Cloudera Case Studies Safeguarding Compliance and Ensuring Responsible Banking with Data at ANZ Bank

Edit This Case Study Record

	Safeguarding Compliance and Ensuring Responsible Banking with Data at ANZ Bank Cloudera

Safeguarding Compliance and Ensuring Responsible Banking with Data at ANZ Bank

Cloudera

Technology Category	Analytics & Modeling - Machine Learning Infrastructure as a Service (IaaS) - Private Cloud
Applicable Industries	Finance & Insurance Retail
Applicable Functions	Product Research & Development Quality Assurance
Use Cases	Leasing Finance Automation Machine to Machine Payments
Services	Cloud Planning, Design & Implementation Services Data Science Services
Challenge	ANZ Bank, a leading financial institution in Australia, was faced with the challenge of identifying and rectifying compliance gaps in its processes and products. The bank needed to analyze every single transaction over the past 20 years to uncover lapses, such as incorrect interest rates and fees charged. This was a daunting task as it involved sifting through approximately 10 PB of data. The challenge was compounded by the evolving regulatory landscape in Australia's banking sector, which had become more stringent since 2017. Banks were now required by law to design their products with their customers’ needs in mind and were held accountable for instances of non-compliance. ANZ Bank was committed to acting responsibly and wanted to rectify any mistakes made in the past to build customer trust. Read More
About Customer	ANZ Bank is a publicly listed company that provides banking and financial products and services to over 8.5 million retail and business customers across 32 markets. The bank is committed to sustainability and corporate responsibility. In recent years, ANZ Bank has focused on digital innovation and improving the customer experience through the development of new technologies and services. The bank has also been involved in several community initiatives and partnerships, including programs to support small businesses and improve financial literacy. Read More
Solution	To address this challenge, ANZ Bank deployed the Cloudera Data Platform Private Cloud Base (CDP Private Cloud Base) to build data forensics capabilities. The platform provided the flexibility to implement various product pipelines for data forensics analysis in the Australia retail and business lending divisions. It enabled capabilities such as data ingestion, customer segmentation, and reporting. With Cloudera’s open data lakehouse, ANZ Bank was able to identify past compliance gaps in its processes and products and take action to fix these issues. The bank also plans to use Cloudera's machine learning capabilities to build data analytic models to screen its current and new products, ensuring that adequate safeguards and best practices are put in place to prevent future lapses in compliance. Read More Log in to view content
Contents

Technology Category

Analytics & Modeling - Machine Learning

Infrastructure as a Service (IaaS) - Private Cloud

Applicable Industries

Finance & Insurance

Retail

Applicable Functions

Product Research & Development

Quality Assurance

Use Cases

Leasing Finance Automation

Machine to Machine Payments

Services

Cloud Planning, Design & Implementation Services

Data Science Services

Challenge

ANZ Bank, a leading financial institution in Australia, was faced with the challenge of identifying and rectifying compliance gaps in its processes and products. The bank needed to analyze every single transaction over the past 20 years to uncover lapses, such as incorrect interest rates and fees charged. This was a daunting task as it involved sifting through approximately 10 PB of data. The challenge was compounded by the evolving regulatory landscape in Australia's banking sector, which had become more stringent since 2017. Banks were now required by law to design their products with their customers’ needs in mind and were held accountable for instances of non-compliance. ANZ Bank was committed to acting responsibly and wanted to rectify any mistakes made in the past to build customer trust.

About Customer

ANZ Bank is a publicly listed company that provides banking and financial products and services to over 8.5 million retail and business customers across 32 markets. The bank is committed to sustainability and corporate responsibility. In recent years, ANZ Bank has focused on digital innovation and improving the customer experience through the development of new technologies and services. The bank has also been involved in several community initiatives and partnerships, including programs to support small businesses and improve financial literacy.

Solution

To address this challenge, ANZ Bank deployed the Cloudera Data Platform Private Cloud Base (CDP Private Cloud Base) to build data forensics capabilities. The platform provided the flexibility to implement various product pipelines for data forensics analysis in the Australia retail and business lending divisions. It enabled capabilities such as data ingestion, customer segmentation, and reporting. With Cloudera’s open data lakehouse, ANZ Bank was able to identify past compliance gaps in its processes and products and take action to fix these issues. The bank also plans to use Cloudera's machine learning capabilities to build data analytic models to screen its current and new products, ensuring that adequate safeguards and best practices are put in place to prevent future lapses in compliance.

Impact #1	The deployment of the Cloudera Data Platform Private Cloud Base significantly accelerated ANZ Bank's compliance process. The bank was able to quickly sift through past transactions, allowing it to issue refunds to over 3.5 million customer accounts, both past and present, efficiently. The platform provided a rich and reliable data product that enabled new use cases for several business-critical banking teams. As a result, ANZ Bank built brand trust and drove responsible banking practices. The bank also plans to proactively ensure that discrepancies do not happen in the future through a responsible banking initiative powered by data and machine learning.

Impact #1

The deployment of the Cloudera Data Platform Private Cloud Base significantly accelerated ANZ Bank's compliance process. The bank was able to quickly sift through past transactions, allowing it to issue refunds to over 3.5 million customer accounts, both past and present, efficiently. The platform provided a rich and reliable data product that enabled new use cases for several business-critical banking teams. As a result, ANZ Bank built brand trust and drove responsible banking practices. The bank also plans to proactively ensure that discrepancies do not happen in the future through a responsible banking initiative powered by data and machine learning.

Benefit #1	ANZ Bank refunded approximately AUD500 million to over 3.5 million affected accounts.
Benefit #2	The bank was able to analyze every single transaction over the past 20 years, which amounted to approximately 10 PB of data.
Benefit #3	The bank plans to support these initiatives with a team of 500 data scientists and machine learning experts.

Benefit #1

ANZ Bank refunded approximately AUD500 million to over 3.5 million affected accounts.

Benefit #2

The bank was able to analyze every single transaction over the past 20 years, which amounted to approximately 10 PB of data.

Benefit #3

The bank plans to support these initiatives with a team of 500 data scientists and machine learning experts.

Download PDF Version

Overview

Safeguarding Compliance and Ensuring Responsible Banking with Data at ANZ Bank

Operational Impact

Quantitative Benefit