Welcome!

Blog Feed Post

GFT presents the big picture of harnessing big data in banking and insurance at CeBIT

Big data is taking financial services companies farther from risk, closer to customers

London, 6th February 2014 - It's on the tip of everyone's tongue, yet there is still mystery surrounding the use of big data in practice. GFT Technologies AG, one of the world's leading providers of IT solutions for the financial sector, wants to change this. At the upcoming CeBIT in Hanover, GFT will use specific applications to demonstrate when and where big data can make the biggest difference for financial services providers. From 10 to 14 March 2014, visitors to Hall 16 will experience first hand how banks can use big data to offer customers faster credit on better terms and conditions, without incurring greater risk. Other case studies relate to fraud detection/prevention and churn management - both tools which can be used to hinder customer attrition.

"Financial services providers typically deal with the processing and analysis of large volumes of data on a regular basis," states Marika Lulay, Chief Operating Officer at GFT. "Thanks to big data, they can now derive more targeted information from their data more quickly than ever. Analysis that previously would have taken weeks is now at their fingertips within minutes. The possibilities are tremendous and the solutions can be customised to the particular circumstances for better decision-making in real time."

GFT is illustrating just what this looks like in practice with a series of concrete application scenarios at the largest IT trade show in the world - CeBIT. There, financial services providers will discover the answers to questions like:

  • How can I determine which credit conditions I can offer my customer during the actual consulting session?
  • How can I protect users of my bank's payment cards from criminals?
  • How can an analysis of the relationships between the parties involved in an insurance transaction be used to anticipate fraudulent claims?
  • How can I prevent my customers from switching to another bank?

To tackle these challenges, GFT relies on various analytical methods like scoring models, or adaptive methods to recognise suspicious behavioural patterns or correlations. Using modern big data technologies such as SAP Hana and Hadoop can enhance the reliability of these types of analysis. These enable users to gain detailed insights in real time - on the basis of significantly more extensive data volumes from a broad variety of sources.

In the forefront of the entire debate is data security, as data confidentiality is a top priority throughout the financial services industry. "Banks and insurance companies traditionally set extremely high data security standards. From our experience working on countless big data projects in investment and retail banking at GFT, we can say without reservation that this is the case with big data as well," states Lulay.

Cardinis international launch
In addition to showcasing big data solutions at CeBIT, GFT will also introduce international trade visitors to a project and portfolio management software package called Cardinis. GFT Italia developed the suite, which is currently only available in Italy. It offers extra support and management assistance with any kind of company project, helping identify the links between projects and providing managers with a continual overview of costs, risks and interdependencies. Cardinis is one of the few European project management solutions to have made it into Gartner's Magic Quadrant.

About the GFT Group:
The GFT Group is a global technology partner for future digital issues - covering everything from discovering innovation to developing and implementing sustainable business models.

Within the GFT Group, GFT stands for competent consulting and reliable development, implementation and maintenance of customized IT solutions. The company is one of the world's leading IT solutions providers in the banking sector.

emagine offers companies the opportunity to staff their strategic technology projects both quickly and flexibly with capable experts. To achieve this, emagine has an international network of highly qualified IT and engineering specialists at its disposal.

CODE_n, the GFT Group's innovation platform, offers international startups, technology pioneers and established companies access to a global network. It's where ideas become business.

Headquartered in Germany, the GFT Group has stood for technological expertise, innovative strength and outstanding quality for over 25 years. Founded in 1987, the GFT Group expected to achieve revenues of around €260 million in 2013. With a global team spanning 2,000 employees, the company is represented in eight countries by its 32 local offices. The GFT Group is listed on the Frankfurt Stock Exchange (Prime Standard).

Press contact
Felix Jansen
GFT Technologies AG
[email protected]
+49 (0)711 62042-115

Rose Ross
Omarketing (for GFT UK)
[email protected]
+44 (0)20 8255 5225

Source: RealWire

Read the original blog entry...

