Machine learning and advanced analytics solutions provider Cloudera shared how it has helped India’s Yes Bank to develop customized campaigns for consumers.
According to an Accenture report on big data revolution, Banking, Financial Service and Insurance (BFSIs) across the region are struggling to keep pace with the vast amount of customer data.
Yes Bank, one of India’s largest private sector banks, was not an exception. Therefore, it decided to adopt Cloudera Enterprise Data Hub.
Using real-time analytics and machine learning, Cloudera Enterprise helped Yes Bank to transform their growing volumes of transactional and customer data from their digital services into actionable insights.
“Cloudera Enterprise is now the bedrock of our company’s digital strategy,” Anup Purohit, Chief Information Officer at YES BANK, commented on the development.
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.
Another factor that drove the bank to select Cloudera platform was its compliance with latest industry regulations in view of the growing risk of cyber attacks.
According to Kaspersky Lab Report 2017, financial institutions are desirable targets for cybercriminals looking to make money out of sensitive customer data, bank details, financial records and more.
Cloudera Enterprise enables Yes Bank to reduce the cost of compliance in today’s digital age. Further, it eliminates risks and detects fraud faster and smarter by utilizing massive amounts of data to effectively train their systems.