Cloudera Continues Global Momentum in Financial Services Sector

STRATA+HADOOP
WORLD SINGAPORE  – December
6, 2016 – Financial services firms from all
over the world are under pressure to grow their businesses by adding new,
consumer-friendly digital services, including more mobile access options, while
minimizing risk and maintaining compliance. Today Cloudera, the global provider of the fastest,
easiest, and most secure data management and analytics platform built on the
latest open source technologies, announced more financial services firms are
turning to Cloudera Enterprise as the backbone of an enterprise data hub to
support digital transformation efforts. Cloudera’s big data software solutions
help information-driven financial firms increase revenue while at the same time
attracting new and retaining existing customers. Cloudera solutions also enable
powerful fraud detection capabilities and ensure that financial organizations
are complying with government regulations.

“Financial
services organizations have many challenges to overcome as they move to embrace
a digital transformation including customer journeys, fragmentation, security,
privacy, and data quality. They must also attract a new generation of customers
who require these institutions to offer more services over a variety of
channels,” said Steve Totman, big data evangelist and industry leader, Financial
Services at Cloudera. “We have seen strong
demand for Cloudera’s enterprise data hub from financial firms that need to
address these complex business challenges and enable faster and more accurate
analytics while adhering to regulations and requisite security and governance
practices.”

Cloudera works
with more than 180 leading global financial organizations including Allstate, Bank Mandiri, Credit
Suisse, DBS Bank, Markerstudy, Nordea, Northern Trust, and Royal Bank of Scotland to realize business value in three key
areas:

●     Customer Insights: Financial services organizations need to centralize fragmented customer
data that resides in silos spread across hundreds of systems and platforms in
order to gain a more complete view of their customers’ behaviors and then use
that information to boost satisfaction and retention. By using Cloudera’s
enterprise data hub, organizations can create a secure, single, central, active
repository that builds a true 360-degree view of the customer journey.

●     Fraud Detection and Cybersecurity: Traditional technology cannot keep up with the scale and sophistication
of advanced persistent threats. Customers use Cloudera to detect and prevent
fraud by enriching and analyzing full data sets—both historical data and
real-time streaming data. Cloudera’s platform enables financial services
organizations to take advantage of machine

learning models that predict
cybercrime, money laundering and insider threats faster and with more accuracy.

●     Risk and Compliance: As the requirements for compliance with an increasing variety of risk,
corporate governance, transparency, and technology standards grow to exabyte
scale, financial services firms and regulatory agencies are building data
infrastructure with Cloudera’s platform at the core. Deploying an enterprise
data hub means organizations can reduce the cost of compliance and generate
compliance reports faster for regulations such as Dodd-Frank, CCAR,
BCBS239, FRTB, Basel III, Solvency II, MiFID II, IFRS-9,
PCI DSS and more.

In each of
these use cases, customers chose Cloudera’s platform for their expertise and as
a foundation for transforming existing processes through machine
learning/artificial intelligence and predictive modeling. In the financial
services industry, model scoring ensures that organizations can eliminate risk
and detect fraud faster and smarter by utilizing massive amounts of data to
train their systems.

Financial
Services organizations are adopting modern data management and analytics
platforms to ensure their data is secure, easily accessible and compliant with
the latest industry regulations. Today, 19 of the top 30 global systemically
important banks (G-SIBs) use Cloudera to gain insights from their data.

Muhamad
Guntur, SVP Enterprise Data Management, Bank Mandiri, commented, “We have been committed to improving
experiences for our customers across touchpoints and leveraging big data is a
significant part of that. As our organization has become increasingly
data-rich, we have been in need of a technology partner that will help us
derive real meaning and business value from this trove of data. Cloudera’s big
data solution is part of our efforts to create a more seamless banking
experience for our customers and we are thrilled to be working with them to
make this a reality.”

“We wanted to
create an enterprise data hub that would allow us to move past vertically
aligned implementations of key data marts without any governance, and eliminate
data duplication so we could have a single representation of the data across
the organization. Ultimately, we’re trying to monetize the concept of big data
to add financial value to our businesses and our clients through new services
and business capabilities,” said the head of Data Architecture and Semantic
Technology, Credit Suisse.

David Gledhill, chief information officer, DBS Bank said, “Over the past
few years, we have been deeply immersed in furthering our digital innovation
agenda. From changing the culture and mindset of our employees to
re-architecting the bank’s technology infrastructure and leveraging artificial
intelligence, biometric and data analytics, we hope to create a more intuitive
and seamless banking experience for our customers. As the World’s Best Digital
Bank, working with right partners is important. We’re excited about the data
solution Cloudera provides and look forward to working closely with them to
improve our customer proposition.”

Dan Fiehn,
group IT director for Markerstudy, a leading UK insurer and 2016 dual-award
winner of Gartner’s Most
Innovative Digital Product in EMEA and EMEA Financial Service Digital
Champions, said, “Our ability to innovate is based on the work we have
done with Cloudera Enterprise. We use video telematics to track fleets of
vehicles, predict driving patterns and warn customers of potential accidents.
This big data analytics platform, powered by Apache Hadoop, helps us gain
customer insights to increase safety, make risk and underwriting more accurate,
and decrease fraud occurrences.”

“Nordea has
modernized its IT landscape by using Cloudera’s platform for data processing,
management, storage, and lineage, which has expedited performance, improved the
economics of IT investments, and enhanced data quality,” said Alasdair
Anderson, executive vice president, Nordea. “As a result, Nordea is now
positioned to reduce risk and achieve regulatory compliance while delivering
enhanced customer experiences.”

To deliver the
most effective, real-time data analytics solutions specific to the financial
services market, Cloudera has partnered with companies such as CSC and SAS to
deliver compliant environments that decrease time and cost.

“Cloudera was
critical to our PCI/HIPAA-compliant solution. The unique technologies of
Cloudera Navigator, Cloudera Sentry, and other security capabilities were
essential to the successful audit of the solution,” said Jim Coleman, big data
product and offering practice partner, CSC.

“Partnering
with Cloudera allows SAS to provide financial services customers an enterprise
data hub where they can have all their data in one place,” said David M.
Wallace, Global Financial Services marketing manager at SAS. “This
promotes collaborative efforts between the analytical teams and provides
timely, reliable and accurate Information needed to support business
decisions.”

Learn more about why leading global financial services companies rely on
Cloudera: http://www.cloudera.com/solutions/financial-services.html