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

Share article

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: Data Management – A Finance, Risk and Regulatory Perspective

This webinar has passed, but you can view the recording here. With financial institutions acquiring international businesses – whether through mergers-and-acquisitions activity or organic growth – cross- border trading and investment has become the norm. But with it comes a new level of complexity, as firms grapple to deal with multiple regulatory regimes, market conventions...

BLOG

GoldenSource Ushers Reference and Pricing Data into the Front Office with Quant Workbench

Extracting value from data is a priority for financial institutions as the business looks to increase efficiency, reduce costs, identify new opportunities and gain competitive advantage. Some source in-house tools to improve the quality and accessibility of internal and external data, others look to third-parties for solutions. A new tool from GoldenSource, Quant Workbench, brings...

EVENT

RegTech Summit Virtual

The RegTech Summit Virtual is a global online event that will be held in May 2021 with an exceptional guest speaker line up of RegTech practitioners, regulators, start-ups and solution providers to collaborate and discuss innovative and effective approaches for building a better regulatory environment.

GUIDE

Entity Data Management Handbook – Third Edition

Welcome to the third edition of the Entity Data Management Handbook which is available for free download. In this updated edition we delve into the role entity data plays in the smooth running of financial institutions and capital markets, the challenges of attaining high quality data, and various aspects, approaches and technologies involved in managing...