Multinational Banking Group Transforms to Handle Increasing Data Volumes
The client is a multinational banking and financial services company that is one of the largest banks in the world. It is also a highly respected global asset manager with US$423 billion under management. The bank’s global presence is one of its key strengths but this also creates major challenges. Data is often sourced locally and data volumes are increasing constantly.
Over time, the bank acquired a large and increasing number of data sources to feed a diverse range of systems and applications. A lack of standardization meant that vital resource was being diverted from core investment activities into data management.
As index data and benchmarks increased in volume, the bank needed to find a strategic solution to improve the quality of its data in terms of timeliness, accuracy and completeness. It was decided to centralize data management then distribute data to local end users. The bank chose the RIMES.
RIMES specified and delivered a fully managed data service that consolidated and harmonized index data and benchmark sources. This helped meet the diverse needs of the compliance, performance measurement, risk and portfolio management departments. In practice, RIMES offered the bank a new data operating platform that included a new, standard methodology for managing large volumes of data across all applications and in-house databases.
The bank has experienced a discernible improvement in its data management efficiency and quality. Data duplication has been eliminated and new indexes can be added as required. Increasing data volumes are no longer an impediment to business expansion. The bank can also offer its clients a better quality service, confident in the knowledge that data quality and service are consistent across all worldwide operations.