Investing in a single solution
A comprehensive data tooling solution – one that brought together data collection and analysis capabilities – was considered a necessity. Not only that, but it had to consolidate many existing systems, be easy to use, and be scalable to adapt to business growth over time.
The resulting ‘data harbour’ combines a repository for raw data with the tools and storage for processing and refining the data, and makes Macquarie one of the few banks in the world to have all its data and machine learning workload in one platform that sits on a public cloud platform.
“BFS’ data harbour provides the foundation necessary to meet the needs of the next generation of banking, which requires flexible data aggregation, comprehensive views on client data, and deep analytics capabilities, such as machine learning. It also enables improved risk management and helps identify opportunities for continuous improvement in the digital experience,” says Sinha.
Benefits for customers and the business are already being felt in several areas. The greater use of machine learning is helping to detect fraud across the home loan and credit card businesses much earlier, whilst a new early-warning signal now allows the risk levels of specific business banking clients to be reviewed more accurately using multiple variables.
“Having our data in one system – one source of truth if you like – is allowing us to think more radically about how we see and use data to benefit our customers and organisation,” says Heeley.
“Alongside the ability to deliver a personalised customer service, it has improved our ability to tackle fraud and manage portfolio risk in a level of detail that others just aren’t able to,” he adds. “That allows us to identify, monitor and control our exposure much better.”
Staying one step ahead
As customer demands evolve, so do the requirements of the regulatory environment and the threats emerging from a rapidly changing cyber risk landscape, placing pressure on financial institutions to have the systems in place to respond to them quickly and accurately.
“The success of a digital bank is dependent on the quality, speed and usefulness of its data. We have designed and put in place a solution to both drive digital transformation and meet the external demands placed on the business, using some of the most advanced technologies and methods available to do so but in a way that has simplicity of use at its core,” concludes Sinha.