A Quick Guide On Using Splunk For Financial Services
IT infrastructure is one of the leading sectors for investment. Companies depend on it as it enhances customer experience, ensures compliance with regulations, and strengthens their protection.
Computer data provides the significant and untapped potential to those financial institutions looking to meet their business goals. Components of IT services, such as commercial networks, banking channels, computers, servers, and mobile devices, generate machine data terabytes every day.
So, Splunk helps analyze and gathers machine-generated data of all kinds, from up-to-date mobile apps and data to traditional banking systems so that it becomes apparent for financial institutions to achieve insight over diverse worldwide operations of the premises.
Financial services provided by Splunk
In the financial services industry, Splunk’s role is well established. However, Splunk tools have been used for years in IT and data center, network planning, network control, DevOps, and event management among organizations.
Through their products and services, companies for financial services aim for consistency. They take great care to plan, evaluate, and optimize their customer experience in specific ways that ensure that consumers can consume their product with the least effort.
- Performance Monitoring
- Security and Fraud
- Regulatory Compliance
- Customer Experience
- Transaction Processing
Splunk Essentials for Financial Services Industry
To help the financial industry with some technology, Splunk has released a learning app for the Financial Services Industry that contains 94 examples and 15 use cases of using Splunk in FSI. You can install the app to start learning Splunk for using on your laptop or smartphone.
Besides, on Splunkbase, version 1.1 is released, and you can download it for free. You can see below the two new use cases of Splunk that are covering 50 new examples.
The first use case is called Banking Fraud ( includes 19 new examples)
The primary use case addressed the potential fraud instances by connecting events with thresholds and recognized to trigger alerts for retail and consumer banks. For the most part, the input data collection may come from proprietary program logs or network protocols.
Here are some highlights of Banking Frauds:
- Paper hanging
- Duplicate check detection
- Suspicious simultaneous withdrawals
The second use case involves Mobile Payments (31 new examples)
This case includes data and insights about people who use mobile payment services. Mobile payments may also be used by the bank’s partners to underwrite the amount.
Many implementations use simple computer teaching techniques to identify details in response times without the use of pre-constructed templates. Therefore, people prefer Splunk because it has a collection of instructions that can be used effectively. In most instances, the input data set will come from personalized mobile app files, proprietary APIs, and Splunk Mint.
Here are some highlights of Mobile Payments:
- Payment amounts split by vendor partner in the 95 percentiles (Thanks to Tom Lagatta for the suggestion)
- Average response times by vendor partner, mobile OS, or location
- Originating locations for mobile payment shown in the map
- Outliers in response times
- The last action performed before a crash
Using Splunk software benefits FSI
There are some of the financial services benefits that only Splunk can provide to the companies.
- Manage and monitor your complex IT infrastructure, including legacy, homegrown and new applications
- Protect against insider and external security threats
- Capable to detect fraud, theft, and abuse
- Demonstrate regulatory compliance
- Perk up customer experience across branch, online, and mobile channels
The software is ready to work after it is downloaded and enabled on a standalone computer or a Splunk search device. So these are some specific ways through which Splunk provides help to Financial services.