MongoDB for Financial Services
The right data platform provides the speed, agility, and competitive advantage financial services need
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The Road to Smart Banking: A Guide to Moving from Mainframe to Data Mesh and Data-as-a-Product
For banks to provide the personalized experiences that customers demand, they need to embrace the free and secure flow of data within an organization, and outward to the customer. It requires a fundamental change in the understanding of IT processes and a bank’s relationship with data.
FINANCIAL SERVICES
Faster, smarter, and more efficient
Financial services companies have been hammered by disruption, from new fintech companies to changing regulations and the entry of tech giants. To create a sustainable competitive advantage, financial services companies must fully commit to digital transformation – liberating data, empowering developers, and embracing disruption. Whether its trading platforms and end-to-end digital loan origination, or AI/ML-driven fraud detection systems and financial 'super apps', MongoDB's application data platform enables innovation and speed.
SOLUTIONS
How financial services companies build competitive advantage with MongoDB
Business Agility
Use data as a service (DaaS) to eliminate tedious data work and bring new products to market, faster.
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Single View
A single view can integrate data across the enterprise, whether to provide a firmwide view of asset and counterparty exposure or a single view of your customer for fraud detection and Know Your Customer (KYC) requirements.
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Real-Time Analytics
Analyze sentiment, price fluctuations, and weather and satellite data to inform your trading algorithms in real time.
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Compliance
A digital framework for compliance allows you to streamline your procedures, carry out digital audits, and link back to key decision points.
Payments
Respond to changing customer and merchant expectations with the agility enabled both by MongoDB’s JSON document model and flexible schemas.
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Personalization
Integrate data in disparate silos to provide better recommendations and service to customers.
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RESOURCES
Financial services resources
Looking to learn more about what MongoDB can do for financial services?
Take a look at the below resources to find out more.
Take a look at the below resources to find out more.
Reports
On-Demand Webinars
White Papers
Solution Briefs
Blog
Expectation Versus Reality For Payments Data Monetisation
A March 2021 global survey conducted by Celent, in partnership with MongoDB and Icon Solutions, shows what corporate clients want from their data-led services, and how companies plan to monetize payment data and support compliance with ISO 20022.
Mortgages – the final digital frontier
FinTech Futures, in collaboration with MongoDB, went to the market in search of the technological and strategic priorities for leaders and executives in the lending space as we drive into a digital future. The survey looks into the current state of the loans process within firms and where they are at with their automation/digitization of the process.
The Payments Data Monetisation Opportunity in Asia
To better understand the path forward for the financial services industry in Asia, Celent, the leading research and advisory firm focused on technology for financial institutions globally, has conducted a detailed analysis of today’s landscape. This is based upon in-depth primary research conducted in 2021.
CUSTOMERS
Success stories in financial services
Financial institutions around the world are using MongoDB to scale quickly, develop new products, and increase their speed of innovation.
Macquarie’s retail business, the Banking and Financial Services Group (BFS) is known more as a digital pioneer, picking up multiple awards for its mobile and online banking offering. When it came to bringing the bank onto Australia’s New Payments Platform (NPP), a new national system for real-time payments, Macquarie’s engineering team was very focused on delivering the best possible end customer experience. With MongoDB Atlas, they built a real-time payments platform in weeks.
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As one of the world’s largest insurance companies, Liberty Mutual understands that the applications it builds defines its success. Getting these applications to market quickly is critical. Adopting the cloud, Continuous Integration / Continuous Delivery (CI/CD) pipelines, and MongoDB Atlas enables its development teams to move fast by fully automating deployment and management programmatically with code.
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Macquarie’s retail business, the Banking and Financial Services Group (BFS) is known more as a digital pioneer, picking up multiple awards for its mobile and online banking offering. When it came to bringing the bank onto Australia’s New Payments Platform (NPP), a new national system for real-time payments, Macquarie’s engineering team was very focused on delivering the best possible end customer experience. With MongoDB Atlas, they built a real-time payments platform in weeks.
Read the story →
As one of the world’s largest insurance companies, Liberty Mutual understands that the applications it builds defines its success. Getting these applications to market quickly is critical. Adopting the cloud, Continuous Integration / Continuous Delivery (CI/CD) pipelines, and MongoDB Atlas enables its development teams to move fast by fully automating deployment and management programmatically with code.
Read the story →
Nationwide is a British financial services provider and, with more than 15 million members, it's the world’s largest building society. Despite thousands of updates since 2012, Nationwide’s mobile banking platform must continue to evolve with new capabilities. To meet customer demands, the Society’s underlying technology infrastructure and software operations would need to be updated. After a rigorous process of trialing and testing, the team chose MongoDB Atlas, the global cloud database service, and began running it on AWS.
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MongoDB Atlas is being used to build a 360-degree single view to improve customer experience, fight fraud and comply with the GDPR. Now with a central repository and real-time analytics in MongoDB Atlas, illimity can better navigate data and pull results in just days – saving time, money, and regulatory headaches. Teams can instantly see customer's interactions and provide the reliable service they expect.
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LCL, a subsidiary of Crédit Agricole, and one of the major retail banks in France, is moving away from its legacy mainframe to give customers a better experience and speed up innovation. By introducing MongoDB, LCL was able to build a consolidated 360 degree view of its customer base, allowing the bank to improve time to market by 40%.
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Next generation mobile bank Current is using MongoDB Atlas on Google Cloud to make financial services accessible and affordable for all. Current’s challenge was to break through walls of legacy thinking and technology to build bridges between the traditional financial world and a fully digital future, creating customer experiences that simply cannot exist in traditional systems. By focussing on customers and not bank accounts Current differentiated itself from legacy banks.
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Splitit, a global payment solution that allows businesses to offer installment plans for their customers, looked to MongoDB Atlas to scale quickly following customers shopping even more online during the global pandemic. MongoDB allowed Splitit to capture this large opportunity.
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Bendigo and Adelaide Bank used MongoDB Atlas to simplify their architecture and reach for the cloud. At the heart of its business and digital transformation is the drive to improve customer service and launch more convenient banking products. As a result, the Bank needed to think differently about how it worked with data, as its traditional, relational database management systems (RDBMS) - with its inflexible schema - made it hard to develop new services.
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