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02 Nov 2021

In today's world, it goes without saying that most organizations are confronted with an explosive amount of data. Ideally, the architecture is a clean, improved framework that empowers organizations to capitalize on all that information received and it's an ideal opportunity to build intelligent, quicker, more effective organizations that are fit for dealing with real-time data, where the quicker you can get a piece of information and react to it, the more significant it is.    

On an average today, over 80% of Fortune 100 companies are through event streaming technology, reshaping the financial services landscape. Throughout the globe, those that capitalize on these floods of data are making powerful, and amazing client experience, flawlessly intended for regulatory vulnerability and bringing down hazards in real-time while driving development and redefining new use cases. This article will cover how streaming data functions, its advantages, and the use cases.

Before, big data ruled the conversation concerning how organizations could get more prominent value from their data. It was an outlook dependent on a basic reason: the more data you could store in a solitary area and break down, the more profound and more important the insights you could get. Solid rationale, however, this disregards time value. Since it's not with regards to exactly the amount you can process at once; it's with regards to the speed of processing. Early data can be of an increased value as the quicker you receive a piece of data and react to it, the more significant it is. Similarly, big data is likewise centered around analytics while streaming data's major application is operations.

Streaming Data - Signals in a Centralized Nervous Framework

Streaming data utilizes the concept of low-latency data at scale, and makes it conceivable to utilize a platform to associate each one of the applications and frameworks in your organization. It acts, as a result, as an advanced nervous system, both conveying the data out to each edge of your organization, and simultaneously bringing together that information and permitting it to be followed up on rapidly, assisting your association with becoming deft. Streaming information delivers quick ROI since it permits you to build applications that scale while working progressively in real-time. This new class of application doesn't need an enormous and complex arranging and planning effort, so they regularly convey value surprisingly fast. Those that capitalize from this new improvement worldview are building more brilliant, quicker, more proficient organizations.

Comparison of Traditional Data Integrations to an Event Streaming Platform

Market pioneers in every vertical have perceived the force of data to restructure and rebuild their markets, clients, products, and business frameworks. In any case, this change doesn't occur out of the blue. Conventional frameworks utilized for taking care of these issues were planned in a time that originates before enormous distributed systems and does not have the capacity to scale to address the issues of the cutting-edge data-driven organization. Over the long run, the gathering of technologies, joined by adding various lines of organizations, leads to complex point-to-point integrations where data becomes siloed or isolated across the enterprise.

How Streaming Data Impacts Your Strategic Initiatives in the Financial Services Industry

Driving Growth

End users presently esteem their time an excessive amount to spend it on conventional banking. Products have become commoditized and are presently separated through the experience. With retail banking, we see new difficulties emerging as real-time streams change how clients hope to be engaged by their bank. To drive development through further developed client experience, one needs to oversee client experiences across channels, gadgets, and locales. One is required to leverage real-time insight to put the right product at the ideal spot at the ideal opportunity. An event streaming platform gathers information from your client behaviour and core frameworks and distributes it in huge real-time data pipelines, making it a solitary source of truth for downstream systems. This architecture functions admirably when high volumes of information require processing in real-time while saving that data for future analysis.

Managing Regulatory Change

Regulatory vulnerability is more certain than ever. As security concerns increase, local, state, national, and global regulatory bodies are endeavouring to protect consumers and financial backers. They do that by presenting new financial services guidelines at an average rate of 200 consistently. Building a framework that permits an organization to react to new regulatory prerequisites progressively is a basic plan necessity for data management systems in the financial services industry.

Managing Risk

Risk management has turned into a rush to the quickest transaction. Risk teams are managing expanding exposure where the speed of reaction decides profitability. They can hardly wait until the day's end any longer to realize what asset exposures exist. With data being produced quicker than it tends to be burned through and the danger from bad actors developing continuously, streaming data is a vital component of the advanced risk infrastructure. Utilizing an event streaming platform at the focal point of the risk management practice acts as a shock absorber for time, and provides real-time perspectives on the far-reaching business sector, credit, and liquidity hazard.

Confluent Platform: Centralized, Real-Time, and Scalable

Confluent Platform is an enterprise event streaming based on Apache Kafka®. Like a digital centralized nervous system, it connects every one of your applications and frameworks, appropriating distributing data to each side of your organization. Confluent Platform allows you to incorporate the entirety of your data, and operationalize its distribution across your organization. Every event or message is accessible to numerous frameworks at exceptionally low latency, and at scale. For current financial services organizations, streaming data based on Confluent's distribution of Apache Kafka® is the way to meeting their significant and continuous initiatives. Presently one can distribute and subscribe to streams of data like a messaging system, process streams of data efficiently and progressively in real-time, and store data securely in a distributed replicated cluster.

Common Use Cases for an Event Streaming Platform

At Confluent, our financial services clients are designing event-driven architectures to transform their organizations. Coming up next are some common use cases for an event streaming platform.

Customer 360

Business and innovation processes need to move at the speed of client expectations to remain competitive�" reacting progressively in real-time to each client experience, exchange, deal, and market development. For instance, 61% of banking clients hoped to approach more internet or web-based communications. They need to do their banking from anyplace, whenever, on any gadget. They need to get an immediate loan without meeting face to face. Can your legacy batch systems keep up? To drive development through further developed client experience, the Confluent Platform gathers every one of the information from your client conduct and center frameworks and distributes it in huge real-time data pipelines, making it a solitary source of truth for downstream systems. With a 360° perspective on your clients, you can uphold omnichannel banking initiatives while empowering real-time client experiences.

Fraud Detection

Anti-laundering, payments fraud and extortion, internal theft and robbery, identity or data theft, and other forms of frauds and misrepresentation are all stressing organizations utilizing conventional, cluster, or batch-oriented and siloed strategies for identification and detection. That is on the grounds that those strategies frequently can't recognize the pattern without either an immense asset expense or more terrible, a critical postponement before identification. To address this issue, an event streaming platform can be a centralized source for real-time data, to process, act and prevent fraudulent behaviour and activities. With the Confluent Platform, groups of fraud researchers and data scientists will consistently have the most relevant, recent, and complete perspective on information and data to illuminate the machine learning models.

Mainframe Offloading

Some huge, established organizations, particularly those in the financial services space, still depend on mainframes for their most crucial applications and data. Alongside dependability, mainframes likewise accompany high functional expenses and operational costs. Furthermore, a significant number of these equivalent organizations are right now going through architecture modernization including cloud migration, moving from monolithic applications to micro services, and accepting open systems. This modernization doesn't handily accept the mainframe, however would profit from having the option to get to this information. Confluent Platform can be utilized to redirect data flows that would have generally gone through the mainframe to an event-driven architecture. This not just assists with decreasing the load on the mainframe, setting aside money, yet more critically liberates the data streams from the slow cluster or batch processes, so data and events can be accessed in real-time.


Want to take a deeper dive into streaming data with the Confluent Platform? CIGNEX is a Confluent Registered Partner and helps enterprises solve the challenges of data integration by building Big Data and IoT applications using Apache Kafka & Confluent for real-time data streaming and analysis.

We offer a range of Confluent Services such as Confluent Consulting, Confluent Integration & Implementation, Confluent Application Development, Confluent Support, and Managed Services and Confluent Professional Services.  Our Cross-functional expertise with evolved Big Data and AI/ML Practice allows us to serve high volume unstructured content. If you're interested in hearing how Confluent, can help you leverage streaming data to build a faster, more responsive business, contact us today at