Unlocking the value of Databricks for financial services
As a high-risk environment built on complex data models, financial intermediation is perfectly positioned to benefit from the Databricks cloud-based data platform. Designed to unify the data analytics life-cycle, Databricks can help modernise risk management for the financial services industry. This will be explored in greater detail at the upcoming Learning Machines webinar to take place on 28 October at 11:00.
“Financial services organisations must protect the value of assets, identify emerging risks, and mitigate losses. However, as the amount of data being generated has grown exponentially in recent years, this has become exponentially more difficult. Adding to this is the introduction of new business models and frameworks, and more advanced technology that impact on the decision-making process. The security landscape has also evolved meaning organisations are facing an influx of threats which human operators are not well equipped to deal with,” says Lionel Bisschoff, Founder and CEO of Learning Machines.
If anything, risk management has evolved from a cost of doing business to become a driver for innovation. This can at least partly be attributed to how rapidly organisations have embraced digital transformation efforts since the onset of the COVID-19 pandemic. Of course, the financial services industry has always been at the forefront of technology adoption, but changing customer behaviour to adopt digital channels have resulted in a more integrated ecosystem where data and processes must work well together.
“Current solutions are not able to cope with this constantly evolving environment and the cost of failure can be significant. Data compromises or potential insights that are missed due to manual oversight can result in financial losses at a time where every cent counts. This is where data unification, automation, and analytics enable a superior risk management system that can respond to market changes in real-time,” he says.
Learning Machines helps customers unify datasets into a single source of truth, streamline data ingestion, and enable artificial intelligence-driven risk-management techniques. This is all made possible using Databricks. Think of Databricks as the glue that brings all data use cases together with the guidance of artificial intelligence and machine learning.
The webinar will give delegates the opportunity to learn about:
- The current risk environment and some of the modern challenges faced in this environment.
- How a modern data analytics life cycle can address these challenges.
- How an end-to-end workflow can unify data and optimise solutions.
- The advantage of leveraging the power of cloud services and Apache Spark for massively distributed computation and data processing.
It will be hosted by Bisschoff; Claudio Jardim, a certified Databricks solutions architect at Learning Machines; and Brian McConnell, a senior solutions architect at Databricks.
For more information on the webinar or to register, click here.