|[June 26, 2012]
Verdande Technology First to Bring the Benefits of Case-Based Reasoning to the Financial Services Industry
NEW YORK --(Business Wire)--
Technology, the first provider of real-time Case-Based Reasoning
technology, today announced its launch into the financial services
market. Designed to help clients manage IT and trading risk, reduce
service outages and avoid latency-impacting events, Verdande
Reasoning technology has gained interest from top-tier financial
firms and offers a compelling solution for the financial markets,
leveraging its success in the energy sector.
Well known for pioneering the use of Case-Based Reasoning (CBR) in the
oil and gas industry, Verdande Technology has recently introduced the
value of CBR to the financial services market. Based on the principle
that similar problems have similar solutions, CBR harvests large, static
datasets to search for patterns in those past experiences - and the
lessons learned, best practices and solutions used to rectify them - and
provides users with the information they need in real-time. Verdande
platform helps to identify and manage impacting events before they
happen, empowering users with the ability to make better, smarter,
faster business decisions and uncover revenue-generating opportunities
in the process.
"IT service outages can equal hundreds of thousands in lost trading
revenue. Add to that dynamic regulatory demands, escalating costs and
shrinking budgets, and financial services firms need to be much smarter
about anticipating business-impacting events to drive down costs and
maximize profit," said Larry Tabb, founder and CEO, TABB Group.
"Analytics now play a more critical role than ever, and Case-Based
Reasoning takes it to the next level. By referencing past experiences to
help predict future events, CBR can be used in conjunction with existing
CEP, APM (News - Alert) and other analytic solutions to deliver a holistic view of
trading infrastructures that can help mitigate systemic risk, enable
smarter decision-making and uncover new growth opportunities."
Verdande Technology has successfully used its solution at a tier-one
bank to demonstrate how it would increase the value of its "Run the
Bank" (RTB) support staff. The bank turned to Verdande Technology to
help its team map systems-impacting events to previously recorded
instances. By implementing its CBR Edge platform, Verdande Technology
was able to analyze heterogeneous data sources to create an early
warning system for potential problems and offer solutions based on
"We live in the age of big data, and those firms that manage and
leverage the wealth of information that comes from it will find it to be
a major competitive differentiator," said Jo Kinsella, CEO, financial
services, Verdande Technology. "Leading organizations work with us to
learn from their past - both their mistakes and successes - and take
action to prevent issues from happening again or employ best practices
that have worked previously. The Edge platform provides firms with
instant transparency into issues and events to help improve trading
performance, reduce risk and ensure regulatory compliance."
About Verdande Technology
Verdande Technology AS was founded in 2004 and is headquartered in
Trondheim, Norway, with regional offices in New York, Houston and Abu
Dhabi, UAE. The company is privately funded.
Verdande Technology is the first provider of real-time Case-Based
Reasoning (CBR) technology for financial services organizations. The
company's Edge platform - based on the principle that similar problems
have similar solutions - identifies, captures and analyzes data patterns
in real time, using past events to proactively predict future problems,
rapidly diagnose and correct issues and continuously discover new
potentially impacting events. Verdande Technology enables firms to make
smarter decisions with their massive amounts of data, empowering them
with a searchable case library that gives them the foresight to mitigate
regulatory risk, uncover trading opportunities and increase performance.
Learn more about Verdande Technology at www.verdandetechnology.com.
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