“Comply, you must comply!” – How Nordea Bank deals with regulatory compliance
Regulatory compliance, like death and taxes, is something that is mandatory and the cost of doing business in the financial services industry. In fact, the only thing that’s guaranteed is that the rate of regulatory change will only continue to increase over time. How banks deal with regulatory compliance is actually changing for the better. With big data platforms, like ones based on open source software, banks can more effectively adapt to and quickly manage the wave of rules coming at them.
Nordea, a joint Cloudera, Trifacta, and Arcadia Data customer, recently shared how they use data to comply with financial regulations – providing an inside look into how they use machine learning and analytic platforms to increase banking efficiency and comply with new regulations.
“We’re seeing a large increase in regulatory demand, the amount of data that we have to produce, and the accuracy of that information as well. So there’s a general explosion and growth due to more data, but more questions are being asked of the information. So really our challenge from a regulatory standpoint is how can we answer these questions quickly, and accurately.”
- Alasdair Anderson, Executive Vice President of Big Data, Nordea Bank AB,
In order for Nordea to comply, they needed a big data platform that was cost-effective, faster, efficient, and more secure than their legacy technology.
With this in mind, Nordea implemented a modern data architecture based on Cloudera that allowed them to improve data quality, cut data ingest times by 87%, shorten DevOps cycle times, and simplify data management processes. In fact, they were able to reduce data platform costs by 73% by creating a central data hub, freeing up critical IT resources.
Watch the webinar to hear Nordea’s story and see them demo Trifacta and Arcadia Data software on Cloudera.
Click here to listen to the full webinar with Nordea.
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