Do banks use NoSQL?

Do banks use NoSQL?

There is a good reason that banks and other financial institutions don’t use NoSQL database and that is a characteristic called ‘eventual consistency’. NoSQL databases are usually deployed on a cluster of compute nodes or some other Massively Parallel Processing platform.

Which database is good for transactions?

If your data is primarily structured, a SQL database is likely the right choice. A SQL database is a great fit for transaction-oriented systems such as customer relationship management tools, accounting software, and e-commerce platforms.

Why is NoSQL not preferred for financial data?

NoSql DBs are for unstructured or semi-structured data which obviously do not support transactions. There is one major drawback of NoSQL is lacking data consistency. Data should be consistent while making payments and should follow db transactions for data reliability. This is possible only within the RDBMS.

Does NoSQL support transaction?

Unlike relational databases, which are built on sound mathematical and theoretical model [2], NoSQL databases do not have standard or widely accepted model. Despite the differences in the design of different NoSQL databases, they all have simple data model and do not support transactions.

Which bank is better Rdbms or NoSQL?

So an RDBMS is a good choice if the query and reporting needs are very critical. Real time analytics for operational data is better suited to a NoSQL setting. Further, in cases where data is brought together from many upstream systems to build an application (not just reporting), NoSQL is a must.

Which bank uses MongoDB?

Summary: HSBC Bank is one of the world’s leading financial institutions. It is simplifying its data model by running its applications on MongoDB. HSBC is one of the world’s most recognisable banking and financial services organisations, operating in over 60 countries and serving more than 40 million customers.