TD Ameritrade Holding Corp. (NASDAQ:AMTD) is now enjoying the benefits of their focus on big data. During an interview with John Dix of Network World, Chief Data Officer, Derek Strauss, stated that the quality of data has been improving as well as enhanced innovation and personalization capabilities.
Mr. Strauss, who has now held the position for three years, proudly stated that the company has numerous points of focus that that are being monitored concerning the value and that the firm is preparing for better times ahead thanks to the foundation that it laid. He further added that the foundation allows the firm to set a strict timeline for the company’s latest plans.
Beginning with Hadoop, he stated that it is centered on personalization and familiarization with customers as far as providing useful insights is concerned. The company has been referring to the Hadoop environment as a data marshaling yard because it brings together emails, chat information and brings them together to carry out a behavioral analysis of the clients. Once the company understands the customer behavior, it is then in a better position to optimize the experience of the customer from different aspects.
Mr. Straus also revealed that the company first handled country codes once it incorporated the master data management capability. This has been a significant step towards the eradication of errors in the system. As for data governance, there has to be someone to monitor the different values and harmonize them. However, there is a tool for that.
As for the clients, the company can create multiple client accounts and not have to create a central data record when a customer has multiple accounts. This means each account will have its own information regarding the client. At the same time, the company still maintains the data quality. Due to the company size, TD Ameritrade does not plan to employ many data specialists. Instead, they have collaborated with universities to create data science platforms through cloud technology.