The BFSI segment includes organizations that are into banking services such as core banking, corporate, retail, investment; financial services such as payment gateways, stock broking, and mutual funds; and insurance services covering both life and non-life insurance. The risk level in the BFSI sector is always high as it deals with critical financial data. For instance, financial institutions have to provide real- time evaluation of data. For example, in case a customer windrows money from an ATM, the same has to be reflected immediately in the bank’s records, and in case the balance becomes lower than the minimum allowed balance, the customer has to be notified in real time. In-memory analytics can also be used by stock brokers who need to have real-time access to data related to stocks. Financial institutions deal with critical information, which, if not properly processed, can lead to severe financial and ethical implications. By processing the data in real time and diminishing the latency caused by retrieval of data using ETL, financial organizations can improve their marketing strategies and customer retention policies, develop new investment strategies, and mitigate risks, which are also some of the factors responsible for the adoption of in-memory analytics in the BFSI vertical.
- Visual: The software offers very easy to comprehend and use visual reports.
- Intelligent Data Wrapping: This helps in understanding the potential and various types of workflows, information and other information for the business.
- Location Analysis: It offers location-based analytics, which is out of the box and tremendously crucial to business performance.
ActiveViam is an IT company that provides analytical and transactional platforms to organizations working in the field of retail and finance. ActivePivot is one of those platforms or software launched by the company. This tool, ActivePivot, works on in-memory computing technology and is an in-memory analytical software. It aggregates an excessive amount of data and stores it in its in-memory database. ActiveViam enables the software to offer optimal decisions in a timely fashion to organizations.