Abstract:

Faced with a new set of challenges ranging from international cash and risk management, to Open Banking and various types of regulations, the financial services sector is undergoing a phase of digital transformation thanks to the adoption of the latest Big Data technologies. This transformation is enabling banks and financial institutions, as a whole, to modernize their information systems whilst maintaining the highest levels of compliance and security. With raw data seen as the main asset to address key business requirements, financial institutions embarked on a mission to innovate their core services. Their main aim is to exploit the data to better serve customers, meet increasingly stringent financial regulations and compliance, as well as growing the business as a whole. Empowered by in-depth coverage of security, data governance, storage and processing, new financial platforms must be able to respond to the business needs and support a variety of mission-critical requirements. Such needs can vary from critical regulatory frameworks to the highest security requirements set out across the industry. Thanks to new Big Data platforms, financial institutions are now able to reduce time-tomarket for new applications as well as the costs of maintaining a rather expensive legacy infrastructure. We show in this article how Big Data concepts and technologies were applied to two financial use cases: a Risk Management and Cash Management Platforms.