Banks and financial services institutions need highly scalable, cloud-native databases that can deliver fast transaction rates while providing easy access to transaction data.

Like many industries, financial services institutions (FSIs) are undergoing dramatic change. In response to the entire world going digital and the explosion of data available to drive decision-making and customer experiences, banks are pursuing aggressive innovation in new applications and cloud infrastructure. Specifically, FSIs need scalable, cloud-native databases to underpin modern applications.

In particular, banks will need a new data platform to support these new requirements, ultimately replacing Oracle, IBM DB2, NoSQL, and other legacy systems.

Emerging fintech companies are challenging many FSIs. Retaining existing customers and gaining new ones will require a continuous rollout of new and innovative services. Accomplishing this will require that transaction services play a larger role in the digital transformation of FSIs. Examples of what new services are needed include:

• Dynamic pricing
• Hyper-personalized recommendations, content, and offers
• Real-time fraud analysis
• Real-time business process optimization

#big data platforms #cloud #cloud-native