Brussels headquartered KBC Group has selected Ness Technologies’ Financial Data Enterprise solution to provide an end to end consolidated data management platform. According to the vendor, the deal is a multi-year agreement and involves a combination of Ness’ proprietary software and services.
Sudhakar Kondisetty, chief business officer of Ness’ Financial Services, Ness Technologies, says: “Generally, we have found that financial services firms and banks are under pressure to optimise how they manage their data processes based on advancing regulations, market oriented turmoil in multiple geographies (such as the subprime meltdown in the US), and the dramatically shifting risk profiles that they all have to manage. As your readers are well aware, at the heart of that challenge is getting good clean data in from multiple sources and out to multiple destinations in the organisation quickly, and at lower cost.”
Ness Technologies indicates that the data management solution will concern the data included in performance attributions, risk analysis, pricing, research, fund accounting and customer servicing across KBC group companies. Kondisetty reckons it will be a “smooth implementation” due to the vendor’s “direct and ongoing experience managing these data processes”.
Eli De Mil, general manager ICT at KBC Group, says the bank chose to work with Ness because it considered the vendor’s offering to be “robust, comprehensive, and has a proven track record”.
Geert Fransen, procurement officer, market data services, KBC Group, adds: “The Ness solution will bring tremendous benefits – allowing us to work more effectively within a multi-source environment to better manage reference data. We see this as a scalable platform that can grow along with our future needs and dovetail with plans to centralise data across group companies.”
Kondisetty believes that KBC will witness significant benefits from the implementation of the solution: “Our customers using Ness Financial Data Enterprise find that they are able to process more reference data feeds, apply more sophisticated business rules to that data, and get it in the hands of the business much faster. That may present significant upside opportunities for our customers who will have quick access to reliable data upon which to make their decisions.”
The vendor is hoping to further expand its geographic footprint in Europe over the next few years, adds Sachi Gerlitz, Ness president and CEO. Ness currently provides consulting, system integration, core systems, data management and knowledge process operations outsourcing services with onsite and local presence in North America, Europe, Israel and Asia Pacific. Its clients include Credit Suisse, Deutsche Bank, Erste Bank, Franklin Templeton, Invesco, Standard & Poor’s and UBS.