Saved annually on resources
Saved on regulatory quality assurance processes
Reduced test development from 1700 hours to 1 hour
Region: North America
Industry: Financial Services
Department: BI/Analytics/Data Science, Finance
Company Background: Bank of America is one of the world's largest financial institutions, serving individuals, small- and middle-market businesses and large corporations.
Data Stack: Cloudera, Designer Cloud, Tableau, Qlik, MicroStrategy.
One of the main objectives of the Enterprise Testing Team at Bank of America is ensuring that all regulators are notified of any applicable transactions. Given that there are millions of transactions happening every minute at BoA, manually preparing and cleansing this data for QA was an extremely slow process. It wasn’t until up to two months after the transaction had occurred that the team could be assured that the appropriate regulators had been notified. This delayed response left BoA susceptible to costly regulatory fines should anything in the system fail and require correcting.
Bank of America built an automated data ecosystem that included Designer Cloud for data engineering and a combination of Tableau, Qlik, and MicroStrategy for visual analytics. This data stack created a streamlined workflow that alerts BoA in real time should they need to take corrective action on any regulatory measures. Automated recipes developed in Trifacta wrangle data from a variety of sources on command, which are then determined to “pass” or “fail” certain regulatory standards and, later, are made visible in a regulatory monitoring dashboard. The team can easily share these Designer Cloud recipes for regulatory transparency or make quick modifications, if necessary.
The regulatory quality assurance process has been transformed from reactive to proactive — no longer is the team waiting one to two months for results, but instead can address issues as they occur
Automated, real-time data preparation improves the quality of data and ensures that BoA can mitigate risk by correcting any (potentially) costly mistakes
As banking regulations became stricter and more complex, BoA can easily scale its workflows to meet new demands. Automation allows for exponential growth
Our automation engine is driven by data. We needed a platform that was capable of connecting to our large volume of data, with real-time or near real-time wrangling and, most of all, that has a simple UI that our existing knowledge workers who have the domain knowledge could be trained to use.
Raj Anand
Sr. Vice President, Automation Global Risk, Bank of America
How Bank of America Uses Data Prep for Faster Reporting
Region: North America
Industry: Financial Services
Department: BI/Analytics/Data Science, Finance
Company Background: Bank of America is one of the world's largest financial institutions, serving individuals, small- and middle-market businesses and large corporations.
Data Stack: Cloudera, Designer Cloud, Tableau, Qlik, MicroStrategy.
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