Webinar: why speed matters for real-time financial decisions

In this webinar, Allen Terleto of Redis explains why digital channels and automated workflows are often leaving legacy tech exposed.

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 personalising credit card offers – speed becomes even more important. But all these processes are blocked when using traditional data platforms that can’t handle the speed, scale and complexity of online transactional data.

The rising prevalence of digital processes and automated business decision-making leaves fintechs, and their legacy data systems, increasingly exposed.

Watch: 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 data platform with sub-millisecond latency, linear scalability, and support for multiple data models. By switching to Redis Enterprise, financial companies can unlock their trove of financial data and make better decisions, generate new business opportunities and help mitigate risk as a result.

Terleto explains the complex nature of the problem: “Rapidly evolving customer expectations among younger generations and the accelerating speed of digital innovation pose extraordinary challenges for today’s enterprises. 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 shift their operating models towards digital processes, technology and even culture.

Transforming operations is expensive, complex and political

“Digital transformation – the commonly used name for this movement – promised increased business agility through application modernisation, leaner processes and agile methodologies. While enterprises invested towards these initiatives and there are plenty of success stories, things didn’t always go as planned. It turns out that transforming existing operations was expensive, complex and often political. So, many enterprises delegated their digital investments towards greenfield projects and flashy new mobile applications instead of replatforming their legacy technology stack.

“These workarounds were quite common until the growing movement for cloud migrations 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 call for application modernisation since the lift-and-shift model rarely worked where it matters the most: the data tier.”

You can watch the full webinar, entitled Milliseconds Matter for Risk Scoring or Real-time Financial Decisions, on demand now.

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