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Real-time Streams for Financial Services - IncomeNonstop %


We're going to talk about financial services. I'm going to explain how real-time streams are shaping three ongoing initiatives. Those projects drive growth, manage regulation, and mitigate risk. In the past, big data dominated the discussion about how companies could obtain greater value from their data. It was based on a simple premise.

The more data I can store in a single location and analyze. The deeper and more valuable the insights I could obtain. However, it ignored another value principle of data. The time value. There is value in data when it's young. The faster you can get a piece of data and respond to it. The more valuable it is. By comparison, streaming data takes the idea of low latency data at scale and makes it possible to use a platform to connect all the applications and systems in your company.

Financial ServicesIt acts, in effect as a digital nervous system--both distributing the data out at every corner of your organization, and at the same time centralizing that data and allowing it to be acted on quickly. Streaming data will be fueling our economy because it allows you to build an ope rationalized intelligence at scale in real time. Often delivering value in a matter of weeks. Yet few organizations possess the ability to capitalize on streaming data.

Because it's so new. In the Kafka survey that Confluent ran in the summer. 80% of organizations said that finding qualified Kafka engineers is hard or really hard. But those that can, build smarter, faster, and more efficient businesses. In financial services, streaming data is redefining competition in three important ways.

First

Customers now value their time too much to spend it on traditional banking. Products have become commoditized and are now differentiated through the experience alone. Some financial services companies now describe themselves as an "IT" organization that happens to operate in the banking industry. With retail banking, the ability to anticipate and meet the needs of consumers on the go is critical to customer attention.

Second

As data sources increase and threats increase. Regulatory bodies are working hard to protect consumers and investors. They do that by introducing new regulations at a rate of 200 new regulations every single day. The total in 2015 was over 50,000 alerts issued. Building a system that allows you to systematically adjust to meet these requirements using features like Schema. Registry in Confluent Platform can significantly improve operations and even be a competitive advantage.financial services

Third financial services

The teams that manage risk and asset exposure face ever faster-moving competition. They can't wait until the end of the day anymore to learn what asset exposures exists. They now have an access to an increasing volume of data sources to improve the speed and responsiveness of their decision making. This causes contention between back-office systems and the rapid ingest of data from external sources. In the context of these ongoing initiatives.

The Confluent Platform provides a way to centralize all of your data and operational as a distribution across your organization. Making every event or message available to many systems at very low latency. Now, you can publish and subscribe to streams of data like a messaging system. Process streams of data efficiently and in real time, and store data safely in a distributed replicated cluster. Imagine the possibilities. Let's dig into some examples of how companies are using real-time streams to address these initiatives. This block diagram shows a generic version of a customer 360 platform.

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On the left financial services

Financial ServicesThe data sources where customer signals are first captured--places like your mobile app. The ATM machine, a call center, your website, or others. These feed into your core systems, perhaps using Kafka as a data pipeline. Your core systems might be things like a database for your customer accounts. Or a trading platform where you're collecting a continuous stream of asset prices. For the core systems and the event source systems.

You would feed these into what we call in Kafka. Asset prices might be a topic or customers' actions might be a topic. These pipelines now create a single source of truth that can be consumed by many other systems. You might want to deposit the data in real time into a knowledge warehouse or a knowledge lake.

financial services

Kafka provides some way to try and do that without running a daily batch method. Now your knowledge warehouse is up to the minute and up thus far. It all comes from constant supply. So all the systems agree on what happened and once. But taking to a broad level with the events on driving the business logic of the complete bank. On the left aspect, you'll see producers pushing knowledge to a raw event bus.

These are then processed by a connected engine to determine solely events that the bank desires to make selections from. These square measure fed to a replacement pipeline called "business relevant events" which can then feed a world pipeline and regional pipelines for numerous functions. These streams will then be deposited to completely different repositories for compliance or audits. And this business relevant events bus can also be wont to educate a machine-learning model or be wont to drive business logic that feeds client communications.

Another way to use writer is as a period of time cushion for monetary systems. For instance, in a commercialism table atmosphere. You can use it as a buffer between period of time execution and downstream systems that square measure still extremely [inaudible]. Confluent and writer absorb bursts, persist, and cue messages for fan out. So slow shoppers don't impact commercialism systems or different shoppers. It considerably improves performance of downstream systems, and the replay ability of the distributive log at the center of writer improves high convenience and watching capabilities.

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What is this convergent Platform?

It is based on Apache writer, then adds required layers of tools and computer code that improve developer productivity. Serviceability, and operational excellence. The Apache writer and convergent ASCII text file parts are utterly open supply under the Apache two.0 license. Confluent enterprise adds the operational options that enable your groups to run writer and the convergent Platforms swimmingly.
financial services

Conclusion

Let's take a fast look at a number of the businesses who publicly exploitation writer or convergent Platform to implement various systems during this house. There are more, but these are the parents that you will contractor examine their writer deployments in their engineering blogs.financial services

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