet the expected transaction volume growth. Its microservices-based architecture allows you to rapidly introduce new and innovative services and power a customer-centric strategy.

ENJOY DATA LOCALITY IN A GLOBAL BUSINESS LANDSCAPE

Global financial institutions operate simultaneously in multiple markets, often running local data centers in different regions or even countries. A data locality strategy offers the extreme performance that is required for financial applications such as trading platforms. The challenge is accessing data that resides in a remote location in real-time.

With InsightEdge Smart ODS multi-region replication capabilities, you can replicate data in real-time across regions while maintaining the high performance your applications require. In addition, you can deploy across hybrid, cloud and multicloud environments with just one click.

Learn how InsightEdge is being used by Financial and Insurance Services to become insight driven.

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