Banking Innovation: Harnessing the Cloud's Potential for Advanced Data Management

data mesh

CLOUD

financia data

Digital transformation is fuelling an unprecedented surge in data. When protected and used correctly, this surge presents significant opportunities for companies, including enhanced operational efficiency, continuous innovation, and knowledge sharing.

The client, a distinguished Italian banking institution known for its commitment to social and environmental topics, found itself in a transitional phase regarding data management. Against this backdrop, the company deemed it crucial to identify the right tool for analysing financial and accounting data in the credit and finance domains.

Facing the need to centralise all raw data – both before and during migration – in a comprehensive repository, a data lake emerged as the best solution. This data lake would enable the storage of information at any scale, facilitating increased integration between datasets and providing precise historical details and analysis. To achieve this, the SCAI Group proposed implementing a data mesh architecture, which organises and offers data directly to business users by connecting data owners, producers, and consumers. This approach enhances interoperability, governance, and security simultaneously.

The SCAI Group were tasked with configuring an architecture, based on Google Cloud services, linked to an inventory—a Data Catalogue. This catalogue seamlessly integrated the import, ingestion, and transformation of data while aligning with data governance principles.

Once the design was completed, the dedicated team translated raw data into meaningful information presented in a historical perspective. The data was then collected and organised into historical series using calculations and specific techniques to identify patterns.

This solution is one of the first on the market to apply data meshing to financial, economic, and banking data. The implementation resulted in remarkable analytical speed and scalability, providing widespread visibility of data to every team member within the organisation. Not only did it reduce time to market, but it also lowered the expenses involved in setting up and maintaining the architecture, thanks to the cloud-based approach.