Macquarie Bank uses transformation to simplify data environment

Consolidates eight data stores down to one, halves its operating costs.

Macquarie Bank uses transformation to simplify data environment

Ashwin Sinha, Chief Data Officer, Macquarie Bank

Macquarie Bank has undergone a significant data transformation that saw it consolidate onto a cloud-based platform, halving its operating costs and driving data deeper into its processes.

Chief data officer Ashwin Sinha told the Gartner Data & Analytics Summit that the bank set out to drastically simplify its data environment, with a focus on three key areas.

“How do we make our data landscape simple, and thereby reduce the cost, as well as reduce the risk in terms of running that data landscape?” Sinha said.

“The second one was around how we look at improving continuously the client and employee experience with better use of data.

“And the third one was around how do get even better with respect to use of data for risk management.”

On simplification, Sinha said the bank consolidated “eight different data stores to a single data platform” that is hosted in the cloud.

The actual platform comprises a mix of “cloud services, commercial software and an open source stack”, though it is architected to be flexible.

“The technology and the methods in the space are changing very rapidly, so it is quite important that you do not get very stuck with a certain way of doing things and you are able to evolve that,” Sinha said.

The bank took the opportunity to identify redundant or otherwise unused reports, dashboards, extract-transform-load (ETL) tools, database schemas and the like, and to remove them.

“With that, we significantly reduced the data landscape which we had to run, manage and support,” he said.

“That helped us reduce a cost of running the data platform by almost 50 percent.

“It has also improved the overall resilience and robustness of the data platform, and the risk management around it.”

Outside of simplification, the transformation also sought to make improvements to customer experience (CX) and employee experience (EX).

On CX, the enhanced platform has a role in addressing and resolving customer complaints, understanding net promoter scores across support channels, and aiding fraud prevention.

“With respect to employee experience, it was about better access to data to drive lot of decisions,” Sinha said.

From a risk management perspective, Sinha said that the bank was “already good in this area” but saw opportunities to use data “to get even better”.

Efforts were focused on fully understanding how specific critical data elements related to the broader process from a regulatory and compliance perspective.

Two-speed transformation

Sinha said that the bank took “an almost two-speed approach” to the data transformation, allowing it to pursue longer-term goals while continuing to service existing business-as-usual demand for data.

“As you go through a data transformation journey you have got this perfect end state in mind – one single platform supporting all user needs and client needs is the sort of ideal goal,” he said.

“But it is quite important that you continue to satisfy the user demand as you are going through that transformation.

“In our case we had almost a two-speed approach where the analytics and the data science team continuously provided the organisation, and different business lines and different functions within the organisation, with the data required to run the business, make the required decisions and the changes.

“In parallel, we were working on transforming the data platform and the data landscape to make it simpler, much more efficient and a much more robust and reliable platform.”

Key learnings

Sinha said that a key part of Macquarie Bank's success in the data transformation was setting expectations for what could be achieved and putting in place metrics to measure progress.

“There is a lot of perceived benefit that people think [exists in a] data transformation, but what was very important for me was to make those benefits very tangible early on,” he said.

“[We wanted to] understand how much cost we were going to really reduce, what aspects of client and employee experience we were going to improve and how we were going to measure that, and what aspects of data governance we were going to improve and how we were going to continue measuring that.

“So those were some of the key areas which we focused on.”

Sinha said that an agile approach to program delivery was also important so that changing priorities or needs could be quickly accommodated

“It's important that you operate in an agile delivery framework, because it makes it a lot easier for you to shift according to those priorities as you go through that journey,” Sinha added.

News Related

OTHER NEWS

Study confirms risk of certain blood clots higher in Covid-19 patients

The rollout of AstraZeneca has been hampered by concerns around blood clot deaths. Picture: Daniel Pockett/Getty ImagesSource:Getty Images A new study has revealed people who get Covid-19 are more likely ... Read more »

80 per cent of Australian population must be vaccinated before lockdowns can end: Grattan Institute

Eighty per cent of the Australian population must be vaccinated before lockdowns can end, says the Grattan Institute.Source:News Regional Media Eighty per cent of Australians will need to be vaccinated ... Read more »

NSW records 170 new virus cases as outbreak balloons

The latest case numbers have been revealed. Picture: NCA NewsWire/Bianca De MarchiSource:News Corp Australia NSW has recorded 170 new Covid infections including more than 40 who were in the community ... Read more »

