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BNP Paribas Cardif Transforms Data into Assets with Master Data Management
Driving lower total cost of ownership, improved workflows, and increased agility
BNP Paribas Cardif was using an application suite consisting of five non-integrated tools that were difficult to manage and maintain, and that required numerous manual entries and reconciliations. This setup generated operational challenges and data quality and integrity problems that hindered valuation of client contracts and the other work of asset managers.
The company also faced prudential and regulatory challenges such as Solvency II (a European insurance regulation), which pointed to data quality problems. The situation was compelling business lines to create their own repositories instead of building one trusted source of information.
BNP Paribas Cardif engaged the Nexeo Group to assist in the definition and implementation of a new MDM platform to address the specific needs of its offices in France, Luxembourg, and Italy, representing €140 billion in assets. The goals were to manage large volumes of data in real time, guarantee data quality, and satisfy all of BNP Paribas Cardif’s requirements.
The company chose the TIBCO EBX multi-domain solution versus an MDM dedicated to finance, because of its flexible workflows, intuitive user interface, and support from Nexeo Group.
BNP Paribas Cardif also wanted to control the cost of acquiring data, particularly from external financial data suppliers by optimizing and rationalizing these suppliers. Nexeo Group provided functional and technical support, advising on guiding principles, change management, implementation, and ongoing maintenance.
According to Eric Asfaux, head of EBX MDM at Nexeo Group, "Our teamwork as a partner, as well as our expertise in both finance and EBX software, were the keys to the success of this large-scale project."
Using TIBCO solutions, BNP Paribas Cardif improved its data quality, allowing its staff to focus on more important control tasks and service levels. Now, the team has a single dictionary of company asset data, shared in real time by all departments and managed by dedicated governance. This increase in data quality and a single data repository has led to a one-third reduction in financial data suppliers per data type, optimizing the company’s operational costs.
Investment processes benefit greatly from the platform, using quality shared data that feeds into solutions such as contract valuation publication, contract management, manager order placement, and more. The new platform has improved the completeness of weekly and monthly tasks for unit-linked contracts. In addition, Solvency II prudential closing has been secured and its data quality improved.
"The success of the MDM project is part of the digital transformation trajectory of BNP Paribas Cardif," explains Catherine Duris, head of financial assets middle office.
Looking to future opportunities to develop services, the insurer plans to look at extending applications that consume master financial asset data and serve the accounting and financial system. In a society where assets are a source of business performance, TIBCO solutions contribute to BNP Paribas Cardif's competitive edge by building quality into its data.