Every year Financial Institutions spend 100’s of millions implementing new IT projects and initiatives, designed to reduce operational cost, meet clients’ needs, drive up profits and increase shareholder value.
A key piece of all projects and initiatives is the acquisition of data, whether it is used to feed new systems or as analysis, to make new initiatives more effective.
Much of the work carried out to acquire this data is repeated multiple times, across multiple systems. Leading to:
1. Unnecessary operational spend
2. Excessive time spent delivering new projects
Working closely with one of the world’s leading financial institutions, the ICX4 Enterprise Data Model was used to build a common integration API that dramatically reduced data acquisition activities and increased time to value, of any new initiative.