Data-led Digital Transformation Redefines Bank

The Challenge

There was a general sense within the bank that it was falling behind the competition due to multiple challenges, especially in SMB business, M&A integration, and Regulatory & compliance-related data issues. For instance

• In Retail, multiple tenured products were nearing expiration with low buying prospects
• In the Small and Medium Business vertical, lack of centralized information for cross- or up-sell of products was impacting growth
• Data in silos did not support Mergers and Acquisitions (M&As)
• In Regulatory Compliance, timely and accurate data was seldom available to generate in-time regulatory reports

These challenges affected business, especially the higher costs paid per compute cycle that adversely impacted the bottom line. The bank was running out of time to fix these issues, as any enterprise solution would need a three-year timeline to implement.

The Solution

The client partnered with SLK to enable data-led digital transformation. SLK’s consultants, with a deep banking domain understanding and data and digital expertise, assessed the current situation. Based on our due diligence, we conceptualized, designed, and implemented the solution with a focus on business, architecture, and data consulting. The key elements of this solution included:

• Data governance and quality – extended for real-time channels
• Omni-channel data foundation – developed a 360-degree relationship view of customers
• Built intelligent data lake – unlocked data in real-time from legacy sources using Change Data Capture
• Data as API – 30+ real-time API services using Kafka for digital and emerging channels

Technology Used:

• Change Data Capture
• Kafka and real-time channels
• Hortonworks | Cloudera
• ETL: Informatica PowerCenter, Oozie, Power Exchange, Sqoop, Confluent
• Data Storage: Cassandra, Hadoop