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Deutsche Bank Taking Dives Into ‘Big Data’
December 14, 2015 by admin
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Deutsche Bank is undertaking a major computer systems overhaul that will help it to make greater use of so-called “big data” to provide a detailed picture of how, when and where customers interact with it, the bank’s chief data officer said in an interview.
JP Rangaswami, who joined Deutsche Bank in January as its first-ever chief data officer, said better and cheaper metadata was allowing the bank to analyze previously inaccessible information.
“We are able to see patterns that we could not see beforehand, allowing us to gain insights we couldn’t gain before,” Rangaswami told Reuters in an interview.
Upgrading the technical infrastructure Deutsche Bank needs to get the most out of this data is a priority for Chief Executive John Cryan. He is trying to improve the performance of Germany’s biggest bank, which is struggling to adapt to the tougher climate for banks since the financial crisis.
Cryan, who unveiled a big overhaul at Deutsche on Oct. 29, said at the time that imposing standards on Deutsche’s IT infrastructure was key to improving controls and reducing overheads.
The CEO said in the October presentation that IT design had occurred in silos with the application of little or no common standards. “Our systems are disjointed, cumbersome and far too often just plain incompatible.”
An annual global survey of more than 200 senior bankers published last week by banking software firm Temenos found that “IT Modernization” was now top priority, displacing earlier investment objectives such as regulation and customer friendly mobile apps. IT modernization ranked only fourth among major priorities in the survey last year.
The shift toward technology as a priority shows the extent of the challenge facing banks to modernize infrastructure to analyze internal customer data and try to fend off competition from new financial technology companies.
Rangaswami, who was chief scientist at Silicon Valley marketing software giant Salesforce from 2010 until 2014, said the data would allow Deutsche to tailor services to customers’ needs and to identify bottlenecks and regional implications faster and solve problems more quickly.
Source- http://www.thegurureview.net/aroundnet-category/deutsche-bank-taking-a-deeper-dive-into-big-data.html
Verizon Introduces HSN For Financial Firms
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Verizon on Wednesday launched a new low-latency network for financial services firms that can complete a stock transaction between New York and Chicago in as little as 14.5 milliseconds.
The new Verizon Financial Network Premier Low-Latency Service shaves as much as 5 milliseconds off the company’s current offering, a change that can translate into millions of dollars for high-frequency traders.
The new service, which becomes part of the Verizon Financial Network, uses higher performance networking technology from Ciena and takes the shortest possible path between the two metropolitan areas, according to Verizon.
Verizon is targeting the service to global banks, hedge funds, pre- and post-trade service firms and money managers who use high-performance computing algorithms and networks for speedy transactions.
High-frequency trading firms require low-latency networks to execute arbitrage transactions and algorithmic trading with minimal delay. Fiber distance between trading locations introduces latency, as does the equipment used to light the fiber.
Verizon plans on expanding the new high-speed network to other U.S. markets later this year.
CME Group, a financial derivatives marketplace, plans to use the new Verizon service in its Aurora, Ill., data and colocation center to enable companies in Chicago and New York to trade on CME Group’s platforms and more quickly exchange market data.
“We’re creating a secure, reliable high-speed path along one of the busiest financial trading routes,” Chandan Sharma, managing director of Verizon’s financial vertical markets, said in a statement.
Visa Offers New Payment Service
March 20, 2011 by admin
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Visa announced Wednesday it is developing a new service that will allow U.S. customers to send money directly to one another, presenting new competition to PayPal.
Visa already lets people send money to Visa accounts in many other countries, but this will be the first time it will offer the service in the U.S.
People who use banks that participate in the new program will be able to send money directly to someone’s Visa account by entering the recipient’s Visa account number, e-mail address or mobile-phone number in an online payment form.
Visa said it has made deals with two payment companies, Fiserv and CashEdge, so that those companies can allow their customers to send money to Visa accounts. Banks offer Fiserv’s ZashPay and CashEdge’s Popmoney services to their customers for sending money to other people. The first banks are expected to make the Visa service available through CashEdge and Fiserv in the second half of the year, Visa said. It’s not clear whether Visa will offer the service on its own. Read More…