The banking industry is leading the charge to harness the power of data.
BANKING CASE STUDY
Business Drivers
The Banking Financial Services and Insurance (BFSI) industry continues to push for greater data visibility and transparency — aiming to harness the power of data for its customers. Benefits for BFSI companies include: Huge reductions in transaction times, and greater access to services.
Digital Transformation
Solution to harness the power of bank’s data
Storage Duplication
Reduced storage requirements significantly
Speed of Decision Making
Quicker access to relevant data across the business
Data Efficiency
Eliminate redundant and obsolete data
Scalability
Move to a cloud-based solution providing elasticity and agility
Single Source of Truth
Data on a single platform accessible across the business
"Information is the oil of the 21st century, and analytics is the combustion engine."
Peter Sondergaard
SVP Gartner Research
RESULTS
Decision Criteria
Our client based their decision of a data analytics solution provider on three criteria: Expertise, Trust, and ROI. At NextPhase.ai, we are able to meet and exceed these criteria for BFSI clients and other industries.
Technical Expertise
Develop and execute on specific Industry and Functional Use Cases
Trusted Advisor
Build rapport across multiple teams and collaborate to drive the right strategy and execution
High Quality ROI
Significant and measurable ROI that proves added value
SOLUTION
What We Did
Fundamentally, we changed the way the client stored, accessed, and managed data. The result was a cloud-based data storage solution that housed all data in a single location, while allowing each client business unit to directly access the data they required. Plus, because it’s cloud-based, security, accuracy, and management were greatly increased.
NextPhase Expertise
Highly-skilled experts on Snowflake platform with key industry knowledge of banking
NextPhase Advisory
Migrate and manage ongoing requirements of data analytics solution, strategy, approach, and execution of the initiative
Business Outcomes
Technology and business outcomes, aligned with the strategic vision and roadmap
RESULTS
Business Outcomes & Value Creation
Immediately, our client saw cost savings and faster access to data across all lines of business. Over time, the client discovered a fundamentally better work experience for its employees, business units, and most notably, for its clients. Data and analytics that were previously inaccessible, had now become accessible. The result is increased revenue, lowered costs, better customer experience, and and improved business operations.
70% Cost Savings
Substantial cost savings and positive revenue impact
Agility
Greater flexibility for clients and internal bank decision makers, with quicker access to relevant and accurate data
Scalability
Centralized data analytics solution with real-time ability to scale as business demand requires
Use Case Complexity
Ability to develop a much broader set of strategic use cases across the business
Self Service Platform
Autonomous access to a centralized data model leveraging Snowflake platform
Ongoing ROI
Immediate cost savings and transparent future ROI
CONTACT
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