In an increasingly data-driven world, it is critical for financial institutions to possess an effective Enterprise Data Management solution to manage the ever-growing volume of data.
The current trend of digitalization and transformation has seen banks striving to provide market-leading investment experience and customer journeys, while at the same time streamlining their processes to achieve operational efficiency.
«An effective implementation of an enterprise data management solution lays the foundation for the growth of the wealth offering and provides immediate benefits with operational efficiency, improved data quality & reduced costs,» Rahul Bansal, Manager at Synpulse, explains.
To achieve these goals, it is essential for banks to establish an Instrument Master, a centralized source that maintains and provides accurate data.
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Key Capabilities of an Enterprise Data Management (EDM) Solution
An effective EDM solution should have the following characteristics:
- Powerful business rule engine to enable complex data mapping, rules-driven data enrichment, centralized data validation, and error & exception handling. This increases operational efficiency and reduces manual errors.
- Comprehensive workflow and process management to cater for organization-specific workflows, processes, and exception handling.
- Ease of connectivity to both upstream data providers and downstream consuming systems.
- Flexibility and configurability of the data model to suit various requirements.
Implementation Approach With SPEED Method
In order to successfully drive implementation forward in a targeted manner, Synpulse has developed the SPEEDmethod®. This specific product methodology delivers systematic and structured processes regardless of project size and type.
Synpulse also adopts an integrative team approach – forming joint teams with various stakeholders and attaching great importance to mutual learning via knowledge sharing and methodological exchange. This ensures that the capabilities for a sustainable operation are built up and retained.
Delivery Approach With Offshore Capabilities
On top of on-site delivery capabilities and expertise, Synpulse also offers an offshore delivery model. Establishing Synpulse onshore and offshore delivery teams ensure not only adequate expertise and scalability throughout the project but also synergies by leveraging on the cost efficiency, delivery expertise and deep understanding of requirements of both teams.
With Synpulse’s experience and Instrument Master expertise, an implementation of a best-in-class data management solution can be achieved in an effective and timely manner.
- Read the full case study of how Synpulse helped a leading global financial institution improve the quality of its market and reference data with the rollout of Temenos DataSource (TDS) and thereby reduced the costs and risks connected with the management of a constantly growing volume of data.
