Financial Services is arguably one of the most complex industry sectors in terms of customers, services and regulation. While there are obviously areas of overlap, the contrast between capital markets to private banking, retail banking to corporate banking and lending, or hedge funds to credit cards and payment networks is considerable.
Last week, our general manager for Financial Services, Vamsi Chemitiganti (@VamsiTalksTech) was visiting Europe to meet with a number of customers and I managed to grab a few minutes with him to get a snap shot on why Hadoop is resonating, what trends are driving its adoption and value organisations are seeing.
In the 5-minute video, Vamsi talks through some of the positive outcomes our customers are experiencing in terms of improved customer retention, increased customer satisfaction and reduced churn.
In the UK, we are working with 3 of the top 4 banks and it’s clear the projects sit at the heart of the business. Whether it’s risk management and cyber security, digital banking or next best course of action for the customer, data quality or fraud detection – bringing data together from the hiding place of its traditional silos is critical.
As an aside, I was talking to one of our European banking customers today and it is currently scoping out how to identifying affluent customers who are not wealthy enough for private banking services but are certainly above and beyond ‘normal’ current and savings accounts. It was interesting to hear how they are bringing the data it has on its customer base together with external sources so they can deduce whether the customer is applicable or not, and then communicate with them accordingly.
If you’ve got any questions for Vamsi, please add them to the comments section and we’ll get back to you.