CaixaBank deploys new big data infrastructure on Oracle
By KLaker on Jan 06, 2014
CaixaBank is Spain’s largest domestic bank by market share with a customer base of 13.7 It is also Spain’s leading bank in terms of innovation and technology, and one of the most prominent innovators worldwide. CaixaBank has been recently awarded the title of the World’s Most Innovative Bank at the 2013 Global Banking Innovation Awards (November 2013).
Like most financial services companies CaixaBank wants to get closer to its customers by collecting data about their activities across all the different channels (offices, internet, phone banking, ATMs, etc.). In the old days we used to call this CRM and then this morphed into "360-degree view" etc etc. While many companies have delivered these types of projects and customers feel much more connected and in control of their relationship with their bank the capture of streams of big data has the potential to create another revolution in the way we interact with our bank. What banks like CaixaBank want to do is to capture data in one part of the business and make it available to all the other lines of business as quickly as possible.
Big data is allowing businesses like CaixaBank to significantly enhance the business value of their existing customer data by integrating it with all sorts of other internal and external data sets. This is probably the most exciting part of big data because the potential business benefits are really only constrained by imagination of the team working on these type of projects. However, that in itself does create problems in terms of securing funding and ownership of projects because the benefits can be difficult to estimate which is where all the industry use cases, conference papers and blog posts can help in terms of providing insight into what is going on in across the market in broad general terms.
To help them implement a strategic Big Data project, CaixaBank has selected Oracle for the deployment of its new Big Data infrastructure. This project, which includes an array of Oracle solutions, positions CaixaBank at the forefront of innovation in the banking industry. The new infrastructure will allow CaixaBank to maximize the business value from any kind of data and embark on new business innovation projects based on valuable information gathered from large data sets. Projects currently under review include:
The Oracle solution (including Oracle Engineered Systems, Oracle Software and Oracle Consulting Services) consists in the implementation of a new Information Management Architecture that provides a unified corporate data model and new advanced analytic capabilities (for more information about how Oracle's Reference Architecture can help you integrate structured, semi-structured and unstructured information into a single logical information resource that can be exploited for commercial gain click here to view our whitepaper)
The importance of the project is best explained by Juan Maria Nin, CEO of CaixaBank: