Webinar: why speed matters for real-time financial decisions

As financial institutions invest in digital channels and automate complex workflows – including areas of risk management such as risk scoring, fraud detection, automating loan approvals and personalizing credit card offers – speed becomes even more important. But all these processes are blocked when you use traditional data platforms that cannot handle the speed, volume and complexity of online transaction data.

The increasing prevalence of digital processes and automated business decisions leaves fintechs and their legacy data systems increasingly vulnerable.

See: Milliseconds matter for risk scoring or real-time financial decisions

In conversation with Bizclik Media’s Chief Content Officer Scott Birch, Allen Terleto explains the benefits of using Redis Enterprise—an in-memory computing platform with sub-millisecond latency, linear scalability, and support for multiple data models. By switching to Redis Enterprise, financial companies can unlock their financial data and make better decisions, generate new business opportunities and help reduce risk as a result.

Terleto explains the complex nature of the problem: “Rapidly evolving customer expectations among younger generations and the increasing speed of digital innovation pose extraordinary challenges for today’s businesses. For example, according to industry analysts, 80% of today’s banking customer interactions involve at least one digital channel. Of course, financial institutions were well aware of this accelerating trend and for more than a decade … slowly changed their operating models towards digital processes, technology and even culture.

Transforming operations is expensive, complex and political

“Digital transformation – the often used name for this movement – ​​promised increased business agility through application modernization, leaner processes and agile methods. Although companies invested in these initiatives and there are many success stories, things did not always go as planned. It turns out that transforming existing operations was expensive, complex and often political. So many companies delegated their digital investments to greenfield projects and flashy new mobile applications rather than replatforming their legacy technology stack.

“These solutions were quite common until the growing cloud migration movement exposed their brittle architectures. Cloud migrations also promise increased business agility, but this time through on-demand scalability of infrastructure, platforms and managed services. They renew the demand for application modernization since lift-and- the shift model rarely worked where it matters most: the data level.”

You can watch the full webinar, with the title Milliseconds matter for risk scoring or real-time financial decisionson request now.