Executive Summary
A well-established local bank in Bermuda, operating across multiple jurisdictions, struggled with inefficiencies in managing and reporting its financial data. Manual reporting, data inconsistencies, and high operational risks were stifling its growth and regulatory compliance.
Bespoke Analytics, leveraging over 20 years of experience, delivered a scalable, centralized data solution that transformed the bank’s operations. This case study highlights how our tailored approach significantly reduced manual labour, mitigated risks, and empowered strategic decision-making.
The Challenge: Manual Reporting and Data Silos
Despite being a mature financial institution, the bank lacked a centralized data warehouse. This absence led to several pain points:
Manual Data Collection: Departments relied heavily on spreadsheets, resulting in duplicated efforts across the bank.
Inconsistent Reporting: Data discrepancies between finance and other departments caused confusion and hindered accurate decision-making.
Human Error: The manual nature of reporting introduced high key-person risk and increased the potential for errors.
Audit and Compliance: Scattered data complicated regulatory and audit processes, making them resource-heavy.
Paul McLeod, President at Bespoke Analytics, "Even though they were quite a big and successful bank operating in multiple jurisdictions, there was a lot of manual data collection, correlation reporting going on across different business units and jurisdictions"
The Solution: Transformed a Bank’s Data Infrastructure with Incremental, Centralized Data Management
Bespoke Analytics transformed the Bank’s Data infrastructure by approaching the problem incrementally, focusing on delivering rapid benefits while ensuring future scalability. The goal was to build a data infrastructure that could grow with the bank, enabling them to seamlessly adapt to new data sources and needs.
Step-by-Step Implementation:
Centralized Daily Balance Table: The first step involved creating a daily balance table capturing all account balances from the core banking system. This foundational element resolved inconsistencies in reporting and provided an invaluable resource for future enhancements.
Paul explained, "Essentially, a lot of things drive off just the daily balance of all the accounts in the core banking system".
Incremental Data Integration: Over time, we incorporated additional data such as loan details, deposit information, and customer profiles. This approach ensured continuous improvements without overwhelming the bank’s staff.
Automated Reconciliation: By automating the reconciliation between the core banking system and the general ledger, we created a "single source of truth," eliminating discrepancies and making data accessible across all departments.
Secure On-Premise Microsoft Stack: Leveraging Microsoft SQL Server, TimeXtender for ETL processes, and Power BI for reporting, the solution adhered to the bank's security requirements while ensuring regulatory compliance.
The Results: Increased Efficiency, Reduced Risks, and Strategic Growth
Our solution delivered impactful results for the bank:
1. Efficiency and Cost Savings
Time Savings: The bank realized significant manpower savings by automating manual reporting, freeing teams to focus on strategic tasks.
Process Automation: Automated data flows enabled faster, more reliable decision-making.
2. Risk Mitigation
Data Consistency: By establishing a single source of truth, the bank reduced the risk of making decisions based on inaccurate data.
Regulatory Compliance: Automated reconciliation and audit trails simplified compliance, cutting audit preparation time by 63%.
Paul highlights, "The risk mitigation was great because now all of a sudden you don’t have all these different unique reporting solutions in each business unit... that may have different values that create risk around decisions"
3. Strategic Growth
Informed Decision-Making: With reliable data, the bank's executives could better assess risks, spot trends, and identify growth opportunities. "This data allowed the bank to trend, analyze, and compare its portfolio over time—a crucial component for a growing financial institution" Paul added.
Key Metrics and Return on Investment (ROI)
Manpower Savings: By eliminating manual reporting, the bank saved dozens of person-hours each month.
Risk Reduction: Centralized, accurate data reduced risks associated with manual errors and data inconsistencies.
Audit Efficiency: With a more streamlined reporting system, the bank cut its audit preparation time by 63%.
Future Enhancements: Extending the Centralized Data Solution
The centralized system continues to evolve:
Proactive Data Quality Monitoring: Regular data quality checks are integrated, ensuring that errors are identified and corrected early.
Risk Assessment Automation: The bank now benefits from tools that assess loan risks in real-time, enabling faster, more strategic responses.
Paul McLeod emphasized, "We’re entering a period where we’re doing proactive data quality monitoring now, so that we can start driving those...issues early"
Conclusion: Transforming Financial Data Management
If your organization faces challenges with manual reporting, siloed data, or inconsistent decision-making, Bespoke Analytics can provide the expertise needed to overcome these obstacles. Our certified professionals, armed with years of experience, deliver tailored solutions that offer immediate value while setting your business up for long-term success.
Ready to Transform Your Data?
Contact Bespoke Analytics today to revolutionize your data management and business intelligence systems, just like we did for this leading financial institution.
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