National Bank Overcomes Data Growth and Regulatory Compliance Challenges

Dan Woods's picture

Research from EY, among many other data points, proves that data is the key to growth and competitive advantage in financial services. When asked to describe their ability to extract useful insights from data that improve overall competitiveness and performance, 27% of high-growth companies in the financial services industry (those achieving EBITDA growth of 15% or more in each of the last two years) describe themselves as “highly mature” compared with 12% of their lower-performing peers.

Dan Woods Blog Series

Like every other company, banks and financial services firms must learn to cost-effectively manage the deluge of data before they can make sense of it. That challenge is made all the more difficult by regulatory compliance issues and data privacy restrictions—the top two obstacles companies encounter as they try to maximize their data use.

However, these businesses must also contend with the challenges associated with operating in a highly regulated industry. One leading national bank came to address these sets of challenges with Attunity.

Data growth was making it difficult for them to manage data and maintain regulatory compliance. With data growing at 100-150% a year, the bank was quickly running out of capacity. It expected to spend $10–15 million in 12–18 months on hardware upgrades. Meanwhile, current data management practices posed a significant business risk in terms of maintaining regulatory compliance and fulfilling audit requests. IT had no way of tracking who accessed what data to the table and column level.

The bank knew it needed better visibility into the entire data warehousing environment. It needed the ability to identify data that is frequently used, infrequently used, or not used at all in an effort to reduce storage complexity and costs. And it needed the ability to track the usage of sensitive data for audit reporting.

The bank addressed these needs with Attunity Visibility, which provides a complete view of the company’s data warehouses as well as how various data sets are used. With Visibility’s data usage analytics, the IT organization was able to make informed decisions about the data sets and related workloads that can be rebalanced and optimized with Hadoop. Doing so resulted in a cost savings of $15 million over three years by avoiding unnecessary hardware upgrades. To maintain costs, the bank continues to leverage this data to tier storage on a monthly basis.

Attunity Visibility also helps the bank meet regulatory compliance requirements and respond to audit requests in a timely manner. The solution identifies user activity related to specific customer data at a granular level (table and columns) and generates weekly audit reports, which are given to data owners to meet compliance requirements.

Big data analytics brings big value to banks and financial institutions, but that data must be managed for cost efficiency and regulatory compliance. Otherwise, it poses a significant business risk. Data management solutions like Attunity Visibility give organizations the intelligence they need to overcome these challenges and get more out of their data.