Financial and insurance institutions are facing the need to analyze and deliver much more value, security, and opportunity from their growing volumes of customer and transaction data. The turmoil and turnover in the industry over the last year have created an environment of increased competition and regulatory rigidity as these companies manage through periods of intense acquisition, restructuring, and rebuilding.
The ParAccel Analytic Database (PADB) helps financial institutions better analyze and manage vast volumes of information, detect and deal with fraud, and comply with strict reporting requirements from government agencies and owners. The new-generation database can enable financial services customers to achieve new revenue opportunities and more profitable operations through deeper analytic insights that were never before affordable or feasible.
One of the key analytic processes that ParAccel drives in this industry is fraud analytics. By enabling granular transaction and behavior analytics and performance, banks and insurance companies can much better detect, predict, and prevent fraudulent activity across accounts. The cost savings from dramatically improved price performance and the resulting effectiveness in fraud detection can result in millions of dollars in saved expenses.
Whether upgrading from legacy analytics systems or adopting new analytic solutions, there is no fine tuning, specialized tools, or redundant systems necessary with PADB. ParAccel is compliant with standard business intelligence packages commonly used by financial companies today, further easing the adoption and integration of PADB within existing environments.