Insights through Cloud
Service Category:Data Science and Advanced Analytics
A look at how a non-banking leading financial services company used Cloud Based platform to efficiently manage their data silo and make the most out of it.
With over 200 branches across India, the company is the flagship financial services company of one of India’s leading business conglomerates. They cater to retail, corporate, and institutional customers’ diverse needs, directly or indirectly, through their subsidiaries across various business areas, namely Commercial Finance, Investment Banking, Private Equity, Infrastructure Finance, Securities, Wealth Management, Consumer Loans, Cards and Travel Related Services.
THE BUSINESS CHALLENGES & IT ALIGNMENT
They expanded their business in multiple lines and as they operated in a standalone manner it created a data silo. The business was fatigued with the unavailability of information and the overall turnaround time was in days or months. They were unable to provide multi-directional scalability across the business for cross-selling or up-selling. They lost opportunities for increasing wallet share per customer. This created opportunities for other providers to eat into the customer base, leading to sub-optimal growth and the potential risk of customer churn. Reports and MIS were restricted to scale, and customized due to multiple location sources and formats involved.
There were no or limited insights into business due to the unavailability of a single source of information, and hence, they were unable to run analytics. The on-premises systems and databases were saturated and slow in response and could not cater to increasing data volume. The company was struggling to get a grip on building an analytics platform to power its data for critical insights.
They wanted to have a single source of truth and enable our data scientist with core business and alternate data from several internal and external sources for effective AL/ML use cases, which would help them to respond to business trends and customer behaviour.
THE SOLUTION WALKTHROUGH
Nihilent ushered in a data-led digital transformation by helping them build an integrated data platform and pivot the organization to the next level of analytics maturity. Created a cloud-based enterprise-wide data lake that gave the enterprise the foundational block to create multiple batch analytics of data to be consumed by various stakeholders across the multiple divisions.
The deployed solution provided a group-level view across the diverse business units and functions. Nihilent leveraged the Microsoft Azure-based platform making it an extensible, scalable and value proposition to the company. The solution also increased wallet share per customer through targeted marketing for up-sell and cross-sell and grew the customer base through customer acquisition, data enrichment and de-dup capabilities. It improved customer experience and improved connection through customer insights and analytics and enhanced vital business functions.
The solution created an enterprise-wide distribution list, giving them a foundational block to provide multiple near-real-time and batch analytics consumed by various business users across their organizations. It enabled Self-service enterprise BI for the MIS team and Management users, providing a state-of-the-art data dissemination platform. It eliminated monthly manual effort and created a 360-degree view of all the data across various business units, creating an intelligent eco-system. It managed high-volume data processing while delivering a coherent view of assets, profitability, and customers. It scaled dynamically to control the performance and cost of infrastructure/services, reducing infrastructure maintenance. The client gained higher ROI through faster customer segmentation and campaign generation.