TIME-TO-MARKET FOR PRODUCT LAUNCH & REFRESH AT MAJOR FINANCIAL INSTITUTION

  • Top 5 US bank
  • Consumer lending, community banking, loans, wealth and investment management, and more
  • $22B+ net income
  • ~70M customers; ~8,000 branches; and 13,000 ATMS worldwide
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Business Need

Improve time it takes to deliver a new credit card to market from 18 to 5 months

Establish central repository and single trusted view of product information

Improve efficiency of 17 collaborating teams

Unify business user experiences

Reduce operational risk

Expand new revenue opportunity by 27%

Challenge

Launch/refresh credit card product takes 18 months

428+ data elements scattered across disparate systems for each of the 75 products

– Redundant and duplicate data

Outdated infrastructure and extensive testing timelines across multiple impacted parties

No data synchronization between business users from various departments

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Solution & Results

Reduced Time-to-Market by 70%

Consolidated critical attribute data into a single source

– Reduced redundancy by ~50%

– Loaded 45,000 data fields

Improved accuracy of data importing through structured import mapping

Reduced man hours by 38,000

Single batch file identifying department-centric data by unique record numbers

Optimized and synchronized data, improving efficiency for business users and downstream systems for processing

Additional data quality checks to reduce risk

Cost savings of ~$3.8M