Why Financial Services using Elastic?

With the advancement in technology, there will automatically be growth in the volume of the data and its usage. The more data and information you have, the more informed you will be, and it will help in taking decisions faster and optimisations.

Elasticsearch takes the lead of the industry in search engines and is capable of scaling and staying fast at the same time horizontally. Elastic proves to be a building block in the operational and digital landscape of a company or firm. It helps in the constant improvement of the services of a firm. Therefore, financial services are opting to use Elastic.

1. What is Elasticsearch?
  • Through Elasticsearch as a search engine, you will get the benefit of a multitenant-capable, distributed full-text search engine.
  • It also provides schema-free JSON documents and an HTTP web interface.
  • It was developed in the JAVA platform.
  • It is one of the most popular enterprise search engines, according to DB-Engines ranking.
  • It is based on the Lucene library.
2. Financial services and Elasticsearch:

Nowadays, customer experience is mostly driven by data. Elastic helps financial services in collecting that data and visualize and analyze it quickly for the improvement of digital services.

Benefits / Features of Elasticsearch:
  • All types of documents can be searched using Elasticsearch.
  • It supports multitenancy.
  • It has a close real-time search capacity
  • It helps in providing scalable search.
  • It uses Lucene, and almost all its features are available through Java API and JSON.
  • It supports percolating and faceting, which proves to be of great use in notifying whether the new and latest documents match for the registered queries.
  • “Gateway” is it’s another feature that helps in the recovery of an index in case of a server crash.
  • It is suitable and appropriate as a NoSQL datastore as it supports real-time GET requests.
Why do firms or enterprises require Elastic?

Enterprises and large firms have billions of data files inserted in their database, and it is a meticulous task to surf them and arrive at a rational conclusion. Hence, they are in constant need of a dynamic search engine which is crucial for their growth and Elastic has got all the features to be that.

  • Query:You can perform every kind of search through Elastic such as structures, geo, unstructured, etc.
  • Speed: Elasticsearch is indexed. It has got inverted indices for full-text enquiring, BKD trees to store geo and numeric data.
  • Analyse: Elastic helps in to analyse data efficiently and to arrive at meaningful and logical conclusions.
  • Scalability:You can run it everywhere with trouble-free operations.
  • Client-libraries: clients can operate Elasticsearch in any programming language they want.
  • Machine learning: The machine learning functionality of Elasticsearch warns the system beforehand in case of any deviation.
  • Observability:Elasticsearch has got the ability and capacity to understand and make sense only Logs, Metrics, and APM.

With qualities like flexibility, robustness, and scalability, Elasticsearch consulting and development services is highly preferred by financial services.