NSW Police to show up in force to prevent repeat lockdown protest

NSW officials are investigating whether a person who was infected with coronavirus attended last weekend’s anti-lockdown protest in Sydney, as police mobilise to meet an expected follow-up march on Saturday. ... Read more »

ABC's unredacted Christian Porter defence to be removed from court files

Accusations contained in the ABC’s unredacted defence to Christian Porter’s defamation battle with the national broadcaster will be permanently removed from the Federal Court file. Picture: NCA NewsWire / Adam ... Read more »

Fury after tradie left home despite testing positive to Covid

Police crack down on rule breakers. Picture: NCA NewsWire/Bianca De MarchiSource:News Corp Australia A Sydney tradie who was prevented from attending the anti-lockdown protest later left home after testing positive ... Read more »

Covid patients turn up seriously ill or dead to Sydney hospitals after fatal mistake

People are urged to seek medical help and get tested. Picture: NCA NewsWire /Gaye GerardSource:News Corp Australia Covid patients are already gravely ill or sometimes dead by the time they ... Read more »

Wastewater testing reveals coronavirus fragments linked to 38 greater Sydney suburbs

Coronavirus fragments have been found in wastewater in Sydney’s north, northwest, inner west and on the Central Coast, prompting fears the virus may be spreading undetected in those communities. Picture: ... Read more »

High-flying accountant with multiple Block properties jailed over ‘calculated' GST fraud

A high-flying Melbourne accountant has been sentenced to two years’ jail over a calculated GST fraud against the Commonwealth, but his release was ordered forthwith on a $5000 recognisance.Source:News Regional ... Read more »

ScoMo's candid answer about unvaccinated Australians

The PM agrees businesses should be supported to ban unvaccinated people from entering their premises. Picture: Darren Leigh RobertsSource:News Corp Australia Businesses such as cafes and pubs should be allowed ... Read more »

Social media giant Snapchat working on fix after users locked out

Thousands of Snapchat users have been left unable to log-on on Friday because of an outage. Picture: Frank MaySource:Alamy Hundreds of thousands of Australian Snapchat users have been unable to ... Read more »

What Qantas' health pass means for international travel

Qantas has confirmed it will roll out the IATA Travel Pass on future international flights. Picture: NCA NewsWire/James GourleySource:News Corp Australia Qantas has confirmed it will introduce a digital health ... Read more »

‘You had 1 job': Hilarious spelling error made at historic pub

The Muckadilla Hotel is located about 40km west of Roma. Picture: 7 NewsSource:NCA NewsWire Queenslanders have given their full support to a newly built pub despite a hilarious and rather ... Read more »

Family's heartfelt plea for missing Melbourne man Eimable Manirakiza to come home

Soul singer Eimable Manirakiza, 24, hasn’t been seen in over a month.Source:Supplied The family of a Melbourne soul singer who disappeared more than a month ago have made a heartfelt ... Read more »

Alleged hotel quarantine dodger cries in court, claiming ‘misunderstanding'

A woman has broken down in court, accused of breaching quarantine rules.Source:News Corp Australia An American woman accused of repeatedly breaching hotel quarantine in Perth, including to go shopping, has ... Read more »

Fitch raises Woori Bank's credit rating to A

Logo of Woori Bank Global credit appraiser Fitch Ratings has raised Woori Bank’s long-term credit rating from A- to A in consideration of its sound business performance, the bank said ... Read more »

Auto exports jump 71.9% in Q2 on robust demand

This undated file photo shows cars produced by Hyundai Motor Co. waiting to be exported on a dock in Ulsan, 414 kilometers southeast of Seoul. (Yonhap)South Korea’s exports of autos ... Read more »

Manufacturers' biz sentiment drops for August

This file photo, taken March 2, 2021, shows ships carrying containers docking at a port in South Korea’s southeastern port city of Busan. (Yonhap)South Korean manufacturers’ business sentiment dropped for ... Read more »

Text-based Voiceover Startup Murf.ai Secures $1.5 Mn Seed Round Led By Elevation Capital

The capital raised will be utilized for hiring, product innovation, and strategic expansion to key geographies Read more »

