Splunk Helps Nubank Deliver Digital Banking to Millions

Rhea-AI Summary

Splunk Inc. (NASDAQ: SPLK) announced that Nubank, one of the largest digital banking platforms globally, is leveraging the Splunk Cloud Platform to optimize services for nearly 60 million customers in Latin America. The partnership enables Nubank to enhance customer experience by efficiently managing data from various sources, leading to significant savings of $4.6 billion in bank fees and 113 million hours saved in wait time. This collaboration, ongoing since 2015, supports Nubank's mission of simplifying financial services.

Positive

• Nubank is utilizing the Splunk Cloud Platform to support nearly 60 million customers, demonstrating significant reach.
• Customers have avoided paying $4.6 billion in bank fees due to Nubank's efficient services.
• Splunk provides essential tools that enhance Nubank's operational efficiency, enabling quick responses to customer needs.

Negative

• None.

One of the Largest Digital Banking Platforms in the World Trusts the Splunk Cloud Platform to Enable and Optimize Business

SAN FRANCISCO & LAS VEGAS--(BUSINESS WIRE)-- .conf22-- Splunk Inc. (NASDAQ: SPLK), the data platform leader for security and observability, today announced Nubank is using the Splunk® Cloud Platform to help support nearly 60 million digital banking customers in Latin America. As one of the largest digital financial services platforms in the world, operating in Brazil, Mexico and Colombia, Nubank is working in partnership with Splunk to securely enable and optimize its business so it can deliver an exceptional customer experience and empower millions to take control of their financial lives.

“From the beginning, Nubank has been committed to growing and generating positive local impact using technology, data and thoughtful service to eliminate the anxieties that customers face daily as they deal with Latin American banks,” said Matt Swann, CTO, Nubank. “With data coming in from hundreds, if not thousands, of locations, Splunk provides us with foundational visibility into our systems, helping us to diagnose, solve, monitor and manage in a more efficient way. Data is one of our most valuable assets and we rely heavily on Splunk to manage and remove the complexities with microservices so we can focus on delivering the best customer experience.”

Splunk is Nubank’s “one-stop shop” for IT monitoring and business needs. As a digital-only bank, Nubank requires a unique approach to help ensure it can operate without physical locations to save its customers time and reduce bank fees. The Nubank engineering team uses the Splunk Cloud Platform to seamlessly interact across departments with security professionals and compliance teams under one common language. From service logging to security and compliance, Splunk provides Nubank with the information needed to derive insights regarding how systems are operating and how services are delivered to customers.

“It’s estimated that Nubank customers have avoided paying $4.6 billion in bank fees and saved 113 million hours in wait time and Splunk Cloud Platform has been essential in providing us the flexibility and agility to react to customer needs quickly,” continued Swann.

Nubank also leverages Splunk’s workload pricing to meet growth projections and budgetary goals by right-sizing their rate of ingest. Workload pricing has offered flexibility and adaptability as the company continues its rapid expansion and support its customer base.

“As a digital native, cloud-based and mobile-first business, Nubank’s commitment to reinventing the future of financial services is a significant mission that requires a technology partner that not only can make sense of complexity but also has the ability to scale and evolve with their pace of innovation and customer growth,” said Katie Bianchi, Senior Vice President and Chief Customer Officer, Splunk. “Nubank’s use cases are constantly evolving and we’re proud to provide them the flexibility they need to respond to customer needs more efficiently and in a cost effective manner. Having worked together since 2015, Splunk continues to support Nubank’s mission to simplify the financial lives of their customers with transparency and security.”

Both Matt Swann and Cat Swetel, Nubank’s Director of Engineering, will participate in the opening keynote for .conf22, Splunk’s 13^th annual user conference. For more information on Nubank and its innovative technology approach, please visit: https://nubank.com.br/en/careers/. To learn more about the Splunk Cloud Platform, please visit https://www.splunk.com/en_us/products/splunk-cloud-platform.html.

About Splunk Inc.

Splunk Inc. (NASDAQ: SPLK) helps organizations around the world turn data into doing. Splunk technology is designed to investigate, monitor, analyze and act on data at any scale.

Splunk, Splunk>, Data-to-Everything and Turn Data Into Doing are trademarks and registered trademarks of Splunk Inc. in the United States and other countries. All other brand names, product names, or trademarks belong to their respective owners. © 2022 Splunk Inc. All rights reserved.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220614005354/en/

Media Contact

Gabrielle Jasinski

Splunk Inc.

press@splunk.com

Investor Contact

Ken Tinsley

Splunk Inc.

ir@splunk.com

Source: Splunk Inc.

FAQ

How is Nubank using Splunk Cloud Platform for its banking services?

Nubank uses the Splunk Cloud Platform to optimize service delivery and enhance customer experience for nearly 60 million customers in Latin America.

What financial benefits have Nubank customers experienced through Splunk's services?

Nubank customers have avoided $4.6 billion in bank fees and saved 113 million hours in wait time.

When did Nubank start partnering with Splunk?

Nubank has been collaborating with Splunk since 2015.

What is Splunk's role in Nubank's digital banking operations?

Splunk serves as Nubank's one-stop shop for IT monitoring and business needs, enabling efficient management of data and operational insights.

What is the stock symbol for Splunk Inc.?

The stock symbol for Splunk Inc. is SPLK.