In its 2019 Banking and Capital Markets Outlook, Deloitte notes that banks will seek to achieve a “symphonic enterprise, where different technologies and solutions are seamlessly meshed to create maximum value.” Their research shows that developing digital capabilities tops the list of technology investments to achieve this:
Creating digital capabilities requires modern analytics
Banks clearly realize they must invest in digital capabilities and modernize legacy systems to keep up with modern demands. Many of these challenges require fast, robust analytics. For example:
- Investment dashboards require sub-second refreshes that include real-time and historical data
- Portfolio managers need to manage tens of thousands of positions without lag time
- Banks must detect and prevent fraud instantly, using real-time and historical data.
- Banks have to manage risk across increasingly complex investment vehicles in response to evolving regulations.
Analytics use cases
Key analytics use cases for banks include the following:
- Risk management
Increase operational transparency and perform risk analysis for auditors to avoid fines. Fast risk modeling of customers lets banks perform institutional stress testing, identify exposure on investments, and detect and prevent fraud.
- Regulatory compliance
Deploy a petabyte-scale data hub that meets regulatory compliance objectives. Easy integration with standard business intelligence and data visualization tools helps banks demonstrate compliance to auditors.
- Real-time securities fraud and rogue detection
Perform predictive and real-time anomaly detection with rapid ingest and correlation of transaction data with diverse streams like chat, email, and social data. Slash query time from hours to minutes on large volumes of data used to identify patterns and trends.
- Customer conversion, satisfaction, and retention
Marketing can analyze behavior to provide a more personalized and lucrative customer experience. Banks can analyze real-time activity and mine deep historical data for fast, high-quality insight, while ad hoc queries enable on-the-fly tuning of campaigns and programs.
- Predictive analytics
Deep historical analytics can feed predictive models that forecast revenue, improve supply chains, analyze loss drivers, and detect fraud.
- Cost reduction
Business leaders can get fast results on complex reports and perform ad hoc queries at anytime to achieve operational excellence across all channels and touchpoints.
Yellowbrick helps banks keep their competitive edge with fast analytics for more predictive insights, while keeping costs in check. Portfolio managers can manage portfolios and run complex simulations without slowdowns. Executives and business leaders can run ad hoc queries or reports to measure the health or risk profile of the organization at any time. Risk management can spot and stop fraud instantly, with sub-second analytics on petabyte-sized datasets. Best of all, Yellowbrick delivers all of these capabilities in a simple, easy to manage system that dramatically reduces costs.
Legacy systems simply cannot deliver the modern capabilities just discussed, cost-effectively. It makes sense that the second priority for technology investments are to modernize legacy systems. Yellowbrick makes it easy for customers to deploy a high-performance, highly scalable, analytics and data warehouse solution in days instead of weeks or months. These features include:
- In-memory performance with flash. Native flash queries increase performance and cost effectiveness.
- Scale to petabytes of capacity
- Available as an on-premises turnkey appliance, as a fully managed service, or in the cloud
- Data security. Yellowbrick security encrypts data at rest and in motion
- Small, light-weight footprint (6U) minimizes data center costs
- ANSI SQL standard database, standard connectors (ODBC, JDBC, ADO.NET), and familiar tools makes migration the same as with any other RDBMS
- High performance design and workload management features eliminate the need for staff to index, vacuum, analyze, groom, or prepare rollups or cubes just to maintain acceptable levels of performance.
To learn more about how Yellowbrick can help your organization achieve its goals for immediate and long-term digital capabilities, contact Yellowbrick.