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Astra DB for Financial Services
Financial Services encompasses a variety of businesses including banking, investment firms, brokerages, loan processors, and insurance companies. Financial Services are under tremendous pressure to modernize their infrastructure and make data easily accessible while being secure. They are also required to be in compliance with industry and government regulations.
Consumer expectations around Financial Services have also changed in recent years in terms of a seamless and mobile digital experience, with personalization, recommendations and a Customer 360 view of services. A BDO Insights report informs that there are clear benefits of digital transformation in Financial Services, including improved customer experience, operational efficiency and high returns on revenue and profitability.
DataStax Astra DB provides the real-time data stack with the scalability, security, and agility required for this digital transformation in Financial Services.
Why Astra DB for Financial Services?
Scale Without Compromise
Financial Services must manage core transaction data at a large scale with fast response times. Advanced analytics of this data in conjunction with third-party data (from other financial institutions, credit reporting and regulatory agencies) is also important. This analytics data volume is an order of magnitude higher than just transaction data. Astra DB can service core transactions and analytics without compromising response times and service availability. Harness the dynamic scaling and high-availability of Astra DB to effectively manage this massive data volume.
Real Time Data Pipelines for Financial Services
Financial Services have historically used batch processing, and ETL (extract, transform, load) techniques with data warehouses for data analytics. Modernize your data analytics with Change Data Capture (CDC) for Astra DB, powered by Astra Streaming. CDC helps create real time data pipelines and enable advanced data analytics including just-in-time investment trading, fraud detection, and personalization.
Keep Customer Data Secure
Financial data is subject to a number of privacy, security and audit regulations. Financial Services have access to a significant amount of sensitive customer data and customers place an enormous trust with these services to protect their data. Companies can ensure security for sensitive customer data with Astra DB features such SSO/SAML integration, mutual TLS authentication for data-in-transit encryption, data-at-rest encryption, and BYOK (bring-your-own-key) management.
Multi-cloud and Multi-model flexibility
Developers are increasingly using different data models to provide richer digital experiences. Reduce time-to-value with Astra DB’s multi-model flexibility with support for Document (JSON), REST, GraphQL, and gRPC APIs. Financial data is distributed globally and subject to data residency regulations. With Astra DB, span across multiple data centers or cloud regions and deploy in AWS, GCP, and Azure, while maintaining compatibility with open-source Cassandra.
Architecture for Financial Services Applications
Astra DB can manage core financial transaction data as well as enable real-time data pipelines for financial data analytics. Core financial transactions include payments, check processing, investment trading. Analytics include functions such as credit reporting, fraud detection, and loan approvals.
Astra DB Example Data Model & Queries for Financial Services
DataStax recommends the following data model for an investment portfolio management application. The application stores information on investments, stocks, trades, along with customer profile information. The various queries that can be performed include trades (buy/sell), current positions in a stock and current market value of the account.
For more information on the shopping cart data model, please see our data modeling library.
Industry & Customer Success
Endowus is Asia’s leading fee-only digital wealth platform, featuring access to superior investment products, personalized advice, and lower costs on a seamless digital investment platform for all investors. With the high performance of Astra DB, Endowus is able to rapidly mine voluminous data to deliver tremendous insights which help to further propel its mission and growth.
Multi-cloud DBaaS built on Apache Cassandra
Read how DataStax Astra DB can help reduce Total Cost of Ownership and Time to Market, as well as the numerous features and APIs that developers love.
Data Modernization in Financial Services
In many enterprises, core systems and their data have historically been hosted on mainframes, which have the downsides of high costs and low agility. This is especially true for the financial services industry which still uses mainframes for many mission critical applications.
Database Capabilities for Financial Services
Let’s face it: securing financial data in the 21st century is a major headache. There are so many things you need to be thinking about today that you didn’t even have to worry about even five or 10 years ago, such as new compliance laws and regulations, and how to keep sophisticated fraudsters from exploiting all the new touchpoints your customers are using.