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Big Data as Competitive Advantage in Financial Services

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Financial firms are under pressure to grow their business while containing risk and complying with many regulations world-wide. In addition, there is the growing demand from customers to improve their experience and offer new services over multiple channels.

Data is at the core of these capabilities but there are many challenges to overcome: fragmentation, security, quality, privacy, retention, to name a few.

We are going to hear about trends in the industry from IDC Financial Insights Research Director Bill Fearnley, followed by a discussion about how Cloudera has helped Transamerica turn their data into competitive advantage by creating an Enterprise Marketing and Analytics Engine.

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Big Data as Competitive Advantage in Financial Services

  1. 1. 1© Cloudera, Inc. All rights reserved. Big Data as Competitive Advantage in Financial Services
  2. 2. 2© Cloudera, Inc. All rights reserved. Agenda • Logistics • Introductions • IDC Big Data as Competitive Advantage in Financial Services • Transamerica Cloudera Use Case • Cloudera’s Value for Financial Services
  3. 3. 3© Cloudera, Inc. All rights reserved. Participants Bill Fearnley Research Director IDC Financial Insights John LoGiudice VP Insights and Innovation Transamerica Vishal Bamba VP Innovation and Architecture Transamerica Mihaela Risca Sr. Solutions Marketing Manager Cloudera
  4. 4. Big Data as Competitive Advantage in Financial Services Bill Fearnley, Jr Research Director – Compliance, Fraud & Risk Analytics IDC Financial Insights
  5. 5. A myriad of opportunities & challenges © IDC Visit us at IDC.com and follow us on Twitter: @IDC 5 Competitive Advantage Omni Customer Experience Advanced Analytics Risk Management Personalized Marketing Monetize Compliance $ Automation Efficiency
  6. 6. 6 Technology is the Underpinning of Digital Transformation
  7. 7. Managed Digital Transformer Opportunistic Digital Explorer Ad Hoc Digital Resister Repeatable Digital Player Optimized Digital Disrupter © IDC Visit us at IDC.com and follow us on Twitter: @IDC 7 Source: IDC, Digital Transformation Maturity Model, 2015 IDC’s Digital Transformation MaturityScape Digital Transformation is the approach by which firms are driving changes in their business models and partnerships by leveraging digital competencies. Managed Digital Transformer Opportunistic Digital Explorer Ad Hoc Digital Resister Repeatable Digital Player Optimized Digital Disrupter
  8. 8. Managed Digital Transformer Opportunistic Digital Explorer Ad Hoc Digital Resister Repeatable Digital Player Optimized Digital Disrupter 65% of Organizations are “Digital Explorers” or “Digital Players” 14% 32% 33% 14% 8% Digital Resister Digital Explorer Digital Player Digital Transformer Digital Disrupter © IDC Visit us at IDC.com and follow us on Twitter: @IDC 8 Source: IDC, Digital Transformation Maturity Model Benchmark, 2015; n= 317 IT and LOB Executives, March, 2015 Most Organizations Are Just Beginning their Digital Transformation Journey
  9. 9. 9 Customers want omni-experience access to data, information and their accounts 1 3 Actions Organizations Can Take to Move from “Digital Explorer” to “Digital Transformer” Use privileged access to your customer info as a competitive advantage 2 Grow revenues, better manage risk and costs with connected services 3
  10. 10. © IDC Visit us at IDC.com and follow us on Twitter: @IDC 10 Omni-experience: Change expectations with CX Innovation The customer journey is often multichannel Anytime / anywhere access to accounts & info Connections: Customers, partners, and employees Making it easier for customers & counterparties
  11. 11. 11 Mine your data to better understand your customers Build personalized offers for better up sell & cross selling Access new data & analytics to monitor markets and risk Privileged Access to Customers = Competitive Advantage
  12. 12. 12 Connected Systems: Revenues, costs & risk management Digital Service Platforms Can Create Competitive Advantages Improved Transaction Monitoring to Reduce Fraud, Waste & Abuse New Data and Predictive Analytics to Better Assess & Manage Multiple Risks
  13. 13. © IDC Visit us at IDC.com and follow us on Twitter: @IDC 13
  14. 14. Big Data for Competitive Advantage 1 New Insights: Aggregated data & advanced analytics 2 Transaction monitoring: Uncover patterns & anomalies 3 Actionable ideas: Discover, develop & test new ideas 4 Monetizing compliance $: Design systems for data reuse 14