More Stories By RealWire News Distribution

RealWire is a global news release distribution service specialising in the online media. The RealWire approach focuses on delivering relevant content to the receivers of our client's news releases. As we know that it is only through delivering relevance, that influence can ever be achieved.

Latest Stories
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
You have great SaaS business app ideas. You want to turn your idea quickly into a functional and engaging proof of concept. You need to be able to modify it to meet customers' needs, and you need to deliver a complete and secure SaaS application. How could you achieve all the above and yet avoid unforeseen IT requirements that add unnecessary cost and complexity? You also want your app to be responsive in any device at any time. In his session at 19th Cloud Expo, Mark Allen, General Manager of...
Financial Technology has become a topic of intense interest throughout the cloud developer and enterprise IT communities. Accordingly, attendees at the upcoming 20th Cloud Expo at the Javits Center in New York, June 6-8, 2017, will find fresh new content in a new track called FinTech.
@DevOpsSummit taking place June 6-8, 2017 at Javits Center, New York City, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @DevOpsSummit at Cloud Expo New York Call for Papers is now open.
"We are a leader in the market space called network visibility solutions - it enables monitoring tools and Big Data analysis to access the data and be able to see the performance," explained Shay Morag, VP of Sales and Marketing at Niagara Networks, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
"We are a modern development application platform and we have a suite of products that allow you to application release automation, we do version control, and we do application life cycle management," explained Flint Brenton, CEO of CollabNet, in this SYS-CON.tv interview at DevOps at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Amazon has gradually rolled out parts of its IoT offerings in the last year, but these are just the tip of the iceberg. In addition to optimizing their back-end AWS offerings, Amazon is laying the ground work to be a major force in IoT – especially in the connected home and office. Amazon is extending its reach by building on its dominant Cloud IoT platform, its Dash Button strategy, recently announced Replenishment Services, the Echo/Alexa voice recognition control platform, the 6-7 strategic...
Regulatory requirements exist to promote the controlled sharing of information, while protecting the privacy and/or security of the information. Regulations for each type of information have their own set of rules, policies, and guidelines. Cloud Service Providers (CSP) are faced with increasing demand for services at decreasing prices. Demonstrating and maintaining compliance with regulations is a nontrivial task and doing so against numerous sets of regulatory requirements can be daunting task...
Bert Loomis was a visionary. This general session will highlight how Bert Loomis and people like him inspire us to build great things with small inventions. In their general session at 19th Cloud Expo, Harold Hannon, Architect at IBM Bluemix, and Michael O'Neill, Strategic Business Development at Nvidia, discussed the accelerating pace of AI development and how IBM Cloud and NVIDIA are partnering to bring AI capabilities to "every day," on-demand. They also reviewed two "free infrastructure" pr...
"This is specifically designed to accommodate some of the needs for high availability and failover in a network managed system for the major Korean corporations," stated Thomas Masters, Managing Director at InfranicsUSA, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Unsecured IoT devices were used to launch crippling DDOS attacks in October 2016, targeting services such as Twitter, Spotify, and GitHub. Subsequent testimony to Congress about potential attacks on office buildings, schools, and hospitals raised the possibility for the IoT to harm and even kill people. What should be done? Does the government need to intervene? This panel at @ThingExpo New York brings together leading IoT and security experts to discuss this very serious topic.
More and more brands have jumped on the IoT bandwagon. We have an excess of wearables – activity trackers, smartwatches, smart glasses and sneakers, and more that track seemingly endless datapoints. However, most consumers have no idea what “IoT” means. Creating more wearables that track data shouldn't be the aim of brands; delivering meaningful, tangible relevance to their users should be. We're in a period in which the IoT pendulum is still swinging. Initially, it swung toward "smart for smar...
CloudJumper, a Workspace as a Service (WaaS) platform innovator for agile business IT, has been recognized with the Customer Value Leadership Award for its nWorkSpace platform by Frost & Sullivan. The company was also featured in a new report(1) by the industry research firm titled, “Desktop-as-a-Service Buyer’s Guide, 2016,” which provides a comprehensive comparison of DaaS providers, including CloudJumper, Amazon, VMware, and Microsoft.