To bolster financial surveillance capabilities, an Africa-based bank embarked on a strategic initiative focused on integrating third-party data and migrating a decade's worth of data. The objectives included stringent business rule validation and ISO20022 compliance. Facing complex challenges such as data quality issues and infrastructure limitations, the bank devised a comprehensive solution that involved data transformation, governance enhancement and compliance measures.
The Challenge
Addressing quality, compliance and infrastructure hurdles
Our client's challenges were multifaceted, encompassing poor data quality and redundancy at the source, as well as the imperative of complying with ISO20022 standards. Additionally, the absence of match and merge rules for legacy party data, coupled with a lack of data classification and stewardship and undefined data privacy policies, further compounded the complexity. The existing issues, such as frequent lapses in data quality rules, redundant information storage and reliance on non-scalable legacy data management infrastructure, necessitated urgent attention. Moreover, the absence of robust data management policies and principles, particularly concerning sensitive and transactional data, led to instances of non-compliance with standards and regulations. Ultimately, the legacy systems' unreliable and inconsistent data undermined decision-making processes and eroded trust in data-driven insights.
The Objective
Enhancing financial surveillance: Strategic data integration initiative
The primary focus was on mastering residential entities and individuals by integrating third-party data. This endeavor necessitated the migration of ten years' worth of historical data from legacy systems. Key objectives included rigorous validation of business rules and adherence to the ISO20022 Standard, crucial for the development and storage of financial services messages. This marked the inception of a decisive journey for the bank aimed at enhancing its monitoring and regulatory effectiveness in the realm of financial activities.
The Solution
Comprehensive data transformation
HCLTech delivered the enterprise-wide data and analytics solution on a hybrid platform, leveraging the capabilities of Informatica Intelligent Cloud Services (IICS), Data Management & Governance, Data Privacy tools.
First, we devised a comprehensive approach for migrating and de-duplicating legacy master and reference data. Next, we identified existing data quality (DQ) issues within the legacy master data, laying the foundation for a continuous DQ monitoring process.
We leveraged integration with third-party sources to enhance the quality and depth of the master data. Additionally, we established a robust data stewardship process to engage both internal and external stakeholders in data management practices.
We implemented auto cataloging of all data sources and maintained governance assets to ensure compliance with regulatory requirements. We instituted daily profiling, coupled with DQ checks, to effectively validate business rules on financial transactions.
Furthermore, we established a data governance framework that mitigates compliance and security risks by prioritizing data privacy, protection and sharing. Ultimately, we delivered a compliant solution that aligns with necessary regulations and standards, facilitating direct integration with the 1Finsurv platform.
The Impact
Enhancing quality, governance and compliance leveraging Informatica
HCLTech brought transformative results for our client from the data modernization initiative:
- Achieved 10% reduction in data quality issues, complying with ISO20022
- Realized 10x faster daily data loading
- Experienced 50% increase in timely insights compared to legacy
- Successfully integrated data from 100+ entities, achieving 95% success rate
- Achieved 60% reduction in errors and redundancy, with 50% improved reporting performance
- Realized 90% gain in database design efficiency
- Achieved 50% cost and effort optimization through reusable data pipelines
