Alteryx
Case Studies
Bank of America's Transformation: From Reactive to Real-Time Regulatory Testing
Overview
Bank of America's Transformation: From Reactive to Real-Time Regulatory TestingAlteryx |
Analytics & Modeling - Real Time Analