Data Vault 2.0 in action: The Finance Industry

As financial services organisations expand across multiple countries, they face growing technology constraints and inefficiency from diverging code bases. In this blog, we’ll show you how our team at Datavault used Data Vault 2.0 in the real world – showcasing how we worked with a rapidly growing financial services organisation who had experienced this very challenge.

Data pain points

The financial services organisation was struggling with technical debt. They needed an enterprise-level data platform solution that could underpin their product strategy and generate new revenue opportunities.

Data Vault 2.0 Solutions

After a successful proof of concept, the client wanted to extend their Data Vault 2.0 solution. However, they recognised they didn’t have the in-house skills and/ or experience to architect and develop an enterprise-level Data Vault. Our team, equipped with a plethora of Data Vault 2.0 knowledge, stepped in to help the client realise their vision.

We worked alongside the client’s team, developing a coherent enterprise data model for an extensive data set of thousands of entities. The client’s team benefited from our coaching in the application of the Data Vault 2.0 method and techniques – advising them on architecture and design, good practice, and the adoption of agile data warehousing techniques.

Results

The result? The client was able to start the process of cutting out expensive legacy software thanks to the creation of a new cloud-based Data Vault 2.0 solution. Our coaching delivered improved productivity, agility, and significantly stronger in-house capability for the financial services organisation.

With the new Data Vault 2.0 solution, the client was able to facilitate new products and revenue streams. They also used the data set for machine learning and deep learning to provide management insight. They transformed their enterprise data management, generating new revenue opportunities, and delivering improved productivity and agility, thanks to the adoption of Data Vault 2.0.

5 reasons you should implement Data Vault 2.0

1 – Scalability

Data Vault 2.0 is highly scalable, making it the ideal solution for financial services organisations that generate large amounts of data. It enables you to store and manage your data in a way that can grow and adapt to your changing business needs.

2 – Agility

You need to be agile to stay competitive in a fast-paced industry such as finance. Data Vault 2.0 enables you to quickly adapt to new business requirements and changing market conditions. The agile data warehousing techniques used in Data Vault 2.0 allows for fast development, testing, and deployment of data models.

3 – Compliance

As you know, compliance is crucial in the finance industry. Data Vault 2.0 provides a robust framework for data governance, making it easier for organisations to comply with regulations such as GDPR. It also ensures that data is accurate, reliable, and consistent, which is essential for making informed business decisions.

4 – Integration

Data Vault 2.0 provides a way to integrate these disparate systems into a single, unified view of the organisation’s data. This enables you to gain insights that would be impossible to achieve with separate, disconnected systems.

5 – Future-proofing

You need to be able to adapt to changing market conditions and new technologies. Data Vault 2.0 is designed to be future-proof, meaning that it can evolve and adapt to new technologies and business requirements. This ensures that you can continue to derive value from your data for years to come.

6 – Auditability

The ability to understand your data lineage end-to-end is inherent in the Data Vault approach. This auditability of data is particularly important to financial services organisation for regulatory compliance.

Summary

If your financial services organisation is struggling with technical debt and inefficiency from diverging code bases, Data Vault 2.0 could be the solution you need to transform your enterprise data management. Get in touch with us today to learn more about how we can help or sign up for our free Data Vault Core Concepts training.