Hazelcast IMDG in Financial Services
Company Size
1,000+
Product
- Hazelcast IMDG
- Hazelcast Enterprise
Tech Stack
- In-Memory Data Grid (IMDG)
- Java
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Customer Satisfaction
- Innovation Output
- Productivity Improvements
Technology Category
- Analytics & Modeling - Predictive Analytics
- Application Infrastructure & Middleware - Data Exchange & Integration
- Application Infrastructure & Middleware - Middleware, SDKs & Libraries
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
- Quality Assurance
Services
- Software Design & Engineering Services
- System Integration
About The Customer
The financial services industry, encompassing global banks and financial institutions, is known for its stringent technology requirements. These organizations handle vast amounts of data and require high-speed processing capabilities to manage trading, risk analysis, and compliance functions. The industry is characterized by a need for near-zero latency in trading functions and rapid data processing for compliance and reporting. Financial institutions are increasingly adopting open-source models to reduce costs and leverage modern software architectures and APIs.
The Challenge
The financial services industry faces demanding technology requirements, necessitating the adoption of advanced solutions like IMDG technology to process data at high speeds. Financial institutions need to run advanced queries and perform complex transactions on large datasets quickly and scalably. The rise in data volume, driven by increased technology use and social media, requires financial organizations to utilize all available data resources for competitive advantage. Additionally, complex regulations across multiple jurisdictions demand extensive data retention and reporting to ensure compliance.
The Solution
Hazelcast IMDG provides a high-performance, in-memory data grid solution that enables financial institutions to deploy a flexible and scalable data fabric. By storing application data in memory, Hazelcast IMDG ensures faster data processing without compromising data availability, consistency, and integrity. The solution simplifies data models, reduces development complexity, and shortens the learning curve for new applications. Hazelcast's secure enterprise-class authentication model ensures data security and compliance. The in-memory processing capability of Hazelcast IMDG allows for rapid analysis of fast-changing data, enabling real-time decision-making and strategy development. The solution's flexibility allows for easy integration of new data sources and adaptation to changing analytical models. Hazelcast's open-source model offers significant cost savings and supports innovation by enabling financial institutions to develop new risk models, differentiate services, and reduce total cost of ownership.
Operational Impact
Quantitative Benefit
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