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

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  • Outdated infrastructure and extensive testing timelines across multiple impacted parties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

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