Solving Data Management Challenges in the Banking Sector

Solving Data Management Challenges in the Banking Sector

Blitz DMS Use Case 

BlitzBrain solutions empower banks to navigate the challenges of the digital era, ensuring data accuracy and consistency. It unlocks the full potential of data-driven decision-making for enhanced customer service, risk management, and operational efficiency.


Data inconsistencies put banks at risk

In the era of hyper-personalization and seamless experiences, data is the lifeblood of digital banking, driving rapid change and adaptability. However, the complexity of multiple distributed systems and the adoption of services from various providers often result in data inconsistencies across sources. This creates challenges in understanding the ongoing processes and exposes financial institutions to reputational risks.

Increasing regulatory pressure

Legislation and data privacy regulations have become key industry challenges as a result of the dramatic increase in regulatory fines since the 2008 financial crisis. From Basel’s requirements to the IFRS, and from GDPR to CCPL, banks must comply with a growing number of regulations. Identifying personal data and applying appropriate security measures can be a complex technological task. Compliance can significantly strain resources and often requires correlating data from disparate sources. 

Cultural shift toward advanced technologies

In the digital world, there’s no room for manual processes and systems. Financial firms need to think of technology-based resolutions to their data management challenges. The potential uses of Machine Learning (ML), data automation, BI, and analytics are limitless. Therefore, financial institutions must promote a culture of innovation in which the latest technology is leveraged to optimize data processing for maximum efficiency.

The Solution

Turn data into valuable business assets using open-source technologies

Blitz DMS is a data management solution, an automated platform that collects, processes, and provides data to meet the business goals of financial providers. It ensures timely and informed management decisions using reliable analytical reporting. With the help of open-source technologies, banks can build robust, scalable, and efficient data warehouses that can handle any type of data, from structured to unstructured, from batch to real-time, and from small to big.

Our solution automates:

  • data collection and storage;
  • metadata collection and enrichment;
  • data changes in the corporate data warehouse (DWH);
  • the maintenance of DWH;   
  • systems monitoring and logging;
  • data quality management;
  • reference data management;
  • generation of regulatory and analytical reports;
  • the centralized management of user permissions.

Benefits and Impacts

Master Data Management for the required data quality

With our extensive experience, we can implement master data management systems that help banks effectively manage and monitor their data quality. Our solutions are designed to tackle issues like missing information, duplicates, and false data, ensuring a reliable and accurate foundation for decision-making processes.

Data warehousing and analytics for informed decisions

Integrating data warehouse and BI analytics into banking operations offers numerous advantages. By leveraging these technologies, financial institutions can shift from relying on guesswork to making more accurate and informed decisions. This transformation not only enhances efficiency by providing quick access to necessary information but also elevates customer service. By working with data, banks can gain deeper insights into customer preferences, enabling them to deliver more personalized services.

Streamlined and compliant banking operations

BI and analytics are crucial for banks to monitor and manage risks associated with lending, investing, and other operations. Beyond improved risk management, the increased data integrity, visibility, and process control combined with improved data security and reporting all contribute to better compliance management. Implementing these technologies allows banks to optimize business processes and reduce associated costs, contributing to more streamlined and cost-effective banking operations.

Why BlitzBrain Data Warehousing?

Thanks to open-source technologies, we bring financial institutions unparalleled cost benefits.

  • Significant reduction of license and maintenance fees 
  • Simplifying banking IT operations - improving the IT department’s productivity
  • Extensive experience in data warehousing incl. massively parallel processing (MPP)
  • Cutting-edge master data management (MDM) solutions
  • Easily customizable and scalable IT solutions tailored to the finance needs
  • Finance-specific references 
  • Platform-agnostic solutions (no vendor lock-in)
  • Seamless integration into the existing banking ecosystems

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