Unifying data to accelerate growth in financial services

blog-thumb-virtual-stack.png

At this year’s ElasticON Global, our annual user conference, we held multiple sessions focused on the financial services industry and how leading financial institutions are solving their data challenges with Elastic.

According to Boston Consulting Group, there is $300 million in potential revenue opportunity for every $100 billion in assets under management at banks through hyper personalization. Both banks and non-bank financial institutions are rallying around this opportunity by focusing on customer experiences and open banking initiatives and by building more interconnected microservices. This focus, while being good for customers, has introduced challenges such as acceleration of counterparty data sharing and ensuring the open banking ecosystem is secure.

Turning data into a strategic asset

In the introductory session Enabling financial institutions to turn data into a strategic asset, we covered trends in the industry and how customers like Rabobank are building systems of engagement by offloading data from mainframes and other systems of record. Michael Down, Financial Services Principal Solution Architect, shared a powerful demo showing how you can customize Elastic to visualize customer transaction and payment data to allow customers to better self-serve, or so that banks and merchants can create more personalized solutions.

Open banking is secure with Elastic

The session on securing open banking with Renan Martorelli from WSO2 and Elastic Solution Architect João Emilio explored how you can observe and protect your open banking API ecosystem. Building composable enterprises with APIs as a backbone is increasingly important to every industry, and that is certainly the case in financial services. But API-driven architectures can increase vulnerabilities if they are not managed well.

Timely regulatory reporting

While the industry is moving ahead fast with new transformation initiatives, our customers are also using Elastic to stay compliant with strict regulatory requirements. Monitoring timeliness of regulatory reporting with Leonid Landsman, Director of Application Development at the Canadian Imperial Bank of Commerce (CIBC), gives an overview of how CIBC delivers on regulatory requirements. They currently use the Elastic Stack for real-time and historical analysis of timeliness and quality of regulatory reporting. Like any major financial institution, CIBC has an obligation to report all Capital Market transactions to various global regulators. Considering the strict submission requirements, the many applications involved, and the ever-growing amount of data processed, this task is not trivial and requires rigorous monitoring.

Building a cybersecurity program from scratch

Lastly, if you are considering Elastic Security, we suggest From zero to hero: Developing a cybersecurity program from scratch with James Paul Pichardo Lezma, CISO at the Superintendency of Banks, Dominican Republic. Pulling from experience in supervising financial sector cybersecurity regulatory compliance, James shares insight on how to establish framework and data source selection, report proper risk metrics to the board, and achieve efficient security operations.

We’d love to hear from you

We want to learn more about what our customers and partners in the financial services industry are doing with Elastic. Please feel free to reach out to us anytime at financials@elastic.co to share what you are working on or give us feedback on how we can help you accelerate outcomes with Elastic.
  • We're hiring

    Work for a global, distributed team where finding someone like you is just a Zoom meeting away. Flexible work with impact? Development opportunities from the start?