About Client
The client is an established digital bank based in the United Kingdom catering to Small and Medium Enterprises (SMEs) in the country.
Background
In the digital banking landscape, effective data management is indispensable. It is integral for factors like strategic decision-making, operational efficiency, and customer satisfaction. Digital banks that do not effectively manage their data may struggle to stay competitive in the market, as they may not be able to leverage data insights, analytics, and artificial intelligence to the same extent as their competitors.
Challenges
Our client depended on a third-party technology service provider for their data management. An agreement with the vendor was in place that restricted data access, reducing process transparency. This posed the following challenges:
- Lack of control over infrastructure resulted in a significant reliance on third-party providers, compromising data security and agility.
- Hidden service costs led to ineffective budget distribution, restricting the client’s capacity for innovation and growth.
- Restricted data warehouse access hindered business intelligence and decision-making, impacting market responsiveness and competitive advantage.
To overcome these challenges, the client took the initiative to build an in-house data platform and manage the process related to it.
