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

A-Team Insight Blogs

Spain’s Third Largest Bank Banco Popular Installs Informatica Data Quality

Informatica Corporation announced that Banco Popular is implementing Informatica Data Quality to improve the quality of information handled by the company and contribute to the launch of more effective business campaigns.

With a presence in Spain, Portugal and the United States, the Banco Popular Group is currently the third largest banking group in Spain, with a team of over 14,400 professionals. Informatica Data Quality is part of an operational improvement and customer attraction and retention initiative that began a few years ago. The aim is to ensure that the bank offers all customers the right products for the right situation.

In December 2008, a Quality Office was created within the IT department to look closely at the quality of the data being used, since customers can only be approached with products suited to their needs at the right time based on their personal circumstances, if accurate data is available.

The Quality Office publishes a monthly Data Quality Index based on 23 variables that ensure data completeness and quality. These 23 variables include fields such as name, date of birth, education level, CNAE (standard industrial classification) and CNO (occupational title) codes etc., and are classified as mandatory, necessary or desirable. The mandatory fields refer to regulatory compliance, the necessary fields to business requirements and the desirable fields to ‘ideal’ data (customers’ interests and tastes, for example, for sending personalised offers).

Before Informatica Data Quality was installed, the variable types were distinguished by means of manual programming that was getting increasingly more complex as new requirements were added. For this reason, Banco Popular assessed various tools for data quality automation, eventually opting for the Informatica solution. Since the Banco Popular Group was already working with Informatica PowerCenter to integrate data from the entire Group’s data system, it was possible to make use of the data structure developed for this project.

“In view of the excellent results of a proof of concept on 280,000 records, Banco Popular decided to use Informatica Data Quality. The advantages it offered us included a complete dictionary of the existing domains, which is a key aspect for launching offers by email, and it was very easy to use for users without a technical background,” explains Alberto Romero, director of Banco Popular’s Quality Office. “Our intention is to involve business users—from branches to regional management—in data quality so that it is not seen as a task exclusively for IT. Good data quality ensures a better and more effective business strategy.”

One of the main advantages of the installation of Informatica Data Quality, which is due to be deployed in 2010, is the autonomy and independence gained by the Quality Office, since it is able to define its own data quality rules (which only needs to be done once, since they can be reused) without being dependent on the workload of the development teams.

Once the new solution is deployed, it is expected that the data quality level, which will be included in the monthly report, will be increased to 90% for all variables (it is currently around 74%). Likewise, the automation of the whole process will save a significant amount of time for the Quality Office technical team, who will then be free to analyse the data in depth. Finally, the solution will improve the company’s ability to respond to regulatory changes in the financial industry affecting data management and protection.

“Ensuring that data is accurate, that there are no technological or organisational barriers to accessing it and that all users can understand and manage it are critical issues for effective business management nowadays. More and more customers, like Banco Popular, are using the Informatica Platform to do this, combining data quality and integration to turn their data into a real strategic asset,” concluded Emilio Valdés, regional director for Spain and Portugal, Informatica.

Related content

WEBINAR

Recorded Webinar: Evolution of data management for the buy-side 2021

The buy-side faced a barrage of regulation in 2020 and is now under pressure to make post-Brexit adjustments and complete LIBOR transition by the end of 2021. To ensure compliance and ease the burden of in-house data management, many firms turned to outsourcing and managed services. But there is more to come, as buy-side firms...

BLOG

Reformis Adds Matrix IDM and NeoXam to Vendor Partner Programme

Reformis, a buy-side business transformation consultancy, continues to build out its vendor partnership programme with the addition of Matrix IDM’s cloud native data management software, and NeoXam’s Impress reporting solution. These join the company’s list of existing partners and products including IHS Markit’s EDM software, Snowflake’s cloud data platform, and Compliance Solution Strategies’ Accudelta product....

EVENT

RegTech Summit New York City

Now in its 5th year, the RegTech Summit in NYC explores how the North American financial services industry can leverage technology to drive innovation, cut costs and support regulatory change.

GUIDE

FRTB Special Report

FRTB is one of the most sweeping and transformative pieces of regulation to hit the financial markets in the last two decades. With the deadline confirmed as January 2022, this Special Report provides a detailed insight into exactly what the data requirements are for FRTB in its latest (and final) incarnation, and explores what needs to be done in order to meet these needs on a cost-effective and company-wide basis.