Making Your Financial Organisation a Real-Time Business

Challenges of the Banking Sector

Why are digital giants winning in the financial industry? We outlined 4 key challenges that decision makers face when working in finance. More than 85% of banking senior executives think that the sector will be completely different in 3 years time. What challenges are to be expected?

In the video on the left we will walk you through them one by one. How to stay relevant for your customers? How to embrace emerging technologies? How to become truly agile with your entire business? And, how do you ensure compliance with laws and regulations?

1. Complete organisation agility 

  • How do you make sure your customers have the latest financial information? And how do you ensure your continuous interaction with customers is backed up by the latest available knowledge?
  • How do you ensure that all teams, management layers and boards of directors in a financial organisation have access to the latest and most relevant information?

Solution: share customer data in real-time to relevant departments and self-manage on your platform who gets what data and when. Then, apply the latest customer data to the ongoing interaction you have with them.

2. Fraud Detection

  • How do you continuously set and manage risk profiles of customers and prevent  fraud?

Solution: The key is to have the latest up-to-date data available at all times. Also, combining multiple sources of data helps to reduce false positives. Leveraging streaming data makes fraud detection a whole lot easier.

3. Breaking silo’s

  • Departments like mortgages, investing, loans are often communicating with the same customers for different needs. How do you make sure all those teams can give the customer a smooth journey across channels?
  • How do you come up with new propositions for new products and services that go beyond these silo’s?
  • How do you streamline the right input to management and board?

Solution: Share incoming (customer) data and analytics in real-time to relevant departments, and let departments share their own (customer) data on the same platform. With everybody having access to the necessary information, it’s a lot easier to get on the same page, answer questions to customers within the same flow as colleagues from different teams and start collecting and creating innovative ideas with people from other teams.  

4. Becoming and staying GDPR compliant

  • How do you make sure data is continuously stored secure against threats to its confidentiality and integrity.

Solution: Being compliant with GDPR entails way more than having a data officer. As a financial organisation the informational flow to  vendors and third-party information systems needs to be controlled since the collected party is responsible for the data. With live data-streaming this becomes a whole lot easier.

Download our whitepaper

Ever thought about streaming to solve some of these challenges? We wrote a whitepaper that really interesting for you and your business. In it we share various considerations in terms of costs and risks that come into play when you are considering a streaming platform based on Kafka for a financial business. 

In order to better understand what the hidden costs and risks of implementing Apache Kafka are, we have identified the 4 most important factors to bear in mind before adopting Apache Kafka for your business.

Download our whitepaper

What Are the Hidden Costs and Risks when considering Apache Kafka?

In this whitepaper we share some of our insights on the hidden costs and risks of implementing Apache Kafka. We have identified the 4 most important factors to bear in mind before adopting Apache Kafka for your business.

Download our whitepaper