  15. 15. 15© Cloudera, Inc. All rights reserved. John LoGiudice, VP Insights and Innovation Vishal Bamba, VP Innovation and Architecture Transamerica Use Case
  16. 16. 16© Cloudera, Inc. All rights reserved. Transamerica Use Case Business Drivers: To grow the customer base, discover customer relationships across divisions, assess data for new customer insights and develop highly targeted and individualized marketing programs based on each customer’s needs. Challenge: Data was siloed in disparate data warehouses across its various business units. Because of this, a single customer could appear in several systems, with each system collecting different information. Solution: An enterprise platform, which uses Cloudera Enterprise, serving as a centralized, multi-channel, 360 degrees view of customers, for planning and analytics. The platform integrates data from 40 disparate sources. Transamerica is one of the world's leading financial services companies, providing insurance, investments, and retirement solutions to more than 20 million people and families throughout the United States Outcomes • Improved customer experience through enhanced analytics • Better customize marketing efforts • Test and validate models in one day vs one week • Analyze customer data against 210 million records in the U.S. survey database in 15 seconds, which helped identify new patterns • More accurate predictive analytics • Increased developer productivity Technologies in Use ● Apache Hadoop Platform: Cloudera Enterprise, Data Hub Edition ● Apache Hadoop Components: Apache HBase, Apache Hive, Apache Impala ● Data Integration: Informatica Big Data Edition, Informatica Big Data Relationship Management ● Visualization and Analytic Tools: H2O, R, SAS, Datameer, Tableau
  17. 17. 17© Cloudera, Inc. All rights reserved. Mihaela Risca Sr. Solutions Marketing Manager, Financial Services Cloudera’s Value for Financial Services
  18. 18. 18© Cloudera, Inc. All rights reserved. One platform. Many applications. Data Engineering Analytic Database Real-Time Data Applications Driver Customer Insights Improve Product & Services Efficiency Lower Business Risks Business Value Technology Use Cases Cloudera Enterprise: Fast, Easy, Secure
  19. 19. 19© Cloudera, Inc. All rights reserved. Cloudera Enterprise Ecosystem Enterprise Data Warehouse Enterprise Data Hub Data Sources DataIngest– StreamingorBatch Business Intelligence/ Reporting Tools Network Usage CRM Inventory Clickstream Sensors Machine Logs Social Billing Ordering Structured Unstructured /Semi-Structured OPERATIONS Cloudera Manager Cloudera Director DATA MANAGEMENT Cloudera Navigator Encrypt and KeyTrustee Optimizer BATCH Sqoop REAL-TIME Kafka, Flume PROCESS, ANALYZE, SERVE UNIFIED SERVICES RESOURCE MANAGEMENT YARN SECURITY Sentry, RecordService FILESYSTEM HDFS RELATIONAL Kudu NoSQL HBase STORE INTEGRATE BATCH Spark, Hive, Pig MapReduce STREAM Spark SQL Impala SEARCH Solr SDK Partners
  20. 20. 20© Cloudera, Inc. All rights reserved. Getting Started is Easy ① ② Download or Deploy in the Cloud Signup for Training Contact us or a Partner to Start a POC ③ http://www.cloudera.com/solutions/financial-services.html
  21. 21. 21© Cloudera, Inc. All rights reserved. Thank you
  22. 22. 22© Cloudera, Inc. All rights reserved. Cloudera Enterprise Making Hadoop Fast, Easy, and Secure A new kind of data platform • One place for unlimited data • Unified, multi-framework data access Cloudera makes it • Fast for business • Easy to manage • Secure without compromise OPERATIONS DATA MANAGEMENT STRUCTURED UNSTRUCTURED PROCESS, ANALYZE, SERVE UNIFIED SERVICES RESOURCE MANAGEMENT SECURITY FILESYSTEM RELATIONAL NoSQL STORE INTEGRATE BATCH STREAM SQL SEARCH SDK Public Cloud Private Cloud Hybrid Environments Hybrid Deployment Flexibility
  23. 23. 23© Cloudera, Inc. All rights reserved. Selected Subscription Software Customers Other Financial Services Telecom Healthcare & Life Sciences Public Sector & Education
  24. 24. 24© Cloudera, Inc. All rights reserved. Putting Big-Data to Work Across Financial Services Key Use Cases for Cloudera Enterprise Built on Hadoop Customer Experience Mgmt. (Customer 360) Risk & Compliance Fraud Customer Churn Analysis Proactive Customer Care Up-sell/Cross-sell Next Best Offer Personalization Regulatory & Economic Capital BASEL III, BCBS239, FRTB, … Risk Aggregation Stress Testing & Modeling (VaR...) AML Payments Fraud Insider Threats Cyber Security Investment Research Wealth Management Trading Product & Service Efficiencies

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