Banking Transformation With DataStax. How it Works and Why Banks Love Us

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1 E B O O K D ATA S TA X F O R B A N K S Banking Transformation With DataStax How it Works and Why Banks Love Us 1

2 Just Add REAL-TIME Data Who ever said finance was boring? This person clearly didn t work in the financial sector and clearly didn t use real-time data management technology to power innovative financial apps. When it comes to numbers - specifically, money numbers and customer interactions - you really don t want to leave your data at the mercy of a legacy system that doesn t let you mine your data for all the instant insights it can offer. From building a real-time, 360-degree view of every customer to helping clients make smarter financial choices IN THE MOMENT THEY NEED THEM, the power of always-on data management in finance can never be understated. Have a look at our banking customers and see for yourself. TOP TRENDS AND PREDICTIONS FOR 2017 FINANCIAL INSTITUTIONS 54% 53% Removing friction from the customer journey Use of big data, AI, advanced analytics and cognitive computing Source: DBR Research December 2016 The Financial Brand The use of data really is now becoming a mandatory tool to assist the customer, employee and the CEO. Going forward, data will be embedded and detected on a real-time basis, driving decisions on efficiency, experience improvement, and margin gains. Banks and credit unions will look to large technology companies as the standard in data-responsive design and development, and will seek to automate not just measurement, but also improvement and process. - ROB FINDLAY, FOUNDER OF NEXT MONEY 2

3 CAPITAL ONE The Need for Speed Everyone knows Capital One and their Samuel L. Jackson-hosted What s in your wallet? commercials. But not everyone knows just how Capital One became a leading digital bank - through DataStax. Capital One needed a solid but extremely nimble data management platform to handle data from its wide array of financial products and services. Namely - it needed speed and scalability for advanced financial modeling in real time. Via DataStax Enterprise (DSE), Capital One consolidated 450 million rows of data from its legacy database to a much faster and more efficient 11.8 million rows in DSE. It s new platform can do 21,000 transactions per second and has helped Capital One become globally recognized for its digital agility and transformation. THIS IS AUTO NAVIGATOR, A TOOL BUILT USING INSIGHTS FROM DATASTAX ENTERPRISE: It s a direct-to-consumer experience that we have built. The product is called Auto Navigator. If you look at the current car buying process, the process is very complex, it s confusing and it is opaque. We are reimagining the car buying process with auto navigator. We are providing the best of resource capabilities to our customers. - RAY BAJAJ, HEAD OF ARCHITECTURE, SHARED SERVICES, AND GARAGE ENGINEERING, CAPITAL ONE 3

4 ITAÚ UNIBANCO Shining the Spotlight on the Customer The Brazil-based Itaú Ubanico is the 10th largest bank in the world. Itaú needed to ditch its slow-moving and downtime-prone relational database for something much more flexible, scalable, and always on in order to build a platform that provides a real-time, 360-degree view of its customers. Via multiple DSE production nodes, with plenty more in pipeline, Itaú is building its Itaú Customer Centric Data Platform - an internaluse customer relationship management system for sales and customer service teams. ITAU CUSTOMER-CENTRIC APP The digital environment undoubtedly offers a unique advantage for monitoring the way customers use and navigate with apps. This makes it possible to use data to improve user experience and intuitively understand their needs. The relevance of mobile apps in this sense will continue to grow, helping us understand what customers use, as well as how and where. - FERNANDO AMARAL, BUSINESS MARKETING DIRECTOR FOR ITAÚ UNIBANCO 4

5 ING A Leader in Digital Distribution DIGITAL REVOLUTION IN BANKING In Search of 100% Uptime A full-service Dutch multinational bank that decided to put IT at its core a few years ago, ING Group deals with mountains of sensitive financial data on a basis. ING was having problems with the availability of its online mobile payment systems and other online features that needed more availability than its relational database could provide. But with DataStax Enterprise s multi-data center, advanced replication capabilities, ING found it could always deliver the right data in the right place at the right time. ING UK CEO Gerald Walker (left) receives ING s award from Euromoney Western Europe regional editor Dominic O Neill (right) ING now uses DSE for various uses, including online and real-time payment systems and ING 360, a platform that provides a holistic, 360-degree view of the customers. You can actually now develop a relationship with a customer which is as broad as with any normal branch bank, but digitally only, he said. Because everything is digital, the data analysis enables you to understand the customer that much better. - RALPH HAMERS, CEO, ING 5

6 UBS Building a Consolidated Finance Platform UBS, a global financial services company with origins dating back to the mid-19th Century, is the biggest bank in Switzerland and has more than 59,000 employees worldwide. In 2009, UBS began building a platform called Neo that consolidated all of its client-facing investment banking applications into a single user interface, but its departmental systems couldn t handle the storing and scaling of timeseries data. UBS chose to build Neo on DSE for its capability to offer global replication, its fast write speeds, and its time-speed-optimized query patterns. The finance magazine Profit & Loss named Neo Best Platform three years in a row. UBS NEO PLATFORM TRADING PLATFORM OF THE YEAR AWARD. Source: risk-awards-2015-otc-trading-platform.pdf At UBS we believe in embracing change, rather than fighting it. Our technology lab in London, established in early 2015, is already exploring a range of innovations. These include blockchain, the shared ledger system that underpins Bitcoin and offers the potential to enhance transparency and trust, while reducing transaction costs. - SERGIO ERMOTTI, CEO 6

7 MACQUARIE BANK Seeking Financial Intuition Australia s largest investment bank, Macquarie has been labeled The Millionaire Factory for its consistent revenue performance powered, in certain key ways, by digital innovation and disruption. Macquarie sought to build a highly intuitive and personalized experience to help customers track and manage their personal finances with data insights, oversight, and foresight, all with an online experience as good or better than the last application the customer used, whether that was for social media, banking, or something else. Since it needed enterprise-grade solutions for mission-critical applications, Macquarie chose DataStax. With DSE as its data platform, Macquarie powers contextual data in real time and drives faster time to market for new features. A SMARTER WAY TO BANK Macquarie App We looked at the experience consumers receive from popular social media sites and streaming services, and saw an opportunity to bring the same personalized and intuitive experience to banking. To do this, we needed a scalable technology platform able to provide real-time value, and working with DataStax Enterprise has enabled us to be more nimble and utilise the most up to date technological capabilities available. - LUIS UGUINA, CHIEF DIGITAL OFFICER 7

8 E B O O K D ATA S TA X F O R B A N K S TCF BANK Reinvention Squared A Minnesota-based bank holding company with $21.3 billion in assets and 376 branches in eight states, the nearly 100-year-old TCF Bank is accustomed to having to reinvent itself to keep up with the times. TCF Bank is embarking on initiatives to deliver an engaging experience for all their customers while grappling with the complexity of business silos and legacy technology. They are starting with an approach that focuses on customer journey maps and reducing engagement friction as the key to success. TCF DIGITAL BANKING Source: digital-banking TCF now uses the far more flexible, scalable, and nimble DataStax Enterprise instead of legacy technology to deeply understand its customers financial needs and deliver real-time, engaging and delightful customer experiences across all touchpoints and business units. Data drives experiences. With DataStax Enterprise as a key component of our data platforms, we serve up contextual and relevant data to our systems of engagement and unlock innovation for personalized customer experiences. - BRETT BRUNICK, EXECUTIVE VICE PRESIDENT AND CHIEF TECHNOLOGY OFFICER 8

9 ICE Needing to Power the World s Traders The Atlanta, Georgia-based Intercontinental Exchange Inc. (ICE), operates 23 regulated exchanges and marketplaces worldwide, including the New York Stock Exchange, which it bought in ICE s main goal is to provide trusted and reliable up-to-the-second financial data to traders, investors, and academics. It deals with massive amounts of extremely volatile financial data - and it needs to keep this data safe, accurate, and usable. ICE uses DataStax to scale its complex data environments and to gain real-time visibility into all of its ticks, or stock price changes, allowing customers to query and search for those changes in real time. ICE DIGITAL PROVIDE'S TRUSTED AND RELIABLE UP-TO-THE-SECOND FINANCIAL DATA Source: digital-banking, personal/debit-card/mobile-payments DataStax - for us it really helps us scale our environments as we grow beyond the capabilities of single, or even a cluster of computers and we need to be able to scale infinitely. - STEVE HIRSCH, CHIEF DATA OFFICER AT THE INTERCONTINENTAL EXCHANGE AND NYSE 9

10 IN FINANCE There s Only One Data Management Platform Choice If we combine all of the above case studies into one colorful collage, what do we see? SPEED. FLEXIBILITY. 100% UPTIME. INS TANT INS IGHTS. There s a reason 9 of the top 15 global banks use DataStax: No other NoSQL solution (or SQL solution, for that matter) can promise all of the above in one unified platform. The world of finance used to be all about inputs and outputs. Go to bank. Add money. Take money out later. We all know that s changed. Now - customers want to do so much more than just deposits and withdrawals. They want the convenience of powerful cloud apps. They want advice. They want insights. They want experiences. DataStax is the only data management platform that can deliver the experience % of consumers used digital only channels to interact with financial institutions 2017 That number has grown to 46% year olds: 82% of smartphone owners use mobile banking Not digital only Bank branches are still important: 62% of survey respondents want bank branches DIGITAL CONSUMERS DIGITAL CONSUMERS 62% Source: publications/assets/pwc-fsi-whitepaper-digital-bankingconsumer-survey.pdf SURVEY RESPONDENTS 10