NOW IS THE TIME TO MONETIZE YOUR DATA!
Large institutions accumulate data, a lot of data, Big Data, but is it monetized enough in a right way? Smaller institutions at times don’t even get access to data, and if and when they do, they don’t know what to do with it. The question is: should we let this strategic asset be underutilized especially when the NewTech and FinTech companies are thoroughly optimizing it
At HEXANIKA we believe that the time to convert data to dollars cannot be delayed any longer. And for that, we have been working hard to bring to our clients a data solution that is simple and efficient that can be the one stop solution from sourcing data to producing reports.
A STORY OF ONE BANK:
Each of our clients is unique but they all share one common trait – they understand the value of data and want to use it for their and their customers’ advantage. And they want to do it “faster, better, and cheaper” in an efficient and effective manner. Who wouldn’t?
Our client, a large US based bank, started their journey of data transformation over a year ago with a goal to provide the highest level of experience and service. The bank was looking to supply its business lines with reliable and easily accessible, timely, meaningful, and high-quality data. The bank also wanted to properly protect bank and customer assets. For that, they were looking to deploy innovative risk management and regulatory compliance solutions.
The bank planned to achieve its vision by following a three-prong strategy including:
- Adopt Advanced Infrastructure: Adopting a private, virtual cloud-based data infrastructure,
- Simplification of Access to Data: Simplifying the data ecosystem, processes, and technology by consolidating multiple technology assets and processes, and
- Provide Data-Driven Outcomes with ROI: Identifying innovative robust and technology-agnostic products to empower commercial business users with operational efficiency and effectiveness.
HEXANIKA’S FINTECH SOLUTION:
The bank engaged HEXANIKA as a partner for their data transformation because they wisely decided that there is no need to build if you can buy… Although the bank considered a number of data management platforms, HEXANIKA was chosen for the following reasons:
- One Stop Consolidated Solution – From data sourcing, ingestion, management, preparation (aggregation, and consolidation) to using or consuming (analytics & reporting), HEXANIKA horizontally consolidates traditional data processes and provides the opportunity to vertically consolidate multiple point solutions required for regulatory compliance. HEXANIKA enabled the replacement of enterprise products such as Teradata, enabling significant time, cost, and resource savings.
- Automation – While Robotics Process Automation (RPA) is a good way to automate processes, the technology inherits the limitations of the legacy processes and technologies. HEXANIKA has adopted the concept of advanced robotics with its proprietary algorithms based on Artificial Intelligence (AI) to achieve automation for efficient data management. This eliminated several manual processes and provided enhanced data quality.
- Standardization – HEXANIKA, with its proprietary data modelling concept, combined with a cascading rules engine, provides the opportunity to repurpose disparate data for distinct reports in a unique manner and provides 100% data lineage from the transaction level to the final report. This allows better data reusability, transparency, auditability, and governance.
INNOVATION ADOPTION AND ACCELERATION:
Working with the bank, we had two goals – 1) to get our client to their vision and 2) to get them there “faster, better, and cheaper”. We have enabled a unique people and process-driven approach to make this partnership successful.
- From POC to Production – HEXANIKA carried out a Proof of Concept (POC) to demonstrate the capabilities of its data management platform (SmartJoin) and regulatory reporting solution (SmartReg). Our platform and solution provided what the bank was looking for as part of their data transformation vision, as it aligns to cloud, big data, and the use of an AI stack. Upon the successful completion of the POC, the bank engaged HEXANIKA to deploy the solution.
- Production Readiness for Start-Up – HEXANIKA and the bank went through an extensive and elaborate collaboration on risk management and production readiness exercise to ensure that the application cleared all the bank’s internal processes and approvals for production environments.
- Proactive Planning and Collaboration – Being a start-up, HEXANIKA was agile and flexible in anticipating changes in program timelines and project dependencies and realigning where necessary. That, coupled with the bank’s commitment to its vision resulted in highly effective collaboration between HEXANIKA and the bank’s Enterprise Data Office, Infrastructure, Finance Transformation, and Commercial Business Support teams.
We look forward to seeing the client’s testimony shortly.
Stay tuned – more of our client stories to come!