Neobanks, or “challenger banks,” are fintech firms that offer apps, software and other technologies to streamline mobile and online banking – in essence, filling in the gaps that more established banks, with their legacy infrastructures, have failed to provide. Unencumbered by legacy systems and costly physical branches, neobanks were able to start fresh and re-imagine banking as a mobile-only service.
These fintechs generally specialize in particular financial products, like checking and savings accounts, but are rapidly branching out into business accounts and constantly innovating to serve new customers that may not be traditionally banked, or are simply wanting better (digital) services.
Benefits of Aerospike
The Aerospike Real-time Data Platform supplies and analyzes more data, faster to mission-critical digital banking applications including payments, customer 360, fraud prevention, and recommendation engines enabling more differentiation, control, flexibility, ease of use, and reduced friction. The benefits include:
Leverage more data
Connect more data sources in real-time for improved machine learning and recommendations
Create a true 360 degree view of your customers by connecting streaming and third party data sources in real-time with systems of truth to deliver more targeted offers, increase customer satisfaction, ensure a frictionless user experience, reduce churn, and create a “sticky” environment
Future-proof your architecture
Maintain predictable performance as you grow from terabytes to petabytes of data, while scaling seamlessly as your user base grows into the tens of millions.
Complete transactions correctly and keep data up-to-date across different systems and data centers at millisecond speeds - ensuring no data is lost.
Reduced server footprint
Aerospike’s patented Hybrid Memory Architecture™ takes unique advantage of DRAM and SSDs to increase the density per node and reduce server footprint by up to 80 percent, even as business and data grows
Experience unmatched availability with 99.999% uptime and strongly consistent data
Innovative mobile banking complete with customer 360 drives significant new revenue streams from consumer loans and insurance by providing quick and easy approvals while leveraging more data points and better fraud identification to reduce the bank’s risk.