Enhancing and automating reporting systems to get a single reliable view of day-to-day operations is the need of the hour for companies looking to make swift and fact-based decisions. The client, a leading global financial institution, wanted strong data management capabilities and an automatic reporting system that could support the company’s analytics and decision-making capabilities. Coforge’ solution created a single source of truth at the organization level for all management reporting and decision-making—delivering more value.
About the Client
A leading global financial institution, the client has presence in Europe and Asia Pacific. The company focuses on corporate banking and has total assets of around $ 263 billion. The client serves corporate customers, private customers, savings banks, real estate financing, and financial markets with a staff of more than 11,000 employees.
Since inception, the client’s business strategy has been focused on providing best-in-class, and superior customer service to its five pillars—corporate customers, private customers, savings banks, real estate financing business, and financial markets segments. Operating in a highly fragmented and competitive market, the company’s main business challenge was to consolidate the wide variety of data sources, handle code mining for report migration, and automate complex processes dealing with manual report preparation. This, therefore, required a common, integrated, robust application platform that could share timely data and accurate insights to monitor business health and help the client take data-driven decisions. They also needed a central data repository to support day-to-day reporting and Management Information System (MIS) functions. Automation of data exchange among various internal applications and automation of manual processes for creating compliance reporting (Monetary Authority of Singapore) were also needed.
The company realized that they needed an enterprise-wide Data Warehousing (DW) and Business Intelligence (BI) ecosystem that could meet their management needs at strategic, tactical, and operational levels. It chose to work with Coforge, based on our relevant skills in data management and proven record in delivering DW/BI solutions to the clients worldwide.
The engagement with Coforge started with the assessment phase. In this phase, we helped the client overcome their current pain points and meet high-level requirements around data quality,
Given the system's criticality and to ensure future successful conversions, Coforge developed and used dynamic design with reusable tools to drastically reduce the effort involved in the consolidation process. After consolidation was completed, we also performed support and maintenance activities (product additions, enhancements, version updates) for the client. A decommissioning Center of Excellence (CoE) was also set up to decommission legacy and non-legacy systems. The CoE helped the client achieve their targeted goals. standard reporting, and manual intervention for report generation. A centralized data repository with multiple technology stacks fulfilled the DW requirements across business functions. We designed a business-centric model to provide superior analysis capabilities, catering to the needs of all business stakeholders.
We provided a foundation for future data warehousing and business intelligence initiatives. A robust data integration layer was provided to ensure proper data auditing of the client’s data. We also implemented a common reporting portal to ensure adequate automation of MIS reporting.
Delivering More Value
- More Efficiency: We improved the efficiency of financial operations.
- More Compliance: We ensured all regulatory compliances were met with zero defects
- More Strategic: The easy availability of timely and accurate data and insights helped the client in optimizing the business users time in making important strategic decisions.
- More Savings: We reduced the total cost of ownership, besides minimizing report generation cycle time and data processing time.