Trifacta Wrangles Data for Leading European Financial Institutions
- 24.11.2016 12:30 pm
Financial services and insurance companies have been among the first to recognise the importance and value of transforming their data assets.These companies are embarking on data initiatives to innovate within their business and to improve customer intelligence, while at the same time reducing risk, addressing fraud and managing increasingly complex regulatory requirements.
While leveraging data offers huge potential to enterprises, today’s analysts face many hurdles, including the increasing volume and variety of data sources. In addressing these challenges, data analysts can spend as much as 80% of their time sifting through the data, to clean, structure and blend it in order to produce actionable insights.
“The financial services industry is under increasing competitive and regulatory pressure, particularly in Europe. Banks and insurance companies generate massive quantities of data. Dealing with this appropriately is complex and often time-consuming, Trifacta empowers analysts to wrangle the data to drive their business and compliance needs,” summarises Jeremy Perlman, VP Europe, Trifacta.
Trifacta has been selected to wrangle data for a number of different uses including:
- Retail banking: Customer 360, omnichannel transactions and next best offer analytics;
- Reporting and compliance: Markets in Financial Instruments Directive (MIFD), European Central Bank (ECB) and Bank of England (BoE) regulatory and compliance reporting, Basel Committee on Banking Supervision (BCBS) 239, Basel II and Solvency II reporting, asset liability management (ALM);
- Insurance: Pricing and actuarial analytics.
An example is Nordea Bank AB, the leading Nordic bank with operations in Denmark, Finland, Norway and Sweden. Alasdair Anderson, executive vice president of data engineering, says, “At Nordea Bank, we are constantly striving to improve the timeliness, accuracy and level of trust in our data to internal and external stakeholders. Trifacta has allowed us to fundamentally reduce time to market and cost of managing data while demonstrably increasing the quality of our data products."
Other recent successes include Munich Re, the Santander Group, UniCredit Bank, the Luxembourg Stock Exchange and Enstar Group. These financial institutions joinPepsiCo, Sanofi, Orange,The Royal Bank of Scotland, and Zurich Insurance Groupwho are already realising the value of Trifacta’s innovative approach to data preparation.