Intelligent Issue 05 | Page 11


Afterpay reduces fraud risk with Cloudera while managing data at scale

Cloudera , the hybrid data company , has announced that Afterpay is using the Cloudera Data Platform ( CDP ) to run streaming analytics and advanced Machine Learning for real-time fraud detection . This helps Afterpay identify , access and reduce business risk relating to fraud for its 3.6 million customers , delivering on the company ’ s mission to power an economy which offers consumers better financial access , inclusion and experience .

As a leading BNPL provider , the ability to ingest data from millions of transactions to identify duplicates and anomalies across its expansive customer base is critical . Given the eightfold increase of its daily transactions from 100 million to 800 million in under a year , Afterpay required a more stable production environment to accommodate large-scale data to ensure analytics can be performed accurately at speed without compromising operational efficiencies .
Existing in-house tools then were inadequate in managing these internal analytics requirements . The data platform also had to be flexible , scalable and built for growth to accommodate new
and additional services and solutions to support Afterpay ’ s rapid expansion across the region and globally .
Harnessing analytics capabilities on CDP Public Cloud , Afterpay ’ s engineers are now able to produce up to 800 million hybrid data streaming events and batch features for the data analysis team to perform fraud and predictive analytics for more data-driven and accurate insights .

Finance leaders reveal interest rates are driving business model changes

Syntellis ’ 2023 CFO Outlook for Financial Institutions draws on data from a survey of more than 100 finance leaders at banks , credit unions , farm credit associations and other financial institutions across the US and Canada . The report – which takes an in-depth look at current industry challenges , trends and priorities – also exposes that finance leaders believe overall portfolio growth ( 54 %), competitive landscape changes ( 34 %) and staffing / labour fluctuations ( 27 %) will be additional key drivers of business model changes in 2023 .

Syntellis Performance Solutions , a leading provider of enterprise performance management software , data and intelligence solutions , has published its seventh annual CFO Outlook for Financial Institutions . The research has revealed that 90 % of finance professionals at banks , credit unions and other financial services institutions anticipate interest rate changes will be the biggest driver of business model adjustments throughout 2023 .

“ Financial institutions continue to navigate economic uncertainty ,” said Flint Brenton , CEO of Syntellis Performance Solutions . “ The results from our report highlight the need for dexterity in their operations and strategic planning processes . To address the ongoing challenges like rising interest rates , workforce shortages and shifting consumer preferences , finance leaders need comprehensive , modern performance management solutions to analyse , plan , respond and remain competitive in an evolving business environment .” www . intelligentfin . tech