Our story

How we got here

Built on the desire to build a better data platform for banking

The ideas that evolved into Cyoda today first emerged in 2004 when Patrick Stanton and Paul Schleger were working together at a German bank.

They were frustrated by the restrictions of the existing technology, which was based primarily on relational databases:

  • Inability to easily model complex structures or handle multiple changing data models
  • End of day reports taking hours to run
  • Very limited historical reporting
  • Time-consuming and expensive to integrate data between systems
  • Inflexible; slow and difficult to change
  • Limited capacity; systems operating near to maximum thresholds
  • Total Cost of Ownership too high.

They began to imagine what an ‘ideal’ data platform might look like:

  • No restrictions on:
    • volumes of data
    • complexity of processing
    • amount of storage
    • speed of reporting/querying
  • Robust/dependable
  • Easy to implement & change
  • Flexible
  • Able to integrate data from disparate sources with ease & speed
  • Able to report historically as easily as at the current time
  • Simple architecture; easy & low cost to maintain 

In 2008  the Global Financial Crisis irrevocably changed the financial industry. Banks are now required to report a vast amount of information, on a near real-time basis, with an ever-increasing level of granularity.  

Today, as we approach ten years since the GFC, banks still 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, identifying new sales & trading opportunities – but has so far made little impact on the core of a bank’s data processing and reporting. Mainstream big data solutions  were and are built to solve a very different set of challenges to Cyoda.

In 2013 Cyoda was founded in Sydney, Australia. After a global search for the very best technical talent, St Petersburg Russia was chosen as the centre for development due to its concentration of highly skilled coders, with experience of both social media and banking. The initial focus was on the big data open source frameworks known collectively as Hadoop, but it soon became apparent that these frameworks were not going to deliver the ‘ideal banking platform’ that Patrick & Paul had conceived.  Cyoda had to be built, not assembled.

As the initial version of the Cyoda platform neared completion, Cyoda moved from Sydney, Australia to London to be closer to the major financial markets. At this point, Lucy Watson joined as a co-founder to bring in broader business experience. Today Cyoda is based in London, Frankfurt and St Petersburg.

More recently, we’ve realised that the challenges we first identified in banks are not unique to Financial Services. The world over, organisations are on a path of digital transformation, harnessing the power of data to re-invent how they operate.  Cyoda provides the perfect platform to accelerate digital transformation and to create new digital ventures.  From traditional industries such as retailing and manufacturing – to new ones such as Smart Cities and IOT, Cyoda has the potential to transform a vast array of organisations.