Solix reports major bank big data contract win

Source: Solix Technologies

Solix Technologies, the leading provider of enterprise data management solutions, announced today that a Top 10 Forbes Global 2000 bank has selected the Solix Big Data Suite to provide enterprise archiving, data lake and advanced analytics on Apache Hadoop.

Banks are embracing big data as an enterprise data management transformation to control data growth, improve infrastructure utilization, and provide the advanced analytics necessary to become data-driven. The Solix Big Data Suite enables this leading bank to capture, manage and analyze critical information such as what services customers are buying and what security and business risks the banks faces such as check or credit fraud.

“With financial data growing at increasing rates, big data handles less frequently accessed data to improve production application performance and reduce infrastructure costs,” said Sai Gundavelli, Founder and CEO of Solix Technologies. “More importantly, enterprise archiving provides a foundation for advanced analytics, so that financial institutions can better understand their customers and become more data-driven.”

As Gartner stated in its 11 March 2015 (Refreshed: 22 September 2016) “The Taxonomy of Banking Analytics Value” report:

“Bank CIOs should position analytics, especially advanced analytics that can connect with big data and offer forward-looking predictive analysis, as the key to thriving in the new digital world.”

The Solix Big Data Suite provides a common data platform for enterprise archiving and data lake using low cost, bulk data storage based on Apache Hadoop. As a uniform data collection system the Solix Big Data Suite stores and manages structured and unstructured data from across the enterprise. Data security and advanced Information Lifecycle Management (ILM) establish governance controls for all enterprise data including legal holds. Compliant access control is provided for structured queries, reporting and/or full text search.

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