Bank Achieves 300% ROI with TIBCO Data Virtualization
2x faster time to market, single view of a client, improved data quality
Historically, the bank's products were managed as separate lines of business (Fixed Income, Equities, Futures and Options, Brokerage), each with its own organization, systems, and services (sales, research, positions management, risk, books and records, clearing, settlements, payments, and reconciliations), and each LOB team controlled distribution of its data. But, with growth in customers, products, and mergers, clients increasingly required product interactions that crossed LOBs.
Data consumers in need of client reference data approached each LOB separately requesting data and then tracking their request through to delivery. "Second-hand" data distribution teams cropped up, taking original copies of data from the systems of record and adding their own information for their own local needs. This practice increased risk and slowed reconciliation, resulting in missed revenue opportunities. Audit problems arose along with data quality issues and very high data integration costs.
The bank chose TIBCO® Data Virtualization to act as a virtual data mart spanning all LOBs. The approach to data views enabled the bank to efficiently and effectively leverage valuable data that was scattered throughout the organization. Data from multiple sources was brought together as a logically virtualized source for consumption by nearly any front-end business need, including for portals, reports, applications, search, and more.
The bank established the Client Master Team to rapidly implement requested customer data access solutions using TIBCO Data Virtualization common published views as a starting point.
2X Faster Time to Market
Various data views for each consumer's needs were built using high performance caching that provided 24/7 access to large volumes of data. This translated into a 2X improvement in time to market for reference data access projects.
Single View of a Client
An additional key benefit was the ability to retrieve a single view of customer data from multiple disparate sources. This is possible while preserving complete governance to ensure standardized, consistent, and up-to-date client master data.
Improved ROI, Data Quality, Cost of Data Distribution
Results included 300% ROI, 25% data quality increase, and 83% lower cost of data distribution. In addition, increased costs for infrastructure such as data warehouses, marts, and replication were avoided.