Insights Blog

How High Performance Analytics Enable Innovation in the Finance Industry

Some say that money makes the world go round. And indeed, as globalization and digitalization transform traditional markets, the finance industry is at the forefront of the development with its innovative “fintech” sector that is synonymous with data analytics.

The focus on data analytics comes naturally for financial service providers; where money is, so is data. With the availability of new technology such as in-memory databases, waiting a week to approve a transaction just doesn’t cut it anymore. Therefore, numerous organizations have taken up the challenge to transform finance, and Exasol is right there with them, enabling analytic query speeds that are as real-time as the transactions being processed. This article covers three such companies that encompass different parts of the finance ecosystem: Kreditech, Accarda and Ratepay.

Kreditech shines light on the credit-score-less with cloud-based analytics

Kreditech is a German online lender that offers loans to individuals based on their creditworthiness which is analyzed using their online data instead of using traditional credit rating information.

Kreditech needed a sophisticated system that would allow for data to drive decisions, but its legacy database system could not respond to the demands of the business and growing data volumes. For this reason, Kreditech chose to implement Exasol as it was easy and quick to use as well as configure and implement. Moreover, the combination of Exasol as the data warehouse and Tableau as a visualization layer on top was a solution that appealed to the team immediately.

As a result, using Exasol Kreditech’s analytic queries now run in just a matter of minutes, which is a dramatic improvement on the 24 hours they took to run previously. The solution is deployed in the cloud, so Kreditech also profits from substantially reduced maintenance and administration costs.

“Without the speed and high performance of the Exasol in-memory database, it would have been significantly more difficult to implement critical aspects of our solution.”
Sebastian Ranzinger, Head of Business Intelligence at Kreditech

Accarda’s ALPS keeps financial transactions solid as a rock

Accarda specializes in integrated customer management and is Switzerland’s leading provider of customer cards with payment functions. In business for more than 40 years, the company is no newcomer to the market, but it continues to create innovative solutions, such as the ALPS (Accarda Loss Prevention system).

ALPS tracks and detects improper activities in payment systems by analyzing transactions and searching for irregularities. To stem inventory discrepancies and to find improper or incorrect transactions in payments, Accarda needed a scalable database solution that would help them run any type of analysis at the individual transaction level as well as analyze large volumes of data on the fly – without having to aggregate it first.

Accarda opted for Exasol given that the database offers fast data loading speeds, storage is used efficiently when data is analyzed, and the database solutions offers a great price/performance ratio. As data no longer needs to be aggregated and analyses can be done on-the-fly, Accarda can successfully roll out ALPS to its trading partners who benefit from the speed of the system accordingly.

“With Exasol, we have managed to accelerate analytic query response times considerably. There’s a remarkable agility not only in the development of the product, but also in Exasol the company.”
Stefan Schurgast, Business Development & Innovation Manager at Accarda AG

RatePAY enables payment across multiple systems with just a click of the mouse

RatePAY offers online merchants as well as shoppers secure, bespoke payment methods that guarantee absolute protection against fraudulent activity and cash losses. Spanning a wide range of payment methods, such as instalments, debit card payment or account charging, the company is an expert in financial services and electronic payments.

To ensure the company could provide their customers with a safe and simple solution, RatePAY needed to consolidate data from various disconnected sources and process and analyze individual records in real time. Additionally, it was important that the database was self-tuning as the company could not afford to slow down real-time processing with cumbersome manual adjustments. Exasol now makes it possible for RatePAY’s customers to run analytics down to as far as the individual transactional level, and faster than with other systems. This enables online merchants using RatePAY to increase their customer retention, customer satisfaction and in turn their turn over through higher customer spending.

”Response times from analytic queries that are run in Exasol are substantially shorter than in other systems. This all bodes well for our online merchants”.
Niels Conzen, COO, RatePAY GmbH

Kreditech, Accarda and RatePAY have taken advantage of the incredible potential that data analytics holds for the financial industry. As they continue to build out their offerings, Exasol ensures that they can focus on their business, while we focus on the database behind it.

This was the second part in our series covering different industries that are successful with Exasol’s in memory Loading...analytic database. If you are interested in our first installment, you can find it here. Stay tuned for part three!

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