The world’s largest financial services firms have adopted MarkLogic’s enterprise NoSQL server to aggregate disparate data types from the myriad of systems that span their enterprises. Using XML, MarkLogic is able to quickly load data “as-is” eliminating months of development work. MarkLogic provides the single source of truth; helping banks deal with cost pressures, customer needs, heightened regulatory scrutiny and demands for greater transparency.
Using MarkLogic, financial institutions are able to quickly operationalize new instruments created by the front office in response to the market, while reducing the overall cost per trade. MarkLogic can ingest trades directly from the message bus connecting the trading systems, without requiring extended development cycles associated with persisting these messages to a relational database. Marklogic can also invoke post trade operations using its event streaming capabilities, which allows for greater post trade efficiencies and reduced costs and complexities compared with RDBMS-based solutions.
The onboarding process is the initial point of contact with a customer, and as such, streamlining it and making it more user-friendly is critical to customer satisfaction and retention. In response to government regulations such as KYC (Know Your Client), AML (Anti-Money Laundering) and FATCA (Foreign Account Tax Compliance Act), financial institutions are also challenged with gaining insights from unstructured information related to both retail and institutional customers. And a major source of that information is onboarding documentation.
Due to increasing regulations and cost pressures, research departments in investment banks are challenged with transforming themselves from cost centers to profit centers. A key part of that is being able to provide more relevant research in a timely manner. MarkLogic provides a platform that allows for agile and cost-effective authoring, search, assembly, delivery and measurement of analysts research resulting in new-found revenue streams.
Regulatory Compliance and eDiscovery
New regulations are requiring on-demand, aggregated access to structured and unstructured data, moving beyond predictable periodic reports. For instance, Dodd-Frank Title VII requires the correlation of swap trades to the communication records (e.g., phone messages, email, text) that preceded the transaction. MarkLogic, with its ability to ingest data of various structures without requiring a uniform schema and a lengthy transformation process, helps banks make sure they are in compliance by linking diverse sources of data.
360-Degree Customer View
Deep customer insight is quickly becoming a crucial aspect to doing business, as the focus of the industry keeps shifting from proprietary trading to more customer-centric sources of revenue, such as personalized banking and insurance offers. Gaining a competitive edge requires mining customer behavior across channels and systems, which would signify life events such as marriage, childbirth or divorce. Going beyond the bank’s walls also provides rich sources of information, as more people share intimate details of their lives on the web. MarkLogic provides the ability to aggregate and analyze diverse sources of information to obtain these insights.
Fraud detection has evolved beyond rules-based technologies that survey a specific system (e.g. card management). These technologies are unable to detect fraudulent activities such as identity theft, which span multiple systems and lines of business. Preventing fraud also requires examining web activities and social media (e.g. for cohort fraud analysis using social graph). MarkLogic provides a schema-agnostic platform to integrate all this diverse data — as rationalizing it into a single canonical schema is not feasible.
Pre-Trade Decision Support
MarkLogic provides traders with new sources of information that go beyond market data to help them make more informed trading decisions, such as geospatial information for commodities futures, sentiment analysis for equities, or news analysis for foreign exchange.
- Agile Data – Load and index all content types without logical modeling
- Eliminate months of development and coding time
- Built-in search simplifies architectures and reduces operational overhead
- Sub-second search provides near real-time answers
- Transactional – ensure data integrity
- Replication for distributed load balancing
- Hardened security