The Future of Finance is Data-Driven: Unified Data Platform Transformed a Financial Institution’s Data Management
Unified, usable data is business critical in today’s rapidly evolving financial landscape. Evitec Solutions engineered a transformative data solution for a leading Financial Institution operating in the Nordics. The project focused on enhancing data accessibility and user empowerment.
The resulting platform streamlined data management, unlocked powerful usability across departments, and enhanced reporting. While realizing cost efficiencies through infrastructure modernization was a welcomed outcome, the primary driver was to create a truly user-centric data environment.
The Challenge: Fragmented Data, Limited Insights.
The Solution: Unified Data Warehouse
Like many financial institutions, our customer struggled with data silos. This resulted in inefficient manual data gathering, inconsistent reporting, limited user access, and on-premises scalability constraints.
Partnering with us, the financial institution aimed for its first enterprise data warehouse with Snowflake – a central hub for reporting and operations. Our project team’s approach was focused on:
• Creating Unified Platform: Streamlining data management and accessibility.
• Phased Cloud Migration: Scalable cloud transition for future flexibility.
• Data Vault 2.0 Modelling: Efficient, auditable data management.
• Enabling Power BI Reporting: The customer can create user-friendly, insightful reporting to lead with data and insights
By creating the financial institution’s first central data system, our expert team fundamentally improved their data use. We smoothly moved their processes to the cloud and organized their complex data, even capturing changes on historical data. We also created the basis for simple, self-service reporting. Throughout the project, we communicated closely with the customer to ensure a fast and reliable system that meets their needs.
Value Delivered: Empowering Data-Driven Success – Together
We at Evitec Solutions are committed to support the data journey of our customers and increase business value for their organization. Not with technical data solutions alone, but also with focusing on the business, end-users and customer impact. By developing modern solutions together with our customers, we can ensure impressive results.
Our team’s strengths in communication, collaboration, and complex modelling, combined with deep fintech and finance business knowledge, played essential roles to the success of the project. We achieved:
- Revolutionized User Experience & Data Accessibility:
The unified data warehouse created with Snowflake dramatically improved usability. Centralized, self-service access empowers users across departments to efficiently access needed data, reducing time spent on data gathering and enabling focus on analysis and insight. Our user-centric approach and strong collaboration ensured the solution directly addressed business usability needs. - Enhanced Decision-Making & Actionable Reporting:
Power BI reporting significantly upgraded insight generation. User-friendly, detailed reports empower data-driven decisions at all levels. Our finance business knowledge and expertise in both complex historical data handling and complex modelling, ensured robust and accurate reporting. This facilitates informed strategic responses to market dynamics. - Scalable, Future-Proof Foundation:
The cloud platform provides strategic scalability and flexibility, enabling adaptation to evolving business needs and future growth in the financial sector. Using cutting-edge fintech technologies ensures a robust, future-ready data environment. - Optimized Resources & Cost Efficiencies:
Cloud migration yielded tangible cost savings through decommissioning legacy systems and optimizing resources.
Conclusion: Data-Driven Success in Nordic Finance
Partnering with us, the Financial Institution architected a data culture shift, readying them for data-driven future. Their unified platform delivers usability, enhanced reporting, and scalable infrastructure for growth.
Focused on user empowerment and modern tech, this project drives significant value and positions them for sustained success in finance.