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Charmed MongoDB®: use cases for financial services

Financial institutions handle vast amounts of sensitive and confidential data, including customer information, transaction details, and regulatory compliance records. A trusted database ensures the security and privacy of this sensitive information, protecting it from unauthorised access, breaches, or cyber threats.

MongoDB is the ideal fit, and it’s one of the most widely used databases in the financial services industry. It  provides a sturdy, adaptable and trustworthy foundation. It also can safeguard sensitive customer data while facilitating swift responses to rapidly evolving situations. This security and stability can be enhanced even further with Charmed MongoDB.

MongoDB use cases

Customer Data Management

Within financial services, MongoDB is often used as the database for customer data management. MongoDB can store and manage customer profiles, account information and transaction histories. Its flexibility allows for handling diverse data types related to customer records, and it can easily accommodate changes in customer data structures as regulations and business requirements evolve. Its document-oriented model allows for flexible and dynamic schemas, adapting to diverse customer information.

Online Banking

Another area where MongoDB offers a robust database platform is online banking – which covers any web or mobile banking apps. These applications often need to store and retrieve customer account information, transaction history, and payment data as fast as possible. MongoDB can provide the back-end data storage for these applications, supporting fast and secure access. Its scalability ensures a seamless user experience, and its flexible data model accommodates the evolving requirements of digital banking platforms.

Fraud detection

The financial sector is particularly susceptible to fraudulent activities due to factors that make it an attractive target for malicious actors. Some key reasons include high-stake transactions, insider threats, data breaches, and more. Organisations in this sector rely on fraud detection systems, which in turn require a suitable database. MongoDB can store transaction data, user behaviour patterns, and other information that is essential for fraud detection. In addition, it can handle high volumes of data and perform real-time analytics – enabling rapid detection of fraudulent activities even for businesses operating on a massive scale.

Explore how MongoDB can support your projects in financial, telecommunications and automotive industries in our recent guide: MongoDB® for enterprise data management

Canonical services for the financial sector

Canonical offers comprehensive financial services (FinServ) open source solutions and expertise. From hybrid multi-cloud strategy to Kubernetes, we can help you accelerate innovation, drive business agility and reduce costs. Contact us for your MongoDB and database needs

Canonical for your MongoDB journey

With Charmed MongoDB – an enhanced, open source and fully-compatible, drop-in replacement for the MongoDB Community Edition with advanced enterprise features – Canonical can support you at every stage of your MongoDB journey (from Day 0 to Day 2). Our services include:

Design

  • Proof of Concept (PoC) – We work with you to build a PoC before you invest in infrastructure for advanced use cases. This allows you to assess your return on investment carefully.
  • Data solutions training – Train your team to use our data solutions, from understanding all features to customisation options, deployment and admin tasks.

Deployment

  • Data and/or infrastructure migration – Migration from one infrastructure or database to the new Canonical Charmed MongoDB solution. 
  • MongoDB deployment – Deploy, set up, configure Charmed MongoDB in your production environment using the Charmed MongoDB Machine or Kubernetes operator.

Maintenance, management and support

  • 24x7x365 Support and industry-leading SLAs – Get hands-on monitoring and support for your MongoDB application, with guaranteed SLA.

Management of MongoDB in the production environment – Self manage or outsource the life-cycle management of your mission-critical database application to Canonical’s experts.

Further reading

MongoDB® Toolkit: A guide to MongoDB security and support

Charmed MongoDB: the operator you need for managing your document database

Running MongoDB on Kubernetes

Trademark Notice

“MongoDB” is a trademark or registered trademark of MongoDB Inc. Other trademarks are property of their respective owners. Charmed MongoDB is not sponsored, endorsed, or affiliated with MongoDB, Inc.

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