Banks and financial institutions (FIs) continuously struggle with declining revenues from traditional transactional businesses. Data and analytic insight sharing are becoming increasingly important for these institutions as they seek new ways to monetize assets and stay competitive with their peers and FinTechs. Data as an asset is gaining momentum with the maturity of data warehousing technologies to address performance, security, and regulatory concerns.
Traditional data sharing methods, such as shipping data extracts, are costly, inflexible, and batch driven. Modern systems must allow real-time data sharing and on-demand querying, support multiple methods and interfaces for sharing, and avoid making copies of data for lower cost and maintenance. Virtusa's Data Monetization framework enables FIs to establish a data marketplace by utilizing a cloud-based data warehousing platform. The internal or external stakeholders can directly share data "in-place" from the database where it is stored.
- Building the models and ingestion mechanisms for the “consumer layer” of the Data Warehouse (DWH), from which data is shared with stakeholders
- Creating a layer of secure views using which data is shared from the cloud DWH, with appropriate security, virtualization, and entitlements
- Creating reports and dashboards using a cloud BI/reporting tool that allows easy sharing of links to all stakeholders
- Anonymized, aggregated data, with masking/encryption of PII or sensitive fields
- Setting up of the data marketplace, with appropriate monetization models
- Billing and metrics of usage by various consumers
- Our data and financial domain experts can build the right consumer data models for clients on the cloud DWH
- We carry key learnings from client projects, such as potential pitfalls, what can cause higher cloud costs, and how to optimize performance
- Templates and blueprints/accelerators for data ingestion, sharing, and creation of views vastly expedite client projects, allowing banks to start sharing and monetizing their data, sooner
- Our framework is driven by meta-data and is UI assisted – resulting in faster creation of the solution
- We help you create the right financial models for monetization