The leading knowledge platform for the financial technology industry
The leading knowledge platform for the financial technology industry

A-Team Insight Blogs

Danske Bank Implements AIM Data Portal to Centralise and Optimise Reference Data

Danske Bank is implementing AIM Software’s GAIN Data Portal to centrally source, monitor and optimise the bank’s reference data and snapped prices from a leading data provider. Subject to requirements, the bank will broaden data coverage with additional vendors.

Danske Bank was looking for a solution that would help it stage and distribute its data across the banking group. The solution also needed to optimise the bank’s cost base, track usage across downstream systems and business users, and ensure compliance with vendor data contracts. GAIN Data Portal is being rolled out across Danske Bank Group as a centralised repository for raw vendor data. The application monitors and manages vendor data requests, both for bulk loads and defined universes, and the data is stored in a centralised hub, where it is made easily accessible to authorised users and systems. The application also facilitates faster onboarding of data to support new business cases and is helping the bank achieve significant cost savings by eliminating duplicate and wasteful requests.

Jacob Wahlers, group head of financial data at Danske Bank, says: “We are using GAIN Data Portal to efficiently source the data that we need and to ensure that we’re compliant with our vendor data contracts. It provides us with complete control over new data requests, as well as transparent usage tracking at a user, account, business unit, and organisational level. The application will also allow us to achieve significant cost savings through sourcing optimisation.

“In terms of speed to market, GAIN Data Portal certainly does the job. The application eliminates the hassle of unpacking, normalising and joining keys for huge volumes of data. The data we need is made readily accessible and can be queried in a lean and fast manner.”

Wahlers remarks that building a version of the application in-house would have taken a year or more to achieve. GAIN Data Portal was up and running in a matter of days.

Commenting on the implementation at Danske Bank and the wider market, Josef Sommeregger, managing director for Europe and chief commercial officer at AIM Software, adds: “Market data managers globally are under increasing pressure to provide access to a wider variety of financial information services, while at the same time reducing spend on these services. GAIN Data Portal addresses this pain point by providing the control and transparency that firms need to understand and optimise their vendor data costs and usage, while ensuring compliance with vendor data contracts.”

Related content

WEBINAR

Upcoming Webinar: Best practices for metadata management

Date: 5 October 2021 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes Metadata has become central to financial firms as a means of enriching, discovering and effectively using both business and technical data. Its management is equally important, particularly in capital markets applications such as data lineage and data governance, which...

BLOG

Discuss the Details of ESG Data Strategy at A-Team’s Data Management Summit USA Virtual

Interested in ESG data strategy?  Look no further than A-Team Group’s forthcoming Data Management Summit USA Virtual, which will include a session considering key issues of ESG data strategy including data sourcing and reporting, how to set up an ESG data platform, and the potential of machine learning, AI and data visualisation tools to help...

EVENT

Virtual Briefing: ESG Data Management – A Strategic Imperative

This briefing will explore challenges around assembling and evaluating ESG data for reporting and the impact of regulatory measures and industry collaboration on transparency and standardisation efforts. Expert speakers will address how the evolving market infrastructure is developing and the role of new technologies and alternative data in improving insight and filling data gaps.

GUIDE

ESG Handbook 2021

A-Team Group’s ESG Handbook 2021 is a ‘must read’ for all capital markets participants, data vendors and solutions providers involved in Environmental, Social and Governance (ESG) investing and product development. It includes extensive coverage of all elements of ESG, from an initial definition and why ESG is important, to existing and emerging regulations, data challenges...