The Simility Blog

Piece of Cake! Adding New Data Feeds Should be Easy, Not a Technical Hurdle
adding new data feeds for fraud prevention
Lynn Strand
Lynn Strand
April 10, 2018

Adding a data feed to your organization can dramatically reduce costs and time – making it a business decision, not a technical decision.  

Today, organizations analyze information using data modeling techniques that support critical business functions. As business needs change, enterprises must revise their data models accordingly. This costs IT, C-Level executives, line managers, and heads of fraud prevention time and money.

Organizations are tasked with adapting their data models to keep up with ever-changing trends.

To do so, they’re making two significant changes.

First, organizations today obtain more of their data from external sources. Before, they acquired data from internal sources, as that was what was available. Now external sources that provide social, web, and bureau data are starting to play a greater role, and the influence of external and internal data streams is nearly balanced.

Second, fuelled by newer products (e.g. remote check deposit, mobile wallets, peer 2 peer payments, etc) organizations are generating and processing more data today. According to the McKinsey Global Institute, the amount of data grew from just 3 exabytes in 1986 to 300 exabytes in 2011 (PDF). The U.S. alone has 2 zettabytes, a number expected to double every three years.

Data gives organizations valuable insights. Without these insights, enterprises can lose a business advantage, suffer from inefficiency over time, or even lose money in the long term. As such, organizations are constantly looking to their data models with new data sources and channels that provide more high-quality information.

All About Adding a Data Feed

To stay up to date, fraud prevention organizations have to evolve and keep adding additional data feeds. These new information channels help reduce fraud and improve the user experience. Simility enables non-engineers to add and update new data feeds via a simple UI, typically without requiring any programming. This capability brings significant insights and benefits to the organization, while also dramatically reducing costs and time. As such, adding additional data feeds becomes a business decision, not a technical decision.

Third-party data feeds are extremely important for fraud reduction, but without the right tools, they are hard to work with. In addition to having different data structures that constantly change, many feeds reside with owners in different departments that don’t always work together. Many feeds also originate from outside of the enterprise, which further complicates the task of engaging with them.

The Simility Difference

Simility is well-aware of these challenges and has designed its adaptive fraud prevention solution to solve them. Simility’s platform provides a fluid data model with dynamic ontology used by Palantir as well as API-driven abstraction to make sure that all data feeds are accepted. Simility then stores that data clearly in the data lake.

Simility’s solution is also very easy to use. For instance, a non-engineer can use a configurable UI to send over data. The solution takes any new feeds, including those consisting of unstructured information, asynchronous data, and non-text such as sound and video. It defines it, evaluates it, and gets it up and running within a matter of hours.

What makes Simility truly stand out is its focus on quality, time, and money. The company designed its solution to address real business problems, such as ingesting and analyzing data feeds. Towards that end, it automates most of the task of adding a data feed to makes sure that no engineering work is required. Non-engineers can then use drop-down menus to configure their new feeds and from there specify how Simility should use the data.

Interested in learning more about how Simility can help your organization streamline the process of adding a data feed? Schedule a demo and see how easy it can be.