The Advantages Of Live Data-Streaming In The Competitive Financial Services Sector (Part III)

Live data-streaming offers businesses exciting new opportunities to transform the way they operate, leveraging real-time insights to drive better decision making and enhance operational efficiency.

To find out more about how streaming data might impact the financial services sector I sat down for a chat with Dinesh Chandrasekhar, Head of Product Marketing in Cloudera’s Data-in-Motion Business Unit. If you missed Part 1 of our Q&A, you can catch-up on it here, Part II is available here.

In the final part of our Q&A, Dinesh will be looking at low latency streaming architecture models, expand on technology like Apache Flink, Apache NiFi and Apache Kafka and talk how Cloudera is already supporting businesses in integrating these solutions to leverage new opportunities within the financial service sector.

Thank you for joining for the final part of our Q&A, there has been a lot of interest within the financial services sector as well as more broadly around open source solutions like Apache Flink, Kafka and NiFi. Can you talk to how open source solutions can benefit companies and how do businesses potentially run multiple solutions in tandem to achieve the best results?

Cloudera DataFlow is a 100% open source data platform and we take pride in that as a key differentiator in the market. Organizations primarily choose open source solutions so as not to be locked into a particular vendor and so that they can drive innovation across the business.

In the case of Cloudera, we help enterprises to invest in open source solutions and download programs securely while benefiting from the support, wider integration and knowledge that Cloudera offers.

By partnering with Cloudera, enterprises can move into open source technology and benefit from both the ability to scale and innovate while being backed by Cloudera’s expertise.

When it comes to open source there are different types of technology, for example Kafka is excellent for streaming architectures that require messaging for scalability .It allows a messaging platform that supports businesses in scaling up their streaming architecture to the point where they can handle millions of transactions.

Within this context, Kafka provides scalability, allowing businesses to use other enterprise or cloud applications to seamlessly get information from large volumes of real-time data without any downtime. If a company wants to scale up their streaming architecture, the messaging platform can take data from a firehose like NiFi and retain it for a brief time frame in near real-time.

With a publish/subscribe architecture model some applications within the enterprise can publish data and some applications can subscribe to data, and these two can happen independently.Decoupled architecture like this lets companies move toward a plug and play operational model and Kafka in particular has evolved over the years to become the key platform for streaming architectures. In fact almost 90% of streaming architectures today leverage Kafka.

The benefit of Cloudera DataFlow is that it brings everything together and businesses can take advantage of the tight integration of these solutions, from NiFi to Kafka and Kafka to Flink.It allows companies to seamlessly publish and subscribe data and at the same time. All of these components leverage the same security and governance layers too.

The Shared Data Experience (SDX) is a unified security and governance layer that operates as the single point for defining your security and governance policies end-to-end across all these solutions including NiFi, Kafka and Flink.This provides total end-to-end visibility into data lineage and governance across the enterprise and this functionality simply isn’t possible if businesses download individual components by themselves.

That is why Cloudera provides a solution for truly integrated open source technology allowing businesses to take advantage of the benefits.

With so many exciting and new technological developments helping drive change within the financial service sector, how can Cloudera support businesses looking to ingest, secure, prioritize and analyse live streaming data? 

With a data-in-motion platform like Cloudera DataFlow, businesses truly open up the possibility of innovation across the enterprise.

As a financial institution or bank, one of the first priorities from a digital transformation perspective is to better understand customers to cater to their needs and the business should have complete visibility into their customers.

They need to know everything from who they are to how long they’ve banked with the company to what type of transactions they have made in the past and even their financial history. Every single point of information should be instantly available so that businesses can make the best possible decisions. 

One of the worst situations for firms is having incomplete information which can create blind spots for businesses.  A simple use case is approving loans for customers with poor credit history. This extends into all types of use cases, credit card applications, mortgages and loan applications too. The more data and insights the company has, the better they can evaluate risk and make good decisions.

The key benefit of having a data-in-motion platform is it allows decision makers access to this type of data insights immediately regardless of where the business’ data is located.

Over the last decade we have seen the emergence of multiple data silos, that don’t reside in single data centers, they reside in multiple clouds and multiple data centers, and even in social streams.

Sometimes you find nuggets about a particular customer who may be frustrated about an aspect of your business and venting it on social media. With a data-in-motion platform like Cloudera DataFlow, the business has a complete 360-degree view of the customer and can use it to inform decisions about approving loans for example or providing better service.

The reason this is so critical, is that in terms of digital transformation initiatives, one of the first things companies identify is customer insights. It is the most impactful part of digital transformation and has benefits across the entire business.

A data-in-motion platform like Cloudera DataFlow truly empowers the edge and enhances the intelligence of the edge, transforming an enterprise beyond the four walls of the bank or institution and making innovation possible.

It can also help empower newer innovations like mobile payments or contactless payments or even online store payments.These contactless businesses are on the rise and it is where the next wave of digital transformation and technology like Cloudera DataFlow can support business in taking advantage, enabling companies to ingest, process, store and share data in real-time.

This makes Cloudera a true enabler for businesses in leveraging technology to take advantage of new opportunities.

Learn how Cloudera is helping businesses transform the way they handle and process high volumes of complex data or find out how you can implement the best Kafka ecosystem for your business today.

Laura Chu
Dinesh Chandrasekhar

Head of Product Marketing

Leave a comment

Your email address will not be published. Links are not permitted in comments.