Michelle Anne Tabirao
on 12 February 2024
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.
MongoDB® for enterprise data management
Canonical offers comprehensive financial services (FinServ) open source data solutions and expertise. From hybrid multi-cloud strategy to Kubernetes, we can help you accelerate innovation, drive business agility and reduce costs.
Explore how MongoDB can support your projects in financial, telecommunications and automotive industries in our recent guide: Download Now.
Canonical for your MongoDB journey
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, deployment, maintenance, management and support.
Further reading
- MongoDB® for enterprise data management
- MongoDB® Toolkit: database security and support
- Charmed MongoDB
- Learn more about Canonical data solutions
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.
