Cloudera, Inc. announced that YES BANK, one of India’s private sector banks, has adopted Cloudera Enterprise Data Hub to develop customized campaigns for consumers throughout their customer journeys. Cloudera Enterprise empowers YES BANK to transform their growing volumes of transactional and customer data from their digital services into clear and actionable insights by using real-time analytics and machine learning.
Banking, Financial Service and Insurance (BFSIs) across the region are struggling to keep pace with the vast amount of customer data that they collect in today’s consumer-centric mobile economy. With Cloudera Enterprise, BFSIs like YES BANK can now mine large volumes of data from financial transactions and create machine learning algorithms to support information-driven business decisions and revenue growth.
Commenting on the development, Anup Purohit, Chief Information Officer at YES BANK, said, “Cloudera Enterprise is now the bedrock of our company’s digital strategy. With its successful track record of working with several other leading BFSIs across the globe, YES BANK decided to deploy a modern platform to provide a differentiated digital experience for our customers through intelligent, real time analytics.”
Today, YES BANK is using big data and analytics to cross-sell and up-sell opportunities for the business, while providing a customized experience for consumers across the bank’s digital channels and identifying and rectifying any inconveniences during the customer journey.
With the growing risk of cyberattacks, BFSIs also recognize the importance of a safe and secure data management platform that is compliant with the latest industry regulations. Cloudera Enterprise enables YES BANK to reduce the cost of compliance in today’s digital age and transform existing processes through machine learning and predictive modelling, eliminating risk and detecting fraud faster and smarter by utilizing massive amounts of data to effectively train their systems.
“BFSIs today are competing to create enhanced products in a world where consumers are demanding the most convenient and customized journeys. As such, business leaders are pressured to keep up with the latest technology solutions to deliver unparalleled experiences for their customers,” said Mark Micallef, vice president of sales, Asia Pacific and Japan region at Cloudera. “Cloudera empowers BFSIs like YES BANK with a scalable and secure data analytics and machine learning platform to use data in ways not possible before and enables organizations to derive business insights for revenue growth, all while maintaining a high standard of security and ensuring compliance to industry regulations.”