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Data Costs Case Study #1

Banking Corporation Streamlines For Success

The client

The client is a multinational banking corporation with assets of over $2 trillion.  Its services include asset management, private banking and private wealth management.  The bank has had a relationship with RIMES since 2002, when RIMES began supplying data to the bank’s internal return system, used by teams in the US, the UK and Australia.

The challenge

The bank’s compliance team used the RIMES Desktop to extract fixed income and equity benchmarking data at index and constituent level.  The data was used to derive compliance results in support of the investment process.  Although this worked successfully, as business volumes grew, the bank needed to find a cost-effective solution to support the next stage of growth.  It required a strategic solution that could be scaled to accommodate increasing volumes of new index and benchmark requests.

The solution

In 2009, the bank decided to implement RIMES BDS®.  A thorough cost-benefit analysis showed this to offer a permanent solution to the rising costs of managing an increasing quantity of data that was also increasing in complexity.  But the compliance teams had some exacting requirements, in terms of data coverage and the time of delivery.  RIMES was able to deliver the data to meet these precise timing requirements and all the data was delivered application ready.

The benefits

Working with RIMES has enabled the bank to transform its data management capabilities.  If the bank needs data that is not covered by RIMES it will acquire the data quickly, leveraging its strong relationships with all the major index data vendors.  The bank has transferred index data and benchmark management to RIMES and can now focus on managing money rather than data.  New sources can be added as required by the business, so costs are aligned with business success.