Bringing Financial Services Business Use Cases to Life: Leveraging Data Analytics, ML/AI, and Gen AI
The financial services industry is undergoing a significant transformation, driven by the need for data-driven insights, digital transformation, and compliance with evolving regulations. In this context, Cloudera and TAI Solutions have partnered to help financial services customers accelerate their data-driven transformation, improve customer centricity, ensure compliance with regulations, enhance risk management, and drive innovation.
Cloudera and TAI Solutions in Financial Services
Cloudera has a strong presence in the financial services sector, with 82% of the largest global banks, four of the top five stock exchanges, eight out of the top ten wealth management firms, and all four of the top credit card networks among its customers. Additionally, Cloudera has over 25 central banks and a dozen financial regulators as customers, providing it with valuable insights into the innovations in the sector.
TAI Solutions provides IT services and solutions to major players in the financial services industry, particularly in the banking and insurance sectors. The organization designs, develops, and manages IT processes, infrastructures, and applications tailored for banks and insurance companies to build and enhance their digital capabilities. Its expertise spans cloud enablement, modern application development, Big Data and ML, Cloud Journey, DevOps, Microservices, platform, and architecture changes for financial services firms.
TAI Solutions’ Partnership with Cloudera
TAI Solutions has a strategic partnership with Cloudera, leveraging Cloudera's enterprise data management solutions to provide data-driven insights and digital transformation services to clients, particularly in the financial services industry. They offer strategic advisory, implementation services, and support around Cloudera products, utilizing Cloudera to create a unified platform for clients to store, access, and analyze unlimited data from multiple frameworks securely and efficiently.
Common Business Use Cases
Financial service customers use Cloudera to improve customer experience, manage risk, prevent financial crime, drive operational efficiency, and streamline compliance with regulations. Key use cases include customer journey/customer 360, regulatory compliance, financial crime prevention, risk management, market risk, credit risk, liquidity risk, operational risk, systemic risk, climate risk, intraday risk management, finance, integrated risk and finance view, treasury management, advanced analytics, and emerging technology.
A Q&A With Cloudera and TAI Solutions:
What are some real-life success stories of financial services customers that TAI Solutions worked on, what Cloudera services were implemented, and what were the business outcomes achieved?
- Christian Simonelli, of TAI Solutions: One of Italy's major banks, working with TAI, reorganized their existing data lifecycle management processes to explore advanced machine learning scenarios, streaming analytics, and data lineage capabilities. They deployed a proof-of-concept version of CDP Private Cloud and CDP Public Cloud, facilitating the client's exploration of Cloudera's hybrid cloud functionalities and a new data model. The client opted to adopt Kafka and Flink with Iceberg on Cloudera Private Cloud for streaming analytics scenarios and Cloudera Machine Learning and Data Warehouse on CDP Public Cloud for machine learning model development and data visualization applications.
What are some of the reasons that TAI Solutions’ customers choose Cloudera?
- Christian: TAI Solutions' customers choose Cloudera due to its adaptability to specific reference cases, its open-source and market standard solutions, comprehensive suite of data services, and successful adoption in the cloud, offering continuity with on-premises solutions in terms of governance and interface. The decision to implement the SDX layer, capable of abstracting technology present on-premises and in the cloud, has been successful in realizing hybrid on-premises/cloud solutions without the need to modify organizational processes.
Regulation and risk are a big focus for financial institutions. Can you elaborate a bit more on that?
- Joe Rodriguez, Sr. Managing Director Financial Services for Cloudera: Regulations like Basel IV, the EU AI Act, DORA, GDPR, and ESG regulations require more transparency, better controls, and exponentially more data and compute, presenting a complex challenge for banks, particularly around data management. Implementing a modern data architecture is vital to compliance, and those banks that can underpin compliance with such an architecture will be well prepared.
What are some of the business use cases financial services customers are focused on to use AI?
- Joe: There are promising use cases for traditional ML/AI in financial services, including risk management, credit scoring and loan underwriting, anti-money laundering, and process automation. Generative AI also provides a range of new opportunities, such as personalized customer experiences, automated content creation, risk and compliance analysis, and trading and portfolio optimization.
Helping Financial Services Customers Take on Data Analytics and AI
The partnership between Cloudera and TAI Solutions is well-positioned to help financial services customers navigate the complexities of data analytics, ML/AI, and GenAI, while ensuring compliance with evolving regulations. As the financial services market continues to grow and evolve, the importance of data-driven insights and digital transformation will only increase, making partnerships like this crucial for the sector's future success.
Learn more about how Cloudera’s partner ecosystem can support your most challenging use cases.