Finance

Data Management

Party Master for Major Financial Institution

  • Top 5 US bank with $1.9T in assets, serving 70M+ customers

Business Need

  • Enterprise-wide MDM
  • Compliance around BCBS239 with standard reporting across business to meet requirements
  • Part of KYC (Know Your Customer) initiative
  • Security – authentication and authorization
  • Governance – set up rules for data use and management

Challenge

  • Multiple people listed as same thing
  • 200M records
  • 10 source systems
  • Standardized reporting
  • Aligning work streams
  • Data governance – processes for changing data and other are amorphous

Solution & Results

  • Created enterprise-wide Party Master utilizing Informatica MDM
  • 66% consolidation of records leveraging match and merge
  • Improved data quality across 10 primary sources and 20 sub-sources
  • Cleansed and standardized Address and Party records to support KYC regulation for 7 core business units and too many to count sub-units
  • Accelerated reporting and standardized to support BCBS239, resulting in 15% decrease in regulatory response time