Article: Financial Companies Latch Onto Big Data to Help Mitigate Risk

Article: Financial Companies Latch Onto Big Data to Help Mitigate Risk

Insights

Financial Companies Latch Onto Big Data to Help Mitigate Risk

The Big Data market is expected to grow to more than $53 billion by the year 2017. Of this $53 billion, the market growth for it within the financial sector is an estimated $20 billion – further proving Big Data is a necessary component of the growth and profitability of the financial sector.

As the financial industry is using these large, information-rich data sets to reveal patterns, trends and associations in consumer behavior and interactions. This is a recent shift from previous years when big data was dismissed as an IT industry buzz word – with most business executives not understanding or taking the time to understand it.

“The industry is coming to terms with the importance of gathering increasingly detailed data surrounding the consumer,” said Paul Francis, Business Intelligence Practice Leader at DISYS. “And now, tapping into what the data has to offer is a key initiative.”

At Digital Intelligence Systems, LLC (DISYS), Banking, Financial Services and Insurance IT experts are deploying solutions in the area of Big Data that are proven, repeatable and compliant with financial industry regulations. DISYS implements low-cost, robot-enabled ongoing support and proven experience within Big Data with an estimated 30 percent cost savings over previous manual processes. DISYS is dedicated to reducing client’s costs and to increasing efficiency while reducing risk and enabling flexible solutions.

Now, with more than 5 quintillion unique pieces of information being created every 2 days across the globe, agile, repeatable Big Data processes are more important than ever. Every industry is looking for ways to capitalize on their data and interpret it in a way that boosts competitive positioning and increases margins through improved efficiency.

A recent financial institution survey says 60 percent of financial institutions in North America believe Big Data analytics offers a significant competitive advantage and 90 percent believe successful Big Data initiatives will define the financial industry frontrunners in the future.

“We have come a long way in being able to interpret the information Big Data provides and the next step is translating that to ideas that better serve banking customers,” Francis said.. “The current use of this information holds the key to the future success of banks across the globe.”

The financial services industry has been slow to the draw on implementing strong Big Data plans. While there is a lot of discussion around the topic, it has only been within the last few years banks have started to consolidate and utilize many of the internal data elements like debit and credit transactions, purchase histories, banking business service channels and loyalty to craft targeted campaigns that grow market share and increase profits.

“One of the biggest opportunities for Big Data usage within finance is in the area of risk management and fraud detection,” Francis said. “With the use of multi-channel insight provided by Big Data, institutions are better able to quickly identify changes in banking behavior beyond what is normally occurring with a client’s account.”

In the risk management area, BofA moved from a shared-services model to dedicated ‘Grid Computing,’ driving operational efficiency by early detection of high-risk accounts. Benefiting the bank in several ways, it reduces its loan default calculation time for a mortgage book of more than 10 million loans from 96 hours to just four hours. The bank is also able to process ad hoc jobs at three times the speed of the previous environment.

“Proper, efficient implementation of Big Data allows the financial sector to save time and money in so many ways,” Francis said.. “These manual, cumbersome, repeatable processes become automated and are done in a fraction of the time.”

This added insight and monitoring of Big Data through key algorithms provides huge advantages in mitigating risk and managing credit exposure. It also allows for timely intervention when necessary. In short, with Big Data, spotting a relatively small number of fraudulent transactions in a sea of legitimate payments becomes less difficult – despite the sizeable shift in behavioral patterns towards electronic and mobile payments.

Checking customers’ names against a sanctions blacklist can become highly complicated in a world where a bank has multiple customers with same or similar names. Each search runs the risk of flagging a false positive, thus embarrassing the bank and ruining an otherwise strong client relationship. By using Big Data techniques, this reputational risk can be mitigated and managed.

“There is no doubt that for these reasons alone, Big Data is extremely valuable for financial institutions and the consumer,” said DISYS Managing Director Mike Rutkowski. “When consumers feel safe and secure with their financial institution, banks gain the loyalty of the customer.”

DISYS dives into the digital banking and Big Data in-depth in its whitepaper, “Robotics Process Automation: Optimizing Today’s Banking Workforce.”

Corporate Headquarters

8270 Greensboro Drive
Suite 1000
McLean, VA 22102
www.DISYS.com

Article: Oil & Gas Taps Into Data Science & Interpretation of Big Data

Article: Oil & Gas Taps Into Data Science & Interpretation of Big Data

Insights

Article: Oil & Gas Tapping Into Importance of Data Science & Interpretation of Big Data

In the past, data analysts and data scientists have found it difficult to break into the Oil & Gas Industry – not for lack of trying – but because, the industry was not ready.

data scienceNow, with emerging technologies and the increased ability to interpret and act upon Big Data being mined, data analysts and data scientists are finding increased need for their specific skills.

“For many years, technology in the Oil & Gas Industry was mainly focused on opportunities to expedite workflow,” said Ragan Shawell, Managing Director of the Energy Vertical for DISYS. “While the industry has had many knowledgeable and experienced technical professionals, the best way to utilize the ‘data scientist’ role is a relatively new challenge to address.”

Quick and accurate data integration is still an important part of the tech revolution in the oil and gas industry but it is also focusing efforts on finding ways to use all of the Big Data generated, to automate simple decisions and guide the harder ones.

These strides in Big Data will not only improve operational efficiency and help solve critical business problems, but has the potential to help the energy industry:

  • Discover new energy sources
  • Save money on oil drilling and exploration
  • Increase efficiency and productivity
  • Predict and prevent accidents before they happen
  • Avoid power outages
  • Gauge consumption patterns
  • Match supply to demand
  • Plan for better maintenance and repairs
  • Minimize impact on environment
  • Improve profit margins and long-term viability

A recent survey conducted by Microsoft shows 86%-90% of the executive O&G respondents say increasing their analytical, mobile and IoT capabilities will increase the value of their companies through aiding in the search for new deposits, identifying key logistical issues and help with the reallocation of manpower.

“The industry has always faced, and sometimes struggled with, the high cost of drilling and extraction,” Shawell said. “But now, with the increased insight data analytics and data science provides, operational decisions can be made quickly and accurately.”

Also, machine learning techniques are being applied so that software is ‘trained’ by analysts and data scientists. The technology adapts and continually learns to identify what data is actionable/useful and what isn’t based on the interpretation of large quantities of data by data scientists.

The speed that proper interpretation of this data offers, drives wiser decisions offering reductions in Estimated Ultimate Recovery (EUR). This newly-found speed has been and will continue to be spearheaded by enhanced information analysis through analytics professionals and data scientists.

By the end of 2016, the Big Data industry is projected to be an estimated at $53.4-billion. Likewise, the data scientist career path now offers tremendous growth across a number of industries – including oil and gas. Job postings for data scientists grew 15,000% between 2011 and 2012 alone and these numbers are increasingly climbing and has grown steadily at 75% year to date. Forbes Magazine even cited Data Science as being one of the ‘Top 10 Sexiest Jobs of the 21st Century’ in a 2015 article.

One of the key benefits of the data scientist career path is it is a skill that really doesn’t have an industry ‘specialization’ factor. Data scientists can move easily between industries and apply the same data analysis techniques. But the data science specialty has proven difficult to find in O&G as candidates are being swooped up by higher profile companies such as Google and Microsoft.

A key factor? Salary.

While budgets in O&G for technical innovation aren’t necessarily growing but keeping steady against spends from previous years, allocations within these budgets are shifting to the interpretation of this data and optimal ways to act upon it – making the search for qualified data scientists one of the hottest topics in the employment ranks of O&G. But this newly-added career opportunity has not yet reached the competitive salary range of companies such as Google and Facebook – who reportedly start their data scientists at upwards of $90,000. These higher-range starting salaries are enticing to newly trained data scientists add in the company culture surrounding these innovative, cutting-edge firms offer, O&G positions fall short in their total offering. The ‘newness’ of the data scientist specialty in the oil and gas industry doesn’t yet lend itself to a culture of collaboration and constant professional knowledge growth.

Machine learning technologies, another area where O&G has been behind the curve but is now exploiting, depends on the proper training of the software by qualified data scientists. These advancements, once the behavior is learned, can continually mine data and discern what is useful and what isn’t. Then, a data scientist reevaluates these ‘learned’ behaviors on a regular basis and applies newly discovered key findings into the machine learning process.

“When an industry that has always produced more data than it knew what to do with finally discovers ways to interpret and put that data to use, revolutionary change happens within that industry,” Shawell said. “This is an exciting time to be a part of O&G and help guide it through change.”

About Digital Intelligence Systems, LLC (DISYS)

As DISYS’ longest-established area of expertise, our Energy vertical has an extensive track record of partnership building solutions that address the key industry issues of today. As the world experiences large-scale diversification in the Energy sector, DISYS deploys solutions that enable management of energy in all forms. In particular, DISYS is helping the oil and gas industry traverse energy diversification by implementing solutions that preserve profitability while creating long-term, sustainable outcomes for the future. Our clients recognize that diversification is critical to business success and DISYS has diversified our solutions to keep pace with the myriad ways clients are approaching transition.

Whether expanding product offerings, consolidating networks or expanding global operations, DISYS is creating powerful application development, infrastructure, and resource management solutions that remain focused on regulatory compliance and safety – all in support of operational efficiency and business optimization efforts occurring globally.

For our Energy clients, DISYS is solving the following industry concerns:
Operational efficiency:
 Global process optimization through deployment of digital and mobile productivity tools and solutions. Centralized project management through DISYS’ proprietary CDMS tool offers improved management and support of dispersed implementation teams and ensures issue-free project delivery.

Transformation:
 Business transformation models that combine process integration, optimized resource management and low-risk project rollout. Diverse pricing models offer clients the ideal mix of low-risk, speedy implementation and cost containment.

Organizational Consolidation: Technology and asset relocation and support services for global and domestic relocation activities using our Datacenter Operations Framework. 100% adherence to critical safety guidelines resulting in zero productivity loss for touch-labor services.

Increased customer-engagement:
 Our Mobile Development Library enables app development that puts utility consumption and optimization efforts in consumer hands. Business Intelligence solutions that provide in-depth insight into consumer behavior – enabling the refinement of consumer marketing and acquisition efforts.

Corporate Headquarters

8270 Greensboro Drive
Suite 1000
McLean, VA 22102
www.DISYS.com

News: DISYS Named to AWS Public Sector Partner Program

News: DISYS Named to AWS Public Sector Partner Program

News

DISYS Named to AWS Public Sector Partner Program

Digital Intelligence Systems, LLC (DISYS) is proud to announce its participation in the Amazon Web Services (AWS) Public Sector Partner Program.

The AWS Public Sector Partner Program recognizes partners with solutions and experience in delivering on government, education and non-profit customer missions around the world.

DISYS, listed under the program’s ‘government’ section, qualified for the Public Sector Partner Program by having a strong overall AWS practice and by demonstrating its experience and readiness in supporting government, education and/or non-profit customer needs. The AWS Public Sector Partner Program helps partners build and accelerate their AWS public sector business.

“AWS allows us to create ideal IT infrastructures for our clients,” said Mr. Naveen Vijay, an AWS specialist at DISYS. “AWS services are often the best approach to giving businesses the ability to access resources on demand and scale them to their needs.”

Believing in the strength of AWS platform’s unrivaled flexibility and safe & secure environment, DISYS has invested heavily in resources and training to provide a top-notch team well versed in AWS capabilities.

Also, DISYS’ cloud enablement platform Sirro™ brings enhanced automation and efficiency in support of the company’s managed services engagements, including those within the public sector.

With this extensive knowledge and robust toolkit, the DISYS team has implemented digital marketing solutions through AWS, restructured & consolidated multiple platforms into a manageable AWS suite and is providing mass amounts of data warehousing through AWS.

“We are excited to be part of the AWS Public Sector Program,” said Ahmar Abbas, VP of Global Services at DISYS. “The experience we have gained over the last several years through a

Corporate Headquarters

8270 Greensboro Drive
Suite 1000
McLean, VA 22102
www.DISYS.com

Case Study: Financial Services Cloud Enablement Proof of Concept

Case Study: Financial Services Cloud Enablement Proof of Concept

Insights

Financial Services Cloud Enablement Proof of Concept Demonstrates Expected Results

The client, a large US mortgage lender, was considering a move from a traditional client-server model to a cloud enablement platform to accommodate large data sets.The client also wanted a demonstration of how the process might work if they migrated smaller data sets to a cloud platform, what functionality might be available and how the user interface might be presented. To achieve these and other requirements, the DISYS cloud team decided to build a cloud enablement proof of concept migration.

The DISYS Amazon Web Services Team (AWS) gathered all requirements from key stakeholders and began the process of modeling the mock migration in a controlled environment. Utilizing its expert knowledge in AWS, the team worked on important performance enhancements and worked with the client to ensure the proof of concept was being built to their needs. DISYS meticulously worked towards providing a concept that would meet and anticipate the client’s needs while also allowing for future growth and requirements.By developing user-facing dashboards and the build of relevant user categories, DISYS demonstrated the ease of the adoption process and how users would interact with the system, further validating the migrated system would be easy to use and the process itself take place without business interruption and would keep the required security of the data intact.

Throughout the proof of concept process, DISYS delivered on maintaining data integrity throughout the entire migration.

Corporate Headquarters

8270 Greensboro Drive
Suite 1000
McLean, VA 22102
www.DISYS.com

Insights: Banking Process Automation, BI & the Cloud to Modernize Operations

Insights: Banking Process Automation, BI & the Cloud to Modernize Operations

Insights

Banking Process Automation, BI & the Cloud to Modernize Operations

Banking IT professionals estimate most of the industry’s business-critical technology systems are, on average, about 30 years old. This requires a considerable amount of manual processes and patchwork upgrades to keep up with changing security concerns and evolving regulations. The only way to efficiently counteract these ill-advised fixes is to implement strategic Banking Process Automation. 

In this Financial Services Spotlight, DISYS discusses challenges in data security, legacy system upgrades, regulatory compliance and the threat fintech poses on traditional banking transactions. We also talk about the evolving need of top-notch customer service amidst a consumer base that demands access to their financial information anytime, anywhere.

Corporate Headquarters

8270 Greensboro Drive
Suite 1000
McLean, VA 22102
www.DISYS.com