The European Bank for Reconstruction and Development Improves Processes, Systems, and Employee Trust
Banks have vast amounts of data to maintain and keep secure: financial, reference, meta, and master. As consumer technology advances, banks are receiving more information than ever before. Financial institutions can no longer rely on simple office automation or outdated data management tools to manage these assets.
As it continued to grow, the European Bank for Reconstruction and Development (EBRD) faced this issue. Its Data Management team understood that the bank needed a more holistic view of its data. The team wanted to reduce friction, improve and develop reference data, and increase opportunities for greater impact through an intuitive and flexible data management platform. Such a platform would support better process projects, advisory activities, and third-party relationships, enabling the bank to scale, adapt, and remain resilient as it depreciated older technologies and accelerated cloud adoption.
To effectively support daily operations and better serve customers, EBRD began its modernization journey, choosing scalable, resilient, always-on TIBCO EBX software to improve reference data management and use.
The bank used TIBCO’s customer service upgrade program to bring its TIBCO BusinessWorks, EBX, and TIBCO Messaging solutions up to the latest, most powerful versions. With its new EBX version, it built two tools to manage and govern data. Reference Data Hub classifies data including geographies, industry sectors, transition qualities, and indicators, enabling teams to collaborate on classifications in a single platform. The central repository for the bank's party records, provides 360-degree views of financial activities and replaced 20 party locations, reducing duplicated data and effort.
Additionally, the bank migrated its Compendium of Indicators to EBX software, making 148 indicators and 600 variations of bank activities more standardized. With its new EBX reference data management center, the bank is delivering better and more complete result aggregation across all activities and improving overall reporting.
The bank now has a stable and scalable platform to support initiatives and objectives. Reference data reliability, management, and integration are improving within its processes and operational systems—leading to increased employee trust. Employees can access a singular holistic view of data, reducing friction and improving portfolio understanding. More employees than ever before have access to data, and the platform is keeping up with the increased traffic.
As a whole, EBRD's ongoing transformation is improving predictability, creating more agile delivery approaches, and providing a more responsive service to the business. With its new Resilience Framework, EBRD launched a robust COVID-19 response, facilitating 62 projects worth €1.6 billion. Through these projects, business services, and involvement in high-level policy reform, EBRD is doing more than ever, all with the help of TIBCO's reference data solutions.