Financial Crime World

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Fighting Financial Crime with Cloudera’s Data Platform

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Introduction

Financial crime is a growing concern in the financial services industry. With increasing complexity and sophistication, it can be challenging for organizations to detect and prevent financial crimes such as money laundering, terrorist financing, and other illicit activities.

How Cloudera Can Help

Cloudera’s data platform offers a powerful solution to help financial services organizations fight financial crime by providing real-time insights, flexibility, and security. By leveraging Cloudera’s data platform, organizations can improve their detection capabilities, reduce false-positive alerts, and enhance customer experience while maintaining compliance with regulatory requirements.

Case Studies

Regions Bank

  • Improved fraud capture rates by 95%
  • Decreased false-positive alerts by 30%
  • Resulted in a 50% reduction in average daily dollar losses

Regions Bank successfully implemented Cloudera’s data platform to enhance its anti-fraud capabilities, achieving remarkable results and reducing financial losses.

UOB (United Overseas Bank)

  • Enhanced AML detection capabilities
  • Analysts detected suspicious transactions earlier, reducing the time to identify new links from three months to three weeks

UOB leveraged Cloudera’s data platform to improve its Anti-Money Laundering (AML) detection capabilities, enabling analysts to quickly identify and investigate potential threats.

Santander UK

  • Implemented a single data platform supporting all workloads
  • Improved customer experience with greater personalization and relevancy drawn from 40 million customer records

Santander UK successfully implemented Cloudera’s data platform, creating a unified analytics environment that enables self-service analytics, operational analytics, and data science. This has led to improved customer experiences through personalized services.

BRI (PT Bank Rakyat Indonesia)

  • Developed a real-time fraud detection service, BRIForce
  • Powered by Cloudera and Kafka to address the rising concern around data security from regulators and consumers

BRI developed a real-time fraud detection service using Cloudera’s platform, enhancing its ability to detect and prevent financial crimes.

Benefits of Cloudera’s Data Platform

Empower Insights and Flexibility

  • Get clear and actionable insights from complex data anywhere
  • Run modern analytic workloads anywhere, regardless of where the data resides
  • Move those workloads to different cloud environments—public or private—to avoid concentration and lock-in

Cloudera’s data platform empowers organizations to collect, process, store, and analyze any type of data, including structured and unstructured. This flexibility enables them to run modern analytic workloads anywhere and move them to different cloud environments.

Security and Governance Framework

  • Enable data privacy and compliance with a common security and governance framework
  • Protect sensitive customer and transactional information from unauthorized access or breaches

Cloudera’s data platform provides a unified security and governance framework, ensuring that organizations can maintain compliance with regulatory requirements while protecting their customers’ sensitive information.

Conclusion

Battling financial crime proactively and efficiently requires a modern, flexible approach to managing customer and transactional information. Cloudera’s data platform offers a powerful solution for financial services organizations to collect, process, store, and analyze any type of data, including structured and unstructured. By leveraging this platform, organizations can enhance their detection capabilities, reduce false-positive alerts, and improve customer experience while maintaining compliance with regulatory requirements.