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Cloudera empowers APAC banks to combat financial crimes

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Cloudera has announced that more than half of the 30 largest banks in Asia Pacific (excluding state-owned banks in China) have chosen Cloudera to enhance their data strategy to accelerate digital transformation, improve customer experiences, and meet regulatory and compliance requirements. Cloudera also counts eight of the top 10 largest banks in Southeast Asia as customers.

“Financial crime is one of the greatest challenges for banks as it not only causes monetary losses but also adversely affects reputation and customer relationships. Criminal networks are becoming increasingly creative and ready to exploit any opportunity inside or around the edges of business operations. As the need to overcome the siloed and overwhelming data landscape increases, financial services institutions have to adopt innovative approaches to better leverage data and analytics and protect themselves from known and unknown threats, while keeping up with regulatory changes. We are proud to be chosen by top banks in the region to help them make insights-driven decisions to secure their organisations as they grow,” said Mark Micallef, Vice President of Asia Pacific and Japan, Cloudera.

Bank Rakyat Indonesia
PT Bank Rakyat Indonesia (Persero) Tbk (BRI) is one of the largest state-owned banks in Indonesia which engages in the provision of general banking services. It built a big data platform that is powered by Cloudera Enterprise to analyse the massive amount of customer data it gained over the years. This enabled it to analyse five years’ worth of historical data and use the derived insights to drive more sales through targeted cross-selling and upselling.

BRI also used Cloudera Data Science Workbench to develop a machine learning model for fraud detection. The new system will process and detect fraud in real time by highlighting anomalies found in the stream of events coming from multiple customer touchpoints such as ATMs and internet banking portals.

“As customers are changing the way they bank and given the sophisticated nature of fraud, banks need to leverage data and take a new approach to grow and protect their business. Cloudera’s scalable, secure, and compliant platform allows us to gain a comprehensive view of customers, enabling us to continually address their ever-changing demands as well as offer services to the underserved in Indonesia. The new platform also enables the use of machine learning to enhance our fraud detection capability, which will help address the mounting concerns around data security,” said Indra Utoyo, Director of IT and Operations, BRI.

United Overseas Bank
United Overseas Bank (UOB) is a leading bank in Asia with a global network of more than 500 branches and offices in 19 countries and territories in Asia Pacific, Europe and North America. Working with Cloudera, UOB built an enterprise-wide big data platform from which its analytics teams can access relevant and quality data to improve business processes and develop new solutions based on artificial intelligence and machine learning. For example, to help in the fight against financial crime, one of the machine learning solutions enabled UOB’s analysts to reduce false positives of suspected money laundering transactions by 40 per cent.

“At UOB, the use of machine learning and data analytics are now core components of our approach to detecting and preventing money laundering. Our collaboration with Cloudera has enabled us to develop solutions that are sharper in identifying patterns and linkages that might signal suspicious transactions and in predicting suspicious activities more accurately,” said Richard Lowe, Chief Data Officer, UOB.

Yes Bank
Yes Bank is India’s fourth largest private sector bank with a pan-India presence across all 29 states and seven union territories of India. By deploying Cloudera Enterprise, the bank is able to develop customized campaigns for consumers throughout their customer journeys. The solution also allows the bank to use machine learning and predictive modeling to transform existing processes to detect fraud faster.

“Cloudera empowers us to become an insights-driven organisation. With Cloudera Enterprise, we can mine large volumes of data from financial transactions and create machine learning algorithms. The combination of those capabilities ultimately allows us to grow the business by offering differentiated digital experiences to our customers, while keeping risks to a minimum,” said Anup Purohit, Chief Information Officer at YES BANK.


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