Managing the financial data of 200 million customers spread across over 100 countries can give any bank jitters, more so when the regulatory compliances worldwide are getting tougher by the day.
It is this work of trust and faith of these millions of users in the bank's systems and processes that made our client, a large US bank, re-look at its IT systems for a stringent reporting process across operational, credit, market and counterparty risks.
"Our client was looking for IT solutions that improve its risk management productivity, help it create a single data warehouse for all information on contracts, positions and balances, and improve its overall process time in loss mitigation and stress tests," Kiran Pai, Global Head of Operations - Banking and Financial Services (BFS), L&T Infotech.
L&T Infotech pillared the US bank in a financial analysis and reporting program for the development of a single golden source of data warehouse, supporting its operations in over 75 countries, and a global surveillance program used by over 3 000 user sets across the globe.
With the aim of reducing data reconciliation issues, L&T Infotech initiated streamlining of disparate set of applications into a common set of applications supporting the activities handled by CFO, FROs, and product controllers of the US bank.
Moreover, the company also developed Hadoop-based big data datamart for risk analysis and historical product performance and automated solution for enhanced loss mitigation for streamlining the existing legacy process time from four to five days to six to eight hours.
"With banking systems not confined to a particular territory or laws, banks are looking at transforming their financial systems in order to align better with the regulatory requirements. They are depending upon IT service providers like L&T Infotech for solutions that prepare them to deal with multi-country regulatory compliances like AML, Basel, FATCA, CCAR, FDIC, Dodd Frank, among others," added Mr Pai.
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