How did we get here?
The idea and requirements for the Cyoda data platform were originally formed by Patrick Stanton and Dr Paul Schleger in 2004/2005 whilst they were working together at a German bank. They were frustrated by the restrictions of the existing technology, based on relational databases:
- They could not easily model complex structures let alone handle multiple changing data models.
- End of day reports taking 6 hours.
- Very limited historical reporting, 2-3 days at most.
- Time-consuming and expensive to integrate (data model transformations)
- Inflexible for new requirements
- Limited data volume processing
- Total cost of ownership was too high.
In Summary, they put together the following characteristics that a modern banking data platform should have to enable a real cost reduction in IT:
- No limitations,
- Processing (Volume or complexity)
- Storage (Volume or complexity of data)
- Reporting/querying performance (query data as fast as you like)
- Ease of implementation
- Easy to change
- Agnostic of data models
- No performance hit for historical reporting
Since then, in 2008 the financial industry was irrevocably changed because of the global financial crisis that brought about sweeping changes in both stringent regulations as well as in the way banks operate. The quantities of data that the banks have to cope with have grown and the demands of the new crop of regulations mean that a global view is required, being able to report on all the data in all the systems that make up a bank.
Even today as we approach ten years since the GFC banks still at the core depend on systems whose technology dates back to the 70’s 80’s and 90’s. Big Data 1.0 enabled analytics on a bank’s data, looking for trends but so far has not made much impact on the cope of a bank’s data processing and reporting, it’s collection of solutions were and are built to solve a different set of challenges.
In 2013 Cyoda was founded in Australia. The initial challenge was finding the people capable of realising Cyoda’s ambition. After searching globally, St Petersburg Russia was chosen as the centre for development due to its concentration of software development, especially around search and social media. Research and development was started with a small but highly experienced team. The initial focus was around the big data open source frameworks known collectively as Hadoop. It was realised that it was not realistic to put these together to fulfil the requirements of the project, they were developed independently to solve a different set of requirements. Cyoda had to be built, not assembled, re-use where appropriate is always the first choice.
As the initial version of the Cyoda platform neared completion and moving into testing, Cyoda moved from Sydney, Australia to London, England. It was felt that the opportunities in Sydney were not as great as the opportunities in London and Europe. Today Cyoda is based in London, Frankfurt and St Petersburg.More Info