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Master Data Management

The Embedded Master Data Management Engine ensures that the bank's applications can depend on a single source of truth for business-critical data.

The Master Data Management Engine embedded with the Cordiant Data Lake solution delivers a comprehensive, trusted view of critical entities across the Bank/FI.

Applications can depend on the master data as the single source of truth for business-critical data.

And, authorized end-users can access the master data through a graph-based exploration process through discovery-driven visualizations.

The Relevance of Master Data Management for Banks and FIs

Challenge How MDM rises up to that Challenge
Data is silo-ed in disparate legacy applications including multiple versions of the same set of data. MDM Brings all the data to a single source of truth.
Increasing regulatory compliance and reporting requirements. MDM ensures the consistency and accuracy of information reported to regulators
Huge amount of employee time spent on finding the right information and thereafter fixing and reconciling data inconsistencies. MDM creates a single, authoritative view of business critical data from disparate, duplicate and conflicting information.
Poor customer experience due to inconsistent and unreliable customer data MDM delivers a consolidated view of customer information to customer-facing employees, thereby enabling them to deliver customer experiences that exceed expectations at all times.

Modular Deployment Approach

The Bank/FI can start with a specific domain like customer or product or branch or business vertical and expand gradually to include additional domains over time. This strategy ensures fail-proof implementation of your Master Data Management Strategy.

Solve the long-standing Data Availability Problem

  Data Category Data Acquisition & Consolidation Strategy
Data which the bank already has, however siloed in different systems: Run automated processes that draw structured and unstructured data from the CBS and other applications on an ongoing basis and connect that data to its associated entities in the Enterprise Data Graph.
Data which the bank already has, in physical paper documents tucked away in files in different locations like branches: (a) Run automated processes and workflows that digitize paper documents on an ongoing basis and thereafter connect these documents to its associated entities in the Enterprise Data Graph.

(b) Run automated processes and workflows where data traditionally collected as paper documents are instead collected as digital data at source and thereafter connect this data to its associated entities in the Enterprise Data Graph.
Data which the bank does not have currently, but can possibly acquire from its customers, based on covenants: Run automated processes and workflows that proactively collect this data from the bank’s customers on an ongoing basis and thereafter connect this data to its associated entities in the Enterprise Data Graph.
Data which the bank does not have, however can be acquired from third party data providers like Credit Rating Agencies: Run automated processes and workflows that proactively collect this data from third-party providers on an ongoing basis and connect this data to its associated entities in the Enterprise Data Graph.
Data which the bank does not have, however is available in the public domain: Run automated processes and workflows that can pull this data in through API calls from a service that will be provided by us to all banks and FIs and connect this data to its associated entities in the Enterprise Data Graph.

The Cordiant MDM Engine delivers you the ability to acquire data quickly from your disparate systems, from third party sources like external data providers, from the public space and also by digitizing paper documents, wherever required.

It then creates a trusted view that focuses on the connections between the data and delivers it to authorized users for analytical and operational use cases.

Because the Cordiant MDM Engine is built on graph technologies, it can easily identify patterns and “vitiations” and quickly advise corrections.

You get a 360 degree view of everything, Customers, Branches, Territories, Relationship Managers, Employees, Lines of Business, Bank’s Products, Third-party Products.

Built on DataStax Enterprise

The Cordiant Operations Data Lake Solution has been built from the ground up on DataStax Enterprise, the data management platform of choice of 9 of the top 15 global banks.

The solution can be deployed On-Premise, in the cloud, multi-cloud and hybrid cloud.

Cordiant is a DataStax Partner.