Smartphone-Bank Revolut Relies on EXASOL
Revolut, one of the fastest growing FinTech start-ups in the world, is now relying on EXASOL’s database. It serves as a central data storage and forms the basis for data analytics. The British provider of the digital-banking alternative is working on the basis of data-driven decisions and allows all employees worldwide to have access to current data, and benefits from data queries that are up to 100 times faster than before.
Prior to EXASOL, Revolt used the Postgres database, but quickly reached the limits of its transactional database, especially with complex aggregations across millions of data rows. Revolut’s Data Science team searched for a powerful Online Analytical Processing (OLAP) database and first tested a free EXASOL Docker image. Even the limited version of the database running on a single server outperformed the previous database.
Since EXASOL’s introduction, the new database has significantly optimized the decision-making process: Revolut’s data scientists estimate that queries can be performed up to one hundred times faster, and is supporting Revolut by analyzing complex data sets across multiple sources to improve fraud detection and customer satisfaction. Over 2 million users of the application are also benefiting from better financial reportings.
“Revolut is highly data-driven and we needed a universal database that could keep up with us. Even testing the EXASOL database as a docker trial version convinced us completely,” comments Abhi Thanendran, leading data scientist at Revolut. “We save a lot of time in all departments. It used to take several hours to generate reports – now we can generate them in no time at all. We also have a much better overview of our KPI’s and industry trends. It’s also proven to be incredibly stable from the start and we look forward to further results as we increase database requirements”.
Aaron Auld, CEO of EXASOL, stated: “Revolut is a fast-growing, innovative company that has placed data at the heart of its corporate culture – far beyond the benefits of traditional data analysis solutions. The data science team has very ambitious plans for the future, and we look forward to working with them to take full advantage of EXASOL’s capabilities, integrate machine learning tools into the processes, and equip employees with the data analysis capabilities they need”.
You can find the complete article in German at this address.