Why Do Banks Need Real-Time Transaction Processing?

A new report from RT Insights highlights the importance of real-time transaction processing in banking and financial services, where traditional database architectures hinder the movement of data. To achieve benefits such as improved portfolio management, fast credit card fraud checks, and others, banks need to use a translytical database that combines transactional and analytical data processing capabilities in a single system. A translytical database is designed to be both fast and scalable, eliminating intermediate steps and providing real-time support for critical applications. By adopting real-time databases, organizations can improve customer experience, better manage risk, and create a "data culture" across all functions and levels. The report emphasizes the need for banks to move away from traditional data structures and adopt a more modern approach to data management.