With today’s new rapid pace, speed to market is a huge factor for any business. The faster a company can gain insights from their data, the better they can serve their customers. If changes aren’t made quickly enough, there’s a significant risk of losing customers and market share.
One example of gaining faster insights from data is displayed through the story of Freddie Mac.
Freddie Mac makes home possible for millions of families and individuals by providing mortgage capital to lenders. Since its creation in 1970, its made housing more accessible and affordable for homebuyers and renters in communities nationwide. The company is building a better housing finance system for homebuyers, renters, lenders and taxpayers.
The biggest value Freddie Mac has been able to gain through Hortonworks Connected Data Platforms is shortening the time it takes to gain insights and make decisions. Before becoming a Hortonworks customer, Freddie Mac had a much longer product life cycle. It used to take them between 3-6 months to obtain the proper information about how their products were being launched and whether they were working as expected. Now, with HDP, they are able to obtain those insights on day one.
This has tremendous business value for Freddie Mac. They can now adjust their product offerings immediately based on the available data. The time for designing and developing new ideas is much faster, and leads to happier customers.
Without the ability to gather data insights in real-time, a company loses the ability to adapt and pivot quickly. In turn, if customers are providing feedback, they expect changes to be made rapidly. The 3-6 month product life cycle was too long to wait to make adjustments. Freddie Mac’s team of experts is utilizing the power of data in order to help address the challenges in the mortgage market.
Add in the fact that the Hortonworks platform met the strict IT and governance requirements of the mortgage industry, and it’s easy to see why the partnership has flourished.
Back in June, Lakshmi Purushothaman, Senior Risk Analytics Director of Freddie Mac, led a breakout session at the San Jose DataWorks Summit. In our new video below, hear from Lakshmi as she talks about Freddie Mac’s journey with Big Data, and why the company chose Hortonworks.
Stay tuned for part two of the Freddie Mac story coming on Wednesday.
For more examples of how Hortonworks is helping companies in the financial services industry, visit: https://hortonworks.com/solutions/financial-services/