The client is one of the leading banks in the US offering banking, investment, and mortgage services and products to over 70 million customers worldwide. With approximately $1.9 trillion in assets, the bank operates in 35 countries and has a rich history of mergers and acquisitions.
The Challenge
Following a successful merger, the client needed data validation and migration support. They wanted a centralized platform that would ensure a single source of truth. This was critical as the lack of a central data and security framework led to duplication, runaway costs, and data integrity issues.
Moreover, as the data was stored across 100+ disparate banking systems, including credit, deposit, trade services, and treasury management, several business units struggled with report creation.
The Solution
Persistent built an end-to-end data integration platform (iHub), that assimilated data from heterogonous systems — Oracle, SQL Server, MySQL — into a central location. The platform ensured common structural and data standards for each banking system and used a proprietary data model. It also provided data for finance, risk, and regulatory reporting.
The solution strengthened risk data aggregation capabilities and ensured compliance with Basel Committee on Banking Supervision’s regulation number 239 (BCBS 239). This helped enhance risk management and strategic decision-making processes, resulting in a distinct competitive advantage for the bank.
The Outcome
The solution has harmonized 1.8 trillion data elements and compared over 10 million data records. With 75% faster data mapping and reporting, the bank was able to realize a Total Cost of Ownership (TCO) savings of $1.8 million.
