Different Banks and Credit Unions are at various stages of data maturity levels that ranges from Undisciplined to Reactive to Proactive to Managed to Governed. Based on bank’s data maturity level that defines their data management needs, Bankintelli offers various data management services. Data management services can be provided through both cloud-based solutions or on-premises solutions, depending on the specific needs of the organization. It is important to understand the unique requirements of the business and choose the solution that best fits the organization’s needs, budget, and compliance.
Data Management Services (Cloud and On-Prem)
What are Data Management Services?
Data management services refer to a set of processes and practices that banks use to acquire, validate, store, protect, and process data to meet their specific business needs. These services can include a variety of tasks such as data quality enrichment, data lineage, data integration and consolidation, master data management, data governance, and data encryption.
Data Integration and Consolidation Services
For banks at ‘Reactive’ and ‘Proactive’ stages of data maturity levels, Bankintelli offers:
- Automated ETL based approach to integrate data from multiple sources for accurate reporting ensuring data integrity
- Script based data cleansing
- Data transformation using business rules
- Exception handling and exception reporting
- Data reconciliation and notification
Establishing Data Lineage during Data Integration
Data lineage in the banking industry refers to the process of tracking the movement and transformation of data from its origin to its current state. This includes tracking where data came from, how it has been modified, who has accessed it, and where it is currently stored. This information is important for banks to comply with regulatory requirements and for maintaining data quality and integrity. Additionally, data lineage can be used for auditing and troubleshooting purposes, and for understanding the impact of changes to data and systems on the bank’s operations.
Bankintelli helps in establishing data lineage during data transformation and integration across various systems ensuring regulatory compliances.
Data Quality Enrichment Services
For banks at ‘Undisciplined’ stage of data maturity level, Bankintelli offers defined data quality management solution framework with steps to:
- Access data quality
- Define data quality levels
- Manage data errors, quality gaps, etc.
- Enrich data quality and manage exceptions
- Distribute data to subscriber system and communicate errors and impacts to data providers
Consulting Data Quality and Data Governance
For banks at ‘Managed’ and ‘Governed’ stages of data maturity level, Bankintelli helps in Data Governance establishment: Data Stewardship, Data Security and Metadata Management. Bankintelli also helps in establishing ongoing controls around data quality using MDM framework:
- MDM vision and strategy formation
- MDM organization and governance identification
- MDM process and technology selection
- Subject area specific MDM setup
- Data cleansing and transformation
- Master data migration