Rakuten announces launch of its enterprise grade data watchdog, Rakuten SixthSense Data Observability! Check out here

Harnessing AI to Redefine Banking Excellence 

Digital-first banks are rapidly gaining prominence, with studies indicating they are 2.5 times more likely to retain their customer base. In this evolving landscape, Rakuten SixthSense is revolutionizing the banking sector by harnessing the power of AI and in-depth analytics. This platform enhances operational efficiency, analytical capabilities, and customer service, positioning itself as a leader in banking innovation.

Rakuten SixthSense significantly boosts customer retention by providing real-time insights and proactive issue resolution. It ensures smooth service delivery through advanced monitoring and minimizes downtime, which in turn enhances customer journeys. The platform's ability to adapt quickly to market and operational changes is supported by its smart alerting and dynamic baselining features.

At its core, Rakuten SixthSense utilizes predictive analytics and anomaly detection to identify and mitigate risks, ensuring operational agility and protection against disruptions. The platform also emphasizes data integrity, with real-time AI monitoring for data quality and tracing, allowing banks to make decisions based on reliable data. This holistic view of data health enables banks to refine operations, adhere to regulations, and strategize for growth and customer satisfaction.

By integrating these advanced features, Rakuten SixthSense meets current banking demands and anticipates future challenges, making it an essential partner for achieving digital banking excellence.

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Key Benefits

Uninterrupted service delivery

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Uninterrupted service delivery is vital as downtime directly impacts customer satisfaction and revenue. Identifying and resolving issues pre-emptively is crucial to avoid costly disruptions and maintain operational continuity.

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Leverage true distributed tracing to proactively address potential issues, minimizing service disruptions and reducing MTTR. Correlate data from front-end to back-end across applications and infrastructure on a single platform, ensuring superior user experiences.

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Modernizing Legacy Banking Systems

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Legacy banking systems can introduce inefficiencies, leading to compatibility issues, limited interoperability, and integration difficulties with new applications or platforms. Owing to interdependencies, diagnosing system failures or bottlenecks becomes a major time-consuming activity.

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Deploying advanced analytics and machine learning, we offer real-time business insights in a single pane of glass. Integrating Prometheus for data ingestion into our product facilitates accurate forecasting, and proactive issue detection, for any slowdowns or outages in legacy systems.

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Optimizing Data Accuracy for Financial Insights

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Critical decisions in the BFSI sector rest on the foundation of data accuracy. With 71% of financial firms & citing a competitive edge from analytics use, the value of precision in data is clear.

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Data Observability combats these challenges with AI enabled Data Quality Monitors and Rules, ensuring analytics are based on accurate, high-quality data. This not only sharpens risk assessments but also enhances decision-making, securing a competitive edge in the swiftly evolving financial landscape.

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Enhancing Regulatory Compliance and Reporting

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The severe consequences of regulatory non-compliance in BFSI are highlighted by IBM's discovery that U.S. businesses lose $3.1 trillion each year because of low data quality. This emphasizes the costly results of mishandling data.

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Rakuten Data Observability offers a comprehensive suite to tackle these challenges, featuring real-time monitoring for immediate anomaly detection, data pipeline visibility to prevent integrity issues, and volume and schema change tracking. These robust capabilities work in tandem to ensure that financial institutions can trust the data that underpins their compliance reporting, safeguarding against operational losses and reputational harm.

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Strengthening Data Governance

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The financial sector faces significant data governance challenges, affecting privacy, accuracy, and compliance. AIOps technology presents a forward-thinking approach to detecting deviations post-compliance changes, safeguarding privacy, accuracy, and regulatory adherence.

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Cognitive AIOps integrates Prometheus data source ingestion, Advanced analytics and AI correlations to monitor over frequent changes made in the system contributing to robust data governance, ensuring privacy, accuracy, and compliance.

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