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September 20, 2019

Avanza Approaches One Million Banking Customers Powered By GigaSpaces In-Memory Computing Platform

NEW YORK, September 20, 2019 — GigaSpaces, the provider of InsightEdge, the fastest big data analytics processing platform, announced today that Avanza, Sweden’s fully digital bank is on its way to realizing their goal of serving  one million customers with innovative online banking services, using GigaSpaces in-memory computing platform. The Swedish bank has won “Most Satisfied Savings Customers,” according to the Swedish Quality Index, nine years in a row due to a superior customer experience powered by GigaSpaces technology.

GigaSpaces’ high performance, scalable, and distributed in-memory platform is the core of Avanza’s fully digital banking services portfolio.  The microservices-based, highly available software platform was first deployed in 2013 and has powered vast application innovation and a burgeoning customer base which has grown five-fold.   Avanza prides itself on its agility to introduce new innovative services; increasing the number of microservices from 150 to 954, including on-line trading with real time trading recommendations, a green room for climate positive investment decisions, mortgage and loan services, face recognition for banking apps and more.  GigaSpaces seamlessly supports the fast-growing number of transactions, over 28 million customer visits per month and spikes in queries resulting from Avanza’s open banking initiatives.

Avanza plans to continue on its path of innovation by leveraging GigaSpaces augmented transactions technology for further personalizing banking services. They are also looking towards simplifying deployments across environments using GigaSpaces’ Red Hat OpenShift Operator support.

“GigaSpaces enables us to deliver on our vision of providing a fully digital bank that services our customers solely through high performance personalized retail banking applications,” said Peter Strömberg, CIO at Avanza Bank.  “We have been writing banking history and will continue to do so with the help of GigaSpaces technology to enable our developers to innovate with confidence, knowing that our data infrastructure can handle the rapid growth in the number of advanced applications, concurrent users and transactions.”

GigaSpaces provides the industry’s fastest in-memory computing platform that co-locates business logic, analytics and data which minimizes data movements and network overhead, while elastically scaling so that fast growing companies can deliver their services and applications with the highest level of availability, reliability and rapid response times.

Peter Stromberg, Avanza CIO, will be co-presenting with GigaSpaces Yoav Einav, VP Product, at “Building your Digital Business for Today and Tomorrow” events, on September 24th in Paris, September 25th in London,  and September 26th in Amsterdam.

About GigaSpaces

GigaSpaces provides the fastest in-memory computing platforms for real-time insight to action and extreme transactional processing.  With GigaSpaces, enterprises can operationalize machine learning and transactional processing to gain real-time insights on their data and act upon them in the moment.  The always-on platforms for mission-critical applications across cloud, on-premise or hybrid, are leveraged by hundreds of Tier-1 and Fortune-listed organizations worldwide across financial services, retail, transportation, telecom, healthcare, and more. GigaSpaces offices are located in the US, Europe and Asia.

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About Avanza

Avanza is a digital platform for savings and investments, founded in 1999. The Parent Company, Avanza Bank Holding AB (publ), is listed on the Stockholm Stock Exchange. Avanza’s customer promise is a better return on your savings than with any other bank or pension provider in Sweden. Services include saving in shares, funds, savings accounts, mortgages and a strong pension offering. Avanza has more than 900,000 customers with over SEK 300 billion in total savings capital. This is equivalent to 4.2 per cent of the Swedish savings market. Avanza is largest in terms of number of transactions among Swedish banks on the Stockholm Stock Exchange including First North. During the last nine years Avanza has won SKI’s (Swedish Quality Index) award, “Year’s Most Satisfied Savings Customers”.

Source: Avanza and GigaSpaces

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