Databricks > Case Studies > Leading Latin America Into an Open Finance Future with IoT

Leading Latin America Into an Open Finance Future with IoT

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Technology Category
  • Analytics & Modeling - Machine Learning
  • Platform as a Service (PaaS) - Application Development Platforms
Applicable Industries
  • Cement
  • Finance & Insurance
Applicable Functions
  • Maintenance
Use Cases
  • Construction Management
  • Leasing Finance Automation
Services
  • Cloud Planning, Design & Implementation Services
  • Data Science Services
About The Customer
Banco Bradesco is a leading financial institution in Latin America. The bank is undergoing a significant transformation, with open finance initiatives introducing new business models that give customers more access to their financial data from bank accounts, mortgages, investments, insurance, and utility payments across financial entities. Governments in South America have quickly adopted these open finance standards, requiring financial institutions like Banco Bradesco to securely share customer financial data to help paint a complete picture of the customer. With this added insight into a customer’s financial landscape across institutions, Banco Bradesco is tapping into analytics and AI to deliver seamless and personalized customer experiences across financial institutions and platforms.
The Challenge
Banco Bradesco, a leading financial institution, was facing challenges in meeting evolving customer expectations due to its legacy data warehouse. The existing system was too cumbersome to share customer data with other entities, with customer, transactional, and consent data scattered across disjointed systems. This lack of collaboration hindered proper data analysis and AI, creating obstacles to fully embrace open finance and the move to become a cloud-first bank. The bank's legacy on-premises infrastructure needed to improve to overcome the technical barriers of sharing 20+ terabytes of customer financial data with outside organizations. Rolling out new applications with over 1,000 siloed databases would take months, making deployment inefficient. Engineers struggled to complete projects, as they were inundated with IT operations work to maintain their infrastructure. Analysts needed help accessing and exploring data promptly, dependent on an overburdened engineering team to provide curated data and reports.
The Solution
Banco Bradesco transitioned to the Databricks Lakehouse Platform to overcome these challenges. The Lakehouse platform provided a data architecture that could unify all their data and make it easily accessible to team stakeholders to analyze the customer experience better and drive tangible improvements. It also provided the flexibility for engineers to deploy new personalized finance products more rapidly to drive new initiatives. Delta Lake provided the foundation to build fast ETL pipelines for analytics and ML. Databricks Workflows allowed Banco Bradesco’s data analyst teams to easily create, run, monitor and repair data pipelines without running any infrastructure. With Delta Live Tables, their engineering team benefited from auto-optimization and lineage of data pipelines. Unity Catalog helped them securely and easily share data, setting the stage for drastically better data analytics across their teams.
Operational Impact
  • With the lakehouse architecture underpinning Banco Bradesco’s enterprise data platform, they can firmly lead Latin America’s financial industry into an open finance future. The bank has developed a mobile application that consolidates customers’ financial accounts across different banks, giving them a single view of their financial life. With open finance data, Banco Bradesco’s BRAIN (Bradesco Business Intelligence Decisioning Platform) project, which is responsible for providing credit solutions in near real-time, quickly improves the accuracy of pre-approved loan financing. Moreover, analysts use Databricks SQL to run queries and visualize data through business intelligence dashboards for executives to make smarter strategic decisions around open finance. One such solution has accelerated the analysis time of customer loans from months to minutes, allowing the company to change pre-approved credit limits nearly on demand.
Quantitative Benefit
  • 24x faster time-to-market for new features
  • 180+ analytics and AI use cases
  • 200+ users accessing data insights

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