13 December 2016
Fusionex wins contract with Asian bank to fast-track Big Data management
Fusionex, a multi award-winning, leading software solutions provider specializing in Big Data Analytics (BDA), the Internet of Things (IoT), Artificial Intelligence, and Deep Learning, is pleased to announce a GIANT win with a large Asian Bank for the provision of a Big Data management solution. This win, which goes into the millions over time, will see a major upgrade of the client’s legacy manual data management system into an automated and efficient structure, entailing seamless data collection and smart-processing, to enable sales forecast, customer portfolio analysis, sentiment analysis, budgeting, planning, disclosure management, risk management, documentation authoring as well as market analysis among its key objectives.
The bank is seeking to combine a multitude of data sources, be it in house data or external data to mine and find meaningful insights as well as drive a data-driven culture within the bank as well as its partners, as it leapfrogs into the world of cognitive computing and digital banking via Big Data.
Over half a century old, the client has built up a presence in thousands of locations, consisting of conventional branches, satellite branches, savings, loans and services offices. The client has also developed a variety of established businesses including commercial, corporate, retail, consumer, micro, banking. Other businesses include trade finance, cash management, treasury and capital market services, and financial services.
The solution that Fusionex is rolling out for the client includes the ability to generate powerful insights for senior management very swiftly and ‘on-demand’. Where in the past, the duration normally taken to produce such information and insight could have taken days or weeks, the new Fusionex platform is poised to reduce such wait time to mere minutes or even via an ‘on-demand’ mode for mission critical areas – representing massive savings in cost, time and efficiency for the bank.
The ability to pull data from various disparate sources was also key to the client’s savings in time and cost. Previously, manpower had to be allocated to manually track down spreadsheets and documents in order to produce reports. All this hand-cranking and data-crunching proved to be an immense task for the bank, yet with minimal results and was error-prone. The bank was cognizant of the blistering pace in which technology and industry was moving at, and decided to invest and work with Fusionex to leapfrog to the next level.
With Fusionex’s Data Management & Analytics solution applied for the client, collating and consolidating information from a huge variety of data points will be done automatically for the most part, speedily, and with ease. Connecting the wide-ranging number and formats of data (structured, semi-structured as well as unstructured) points onto a singular system meant that if new data is entered via the data points, the information / insights displayed would be updated within seconds to reflect the new input. Speed and agility is of the essence so the Bank wasted no time in embarking on this journey.
Fusionex GIANT also acts as a central hub to facilitate any amendments made with a user tracking security feature. This enables the client to keep a close track of changes being made to its data and is empowered with the ability to identify who exactly made each edit, including time stamp and location, to ensure accountability. Clearly, security is of paramount importance in the financial services industry. This is just one of the many security and traceability features Fusionex offers.
Ivan Teh, Fusionex Managing Director and Chief Executive Officer, commented: “We are delighted to be working with this forward-thinking Client. This win clearly shows that data management and analytics, if done properly, can bring about significant productivity, cost and efficiency gains in the financial services sector, amongst other industries. We are already seeing an immense step-up in this space. The team looks forward to working closely with the client especially in the areas of ‘fast data’, streaming capabilities, deep leaning and artificial intelligence to bring about a next-generation of experience and powerful insights. As this is just the start of a journey with this new client, we look forward to a successful roll-out leading to more joint successes together.”