Cloudera Enables Digital Transformation for Global Financial Services Institutions
PALO ALTO, Calif., July 24, 2019 /PRNewswire/ -- Cloudera, Inc., (NYSE: CLDR), the enterprise data cloud company, today announced that many of the world's leading financial services institutions have selected Cloudera to power their digital transformation. Enterprise data cloud solutions from Cloudera are being used on a global scale to increase customer retention and profitability, improve regulatory compliance, reduce fraud, identify AML (Anti-money laundering) and incorporate predictive analytics. Cloudera counts 82 of the top 100 global banks as customers, demonstrating that having a data strategy drives significant business value for the financial services industry.
The financial services industry is challenged with finding, securing, and deepening relationships with customers while lowering risk and assuring compliance. In addition, it is becoming even more critical for those organizations to know how and when to connect with customers in the channel they are most comfortable with: mobile, online, phone, or branch agent. Marc DeCastro, research director, IDC Financial Insights, added that "the digital lifestyle of the customer has forever changed how financial institutions understand, build, interact, and deliver services while providing a true omni-experience. Innovation has reached the point of disruption for financial service firms of all sizes and geographic locations." 1
"Financial firms of all types and sizes globally rely on data to make strategic decisions, drive their businesses, and maintain a competitive edge," said Steven Totman, Managing Director, Financial Services, Cloudera "Only a fully secure and governed enterprise data cloud can deliver the most value from all the key industry workloads in one place. We are proud to be a trusted partner of the financial services industry, helping them to protect their customers and grow their businesses."
Novantas
Novantas is a leader in analytic advisory services and technology solutions for financial institutions, working with 80 percent of the largest global banks, payment networks, and wealth managers. It needed to modernize its data platform to analyze massive data sets—magnitudes larger than before—and a greater variety of data. Novantas deployed Cloudera both on Amazon Web Services and on-prem, helping it cost-effectively manage variable workloads as needed. The organization was able to monetize its new solution in only six months, 18 months earlier than originally projected, thanks to Cloudera's ease of administration and maintenance, and speed of provisioning.
By partnering with Cloudera, Novantas has helped its clients more precisely and profitably deploy pricing, marketing, sales, and retention initiatives. Hank Israel, Director, Marketing, Propositions, and Products, Novantas, said that with Cloudera "we've identified up to $30 million in savings for one client by identifying targeted depositors. We are also working with several large financial institutions to optimize pricing based on customer preferences for features and products. We've identified opportunities for these banks in excess of $15 million for every $1 billion in deposits, which is huge."
ATB Financial
ATB Financial is Alberta's largest home-grown financial institution. The company needed to build an enterprise data delivery platform that would enable transparent data ownership for trusted, structured, organized and centralized data operations. ATB Financial turned to Cloudera's platforms, including Cloudera DataFlow, to shift data from an on-premises data warehouse into the cloud for storage and processing. Undergoing this transformation helped to significantly reduce data analytics processing time with smaller jobs, reducing the time to value for big data analytics by 90 percent. This has increased operational efficiencies significantly as ATB Financial is able to leverage data much more quickly than before, leading to faster and more informed decision making.
Santander Group
Santander Group is a leading retail and commercial bank based in Spain and is ranked as the top bank in the euro zone by market capitalization. As the volume of data it generated continued to explode, traditional data-marts and data warehouses could no longer reliably process it within reasonable timeframes. In order to obtain visibility and provide clear consistency across the Group's data landscapes, the institution partnered with Cloudera to lay the foundation of a big data architecture. Cloudera provided a scalable big data infrastructure able to fuel an increasing number of business applications across on premise and cloud-based environments, with the initial use case geared towards uncovering new business opportunities. With Cloudera, this new cloud-based architecture has enabled Santander to reduce time-to-market of new applications as much as ten times.
Javier Nieto Centeno, Architecture & Innovation IT Expert at Santander, stated that partnering with Cloudera "has enabled us not only to speed up application delivery, but also provide the ideal compliance framework for regulators to access historical data that would have otherwise been harder to access. This is a fundamental change within the banking industry and, as datasets keep on growing, we are confident that our newly established cloud infrastructure will enable us to fend against the strictest European compliance challenges."
Additional Resources
For more information about Cloudera's Financial Services Solutions, please visit https://www.cloudera.com/solutions/financial-services.html
Read more about Cloudera's enterprise customers here
https://www.cloudera.com/about/customers.html
About Cloudera
At Cloudera, we believe that data can make what is impossible today, possible tomorrow. We empower people to transform complex data into clear and actionable insights. Cloudera delivers an enterprise data cloud for any data, anywhere, from the Edge to AI. Powered by the relentless innovation of the open source community, Cloudera advances digital transformation for the world's largest enterprises. Learn more at Cloudera.com.
Cloudera and associated marks are trademarks or registered trademarks of Cloudera, Inc. All other company and product names may be trademarks of their respective owners.
1 IDC FutureScape: Worldwide Financial Services 2019 Predictions, Doc #US43052618, October 2018
SOURCE Cloudera, Inc.
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