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MAPR: THE CONVERGED DATA PLATFORM FOR FINANCIAL SERVICES
OVERVIEW
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Better Data ManagementMost new and increasingly valuable data is un-structured and not captured within a firm due to its added complexity. Financial services needs a new data platform that converges data management and application processing technologies to support real-time analysis of a broad variety of data types.
Improved Fraud DetectionCredit card fraud globally costs billions—$16 billion in 2016 and growing fast. That figure does not take into account the cost of fraud detection and preven-tion. When big data is leveraged to identity potential fraud and automate fraud alerts to card members through instant emails or text messages, billions of dollars can be saved annually.
Regulatory ComplianceFast-changing government regulations impact all aspects of data governance, including the way data is aggregated, stored, managed, and share outward. The initiative to better meet regulations by eliminating information silos while leveraging new alternative data is extremely challenging.
Customer IntimacyFor banks and financial services companies to keep customers for the long term, they must understand and anticipate their needs and be able to proactively position their products. If they fail, customers will choose to get financial services elsewhere. Over time, the customers might entirely leave the institution.
BIG DATA PUT TO WORK IN THE FINANCIAL SERVICES WORLDThe strong interlock between digital transformation and big data is driving change to traditional business models. For example, American Express uses machine learning techniques across a wide range of inter-actions to better understand the data—from both the customer and merchant side—moving through its systems. The resulting application connects card members and merchants through relevant and person-alized digital offers. As the move toward digitization and data-driven optimization of business processes accelerate, innovative uses of data come at a perfect time for the challenges facing the industry.
The ability to access, organize, and analyze vast volumes of structured and unstructured data while meeting the demands of clients and regulators is critical to financial services companies as they improve business efficiency and their performance.
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The effort to achieve digital transformation and the associated advanced analytical demands are not easy. At the data layer, simplicity, flexibility, and resiliency are critical in helping financial services firms move more rapidly to meet the demands of the business and their customers. With MapR, financial services can rely on a fast, hard-ened enterprise-grade data platform that can simultaneously power the latest analytics technology, all types of data, cognitive computing and legacy software at global scale for fraud detection, regulatory compliance, and new products and applications that appeal to customers .
MapR is a next-generation data platform that can be the enterprise data fabric as financial institutions weave optimization, prediction, and forecasting into their operations. It works on premises, in the cloud, or with both as the system of record and persistent data store for critical business operations in risk (market, credit, AML/KYC), regulation (SEC/FINRA, BCBS 239), customer intimacy and payments.
OUTCOMES
Reduce Risk and Fraud
Comply with Regulatory Requirements
Build New Productsand Applications
Maximize Revenue in High Frequency Trading
Segment Customers
Personalize Offerings
Optimize Operations
Recommend Best Investment Options
DATA SOURCES
Vendor Feeds
Market Data
Direct Feeds
Sentiment/Social
Geospatial/Weather
News
Reference Data
External DBs
Local Data Sources
Social Network Data
DATA MANAGEMENT & PROCESSING
Real-TimeEvents
Customer 360 Recommendation Engine
AnomalyDetection
Prediction Scenarios
AdvancedAnalytics
Advanced DataManagement
ActionableInsight
MapR Converged Data Platform
THE ENTERPRISE DATA FABRIC
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FROM DATA TO DATA-DRIVENA big advantage of using the MapR Platform is the ability to quickly combine and analyze a variety of structured and unstructured data in a single platform. This enables financial services firms to find pat-terns in customer behavior based on where and for how much and what they use their debit or credit card for example. When this behavior is monitored, financial services firms can identify cross-sell or up-sell opportunities, thereby grow the business by selling more targeted services and products to customers.
KEEPING UP WITH EVER CHANGING FRAUDULENT ACTIVITYEach year, stakes are raised for fraud. Fines are rising and compliance demands have forced banks to increase monitoring of transactions and money laundering detection as prevention efforts. However, pro-tecting customer data while detecting fraud more effectively is extremely challenging and expensive with legacy systems. With the MapR Platform, fraud can be easily detected with greater accuracy to reduce costs. For example, analyzing a transaction based on different data sets while the transaction takes place allows firms to block a transaction before it has taken place.
ONE VIEW OF A CUSTOMER ACROSS CHANNELSCustomer satisfaction can be improved in many different ways with big data. By combining social media data with transactional data, financial services firms can understand how customers think about or use new products or services. For example, when a bank analyzes how an online banking application is used based on time of day, how customers move through the app, and where they click, banks gain insights into how the application can be improved. Instead of asking for feedback through long and expensive sur-veys, the feedback is instant and without bothering the customer.
REDUCE COSTS
IMPROVE CUSTOMER SATISFACTION
INCREASE REVENUE
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BENEFITSSOLUTIONOVERVIEW
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SUMMARYThe strong interlock between digital trans-formation and big data is driving change to traditional business models. For example, American Express uses machine learning techniques across a wide range of interactions to better understand the data—from both the customer and merchant side—moving through its systems. The resulting application connects card members and merchants through relevant and personalized digital offers. As the move toward digitization and data-driven optimization of business processes accelerate, innovative uses of data come at a perfect time for the challenges facing the industry.
FINANCIAL SERVICES KEY PRIORITIES• Better Data Management• Improved Fraud Detection• Regulatory Compliance• Customer Intimacy
SOLUTIONThe ability to access, organize, and analyze vast volumes of structured and unstructured data while meeting the demands of clients and regula-tors is critical to financial services companies as they improve business efficiency and their perfor-mance. MapR is a next-generation data platform that can be the enterprise data fabric as financial institutions weave optimization, prediction, and forecasting into their operations. It works on premises, in the cloud, or with both as the system of record and persistent data store for critical business operations in risk (market, credit, AML/KYC), regulation (SEC/FINRA, BCBS 239), cus-tomer intimacy and payments.
BENEFITS• Increase Revenue• Reduce Costs• Improve Customer Satisfaction
MapR and the MapR logo are registered trademarks of MapR and its subsidiaries in the United States and other countries. Other marks and brands may be claimed as the property of others. The product plans, specifications, and descriptions herein are provided for information only and subject to change without notice, and are provided without warranty of any kind, express or implied. Copyright © 2017 MapR Technologies, Inc.
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