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Digital disruptors, shifting consumer dynamics, and COVID-19 are reshaping the financial services industry. Established firms are forced to dramatically improve their customer experience, move towards zero back office, or risk falling behind.
Many financial institutions rely on legacy systems that are unable to keep up with today’s demands—low latency, always-on, end-to-end, and secure. Redis Enterprise is the ideal real-time data platform for the next generation of digital banking applications that depend on sub-millisecond responses to deliver instant experiences.
In the rush to deliver digital services and products, banks have focused on a glossy front-end, but fallen short on the back-end transformation needed to support real-time digital experiences such as account creation, credit approvals, ecommerce, and payments.
Redis Enterprise’s in-memory data layer allows you to build interactive, modern applications with real-time identity verification, transaction scoring, and fraud detection.
of retail banks consider legacy systems the biggest obstacle to digital progress
As financial services organizations modernize their systems, they are tackling digital transformation challenges one solution at a time. This results in a separate digital solution for each function—back office, customer data, transaction history—resulting in silos.
Redis Enterprise supports multiple data models like key-value, JSON, graph, timeseries, search in one database engine to deliver a truly integrated end-to-end solution. It also provides a fast and responsive data layer for transitioning monolithic applications to granular microservices to deliver modern applications for digital banking and zero back office.
Even the best customer-facing application can’t save your reputation if your data infrastructure fails to deliver a secure and always-on banking experience.
Redis Enterprise ensures 99.999% availability, with Active-Active deployment across regions, clouds, on-premises, and hybrid. It delivers all the elements needed for a database system of record: single-digit-seconds failover time, enhanced storage engine, backup and restore with auto cluster recovery, and multi-layer security provisioning.
Bank CIOs are facing a perfect storm. IT demands are escalating while pressures to keep costs down are intensifying. Many firms are looking to the cloud, which can offer 40% efficiency improvements (McKinsey).
Redis Enterprise Cloud is a managed service offering that reduces data center spending while increasing IT productivity and lowering TCO. It’s secure by design, to meet the strict requirements of financial institutions.
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Sources: Ekata research, Accenture, Retail Banks Well-prepared for Digital Innovation
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