Industrial output, retail sales grow in June amid economic recovery

This file photo, taken July 1, 2021, shows ships carrying containers docking at a port in the southeastern city of Busan. (Yonhap)South Korea’s industrial output and retail sales increased in ... Read more »

Coralogix Raises $55 Mn In Series C Funding Led By Greenfield Partners

The company plans to expand its market footprint in India offering best-in-class localized support infrastructure to global enterprises Read more »

INKR Raises $3.1 Mn In Pre-Series A Round Led By Monk's Hill Ventures

The platform has grown 200 per cent MAU since its inception in October 2020, partnering with more than 70 creators and publishers onto the platform including FanFan, Image Comics, Kodansha USA, Kuaikan, Mr. Blue, SB Creative, TokyoPop, Toons Family Read more »

Robinhood Starts Trading Today At $38 Per Share

The online trading platform Robinhood Markets Inc (NASDAQ:HOOD) has started trading today with shares priced at $38. It is one of the most anticipated... Read more »

Reverse Mortgage – Is It An Option Under The Healthy REITs Outlook

Reverse mortgages have a bad reputation. Aggressive prepayment clauses have scared homeowners away, as they don’t want to struggle to cover taxes, ins... Read more »

The Growth Trajectory Of The Global Online Art Market

According to Statista, global online art sales increased by 4% from 2018 to 2019 to approximately $4.82 billion. Estimates point that it will nearly d... Read more »

Does Medicare Cover Ambulance Services?

Medicare Part B covers ambulance transportation to a health care facility when it’s medically necessary and transportation in any other vehicle would... Read more »

With PPP Closed, Small Businesses Have These Funding Options

As the economy bounces back and the U.S. transitions out of the pandemic, small-business owners will need access to capital to both recover and grow.... Read more »

What 6 Money Pros Wish They'd Known About Credit Cards

  Read more »

The 5 Worst Investment Tips on TikTok

Do-it-yourself is fine when the stakes are low; everything you need to know about patching drywall is on TikTok. But what about when the stakes are hi... Read more »

How Google's Search Engine Algorithm Makes or Breaks Industries

Hummingbird, Pigeon, Phantom, Penguin, Panda. Q2 2021 hedge fund letters, conferences and more No, they’re not the names of heroes or villains in the... Read more »

Does Elon Musk push bitcoin with his tweets or does crypto make the businessman tweet?

The real question is whether Bitcoin's pullbacks can be anticipated. Read more »

4 No-Brainer Tech Stocks to Buy in the Next Market Sell-Off

Despite many investors’ predictions of a market sell-off triggered by the resurgence of COVID-19 cases and high inflation, the demand for advanced tec... Read more »

Inflation and Higher Wages: A Look at the Effect of Extra Income

Though every inflationary period tends to be unique, it can be valuable to compare your current paycheck with rising inflation rates. Read more »

NIO vs. Ford Motor: Which Auto Manufacturer is a Better Buy?

Both NIO (NIO) and Ford Motor (F) are leaders in the global automobile manufacturing industry. Which is the better stock to add to your portfolio?. Read more »

3 Stocks for Millennials to Buy and Hold

There are stocks that lend well to day trading. And then there are those you just hang on to for a while. Read more »

These Are The Top Performing Hedge Fund Strategies In 2021

After a robust performance in the second half of last year, the Hedge Funds industry continued its strong run in the first half of this year as well.... Read more »

Avoid These 3 Overvalued Gig Economy Stocks

Though the gig economy is growing worldwide with increasing demand for flexible and short-term working arrangements, shares of some companies that are... Read more »

AstraZeneca, Still Unsure Of Need For COVID-19 Booster

Pascal Soriot, CEO of AstraZeneca plc (NASDAQ:AZN), said the company still doesn’t know if a third dose of its COVID-19 vaccine will be necessary to m... Read more »

Old Dominion Rolls To Record Quarter, Beating Wall Street Views

Trucking company Old Dominion Freight Line (NASDAQ: ODFL) gapped down Wednesday following its second-quarter earnings report. However, mid-session, th... Read more »

Strata Raises $6 Mn In Series-A funding Led By Kotak Investment Advisors, Gruhas Proptech, Sabre Investments And Existing Investors

The company plans to expand market footprint and operations across India, accelerate product development and amplify investment offerings Read more »