As digital transformation continues to revolutionize the global banking industry, financial firms are faced with increasingly large caches of data to process, often more than they can handle with their existing data infrastructure. Many commit significant resources on ineffective data discovery or inefficient processes which result in significant underutilization of corporate data.
Collibra has a significant track record in solving this issue. Over 400 major institutions around the world have successfully deployed and use Collibra, an enterprise-wide solution that delivers governance, data catalog and privacy capabilities for all Data Citizens. Recently, the company officially announced that they will collaborate with NRI to bring business and systems consulting to even more financial institutions.
“Most banks are fully embracing digital transformation, and poor data governance has proven to be a side effect of this transformation,” said Ryuichi Matsushita, General Manager, Global Financial Solution Business Department of NRI. “We are excited to be working with Collibra to address this issue among large global financial institutions to keep their digital growth on track and tackle the data governance challenge.”
To address these challenges, NRI and Collibra are helping financial firms to establish robust data governance cross-organizationally across business functions within the enterprise. The process includes establishing a data stewardship code and data management policies, setting up data catalogues, sharing glossaries and measuring data quality regularly.