Verdande Technology, the first provider of real-time Case-Based Reasoning technology, today announced its launch into the financial services market.
Designed to help clients manage IT and trading risk, reduce service outages and avoid latency-impacting events, Verdande Technology's Case-Based Reasoning technology has gained interest from top-tier financial firms and offers a compelling solution for the financial markets, leveraging its success in the energy sector.
Well known for pioneering the use of Case-Based Reasoning (CBR) in the oil and gas industry, Verdande Technology has recently introduced the value of CBR to the financial services market. Based on the principle that similar problems have similar solutions, CBR harvests large, static datasets to search for patterns in those past experiences - and the lessons learned, best practices and solutions used to rectify them - and provides users with the information they need in real-time. Verdande Technology's Edge platform helps to identify and manage impacting events before they happen, empowering users with the ability to make better, smarter, faster business decisions and uncover revenue-generating opportunities in the process.
"IT service outages can equal hundreds of thousands in lost trading revenue. Add to that dynamic regulatory demands, escalating costs and shrinking budgets, and financial services firms need to be much smarter about anticipating business-impacting events to drive down costs and maximize profit," said Larry Tabb, founder and CEO, TABB Group. "Analytics now play a more critical role than ever, and Case-Based Reasoning takes it to the next level. By referencing past experiences to help predict future events, CBR can be used in conjunction with existing CEP, APM and other analytic solutions to deliver a holistic view of trading infrastructures that can help mitigate systemic risk, enable smarter decision-making and uncover new growth opportunities."
Verdande Technology has successfully used its solution at a tier-one bank to demonstrate how it would increase the value of its "Run the Bank" (RTB) support staff. The bank turned to Verdande Technology to help its team map systems-impacting events to previously recorded instances. By implementing its CBR Edge platform, Verdande Technology was able to analyze heterogeneous data sources to create an early warning system for potential problems and offer solutions based on previous experiences.
"We live in the age of big data, and those firms that manage and leverage the wealth of information that comes from it will find it to be a major competitive differentiator," said Jo Kinsella, CEO, financial services, Verdande Technology. "Leading organizations work with us to learn from their past - both their mistakes and successes - and take action to prevent issues from happening again or employ best practices that have worked previously. The Edge platform provides firms with instant transparency into issues and events to help improve trading performance, reduce risk and ensure regulatory compliance."