Why Modern Finance Applications need Redis Enterprise

Shabih Syed by Shabih Syed

Data is the foundation of all digital transformation initiatives in finance, and Redis Enterprise is the industry’s high-performance database of choice. This enterprise edition of Redis simplifies the development of highly performant, reliable and seamlessly scalable real-time applications, including mobile, social, personalization, internet of things (IoT), fraud mitigation and many other solutions.

The popularity of NoSQL databases

According to Forrester, half of global data and analytics technology decision makers either have implemented or are implementing flexible NoSQL platforms, like Redis Enterprise. NoSQL databases are critical for a new generation of financial applications built with microservices architectures.  These systems depend on real-time data to deliver instant experiences and require databases that can be deployed on multiple clouds, on-premises or in a hybrid architecture. 



Removing data silos

Financial services companies struggle to harness data for useful insights across all relevant data in their fragmented data architectures. Thankfully, Redis Enterprise addresses this challenge head-on. It is an elegant multi-model database for heterogeneous data, — breaking down data silos, simplifying operations and enabling real-time analytics for modern applications. Redis Enterprise empowers application developers with great flexibility and sub-millisecond response times by bringing a variety of data models together into a unified database platform. The database delivers predictable performance for large volumes of structured, unstructured or semi-structured and constantly changing data while scaling easily to millions of operations per second.

Top 6 database use cases for financial services companies

The world-class Redis Enterprise solution is ideally suited to serve as the foundation for several different types of applications, including:

 

  1. High-speed transactions

Time-sensitive financial transactions need Redis’ versatility and low latency to deliver massive calculations and handle every type of data processing requirement with high performance.

 

  1. Caching

Caching is an important technique to reduce the load on your most expensive database resources by positioning application data as close as possible to the user. Redis is the best choice for caching due to its lean footprint, immediate time-to-value and rapid response times.

 

  1. Full-text search

Ask any question of all your financial data and get real-time answers at blazing speeds with built-in rapid-fire search capabilities. Redis Enterprise supports simultaneous indexing and advanced searches over fast-moving text, numeric and geospatial data.

 

  1. Fraud mitigation

With financial companies facing huge risks of data breaches, your transactions require fraud detection and prevention. Redis Enterprise provides instant perception and mitigation by accelerating analysis across the widest variety of data sets and data types.

 

  1. Session stores

Redis Enterprise is ideal for session store use cases that require in-memory replication because it gives you both the high availability and the durability you need.

 

  1. Real-time personalization

Finally, Redis Enterprise can deliver custom, personalized experiences to improve the stickiness of your apps. It supports dynamic pricing, credit risk analysis, custom advertising, content discovery, catalog recommendation and user content.

Deployment options for Redis Enterprise

The fastest way to deploy Redis Enterprise is as a hosted and serverless DBaaS in the public cloud or private cloud with support for active-active geo distribution, Redis-on-Flash, search, graph and document data models. Redis Enterprise software can be installed on any cloud or private data center and also as containers, on Pivotal CF, OpenShift or as AWS AMI.

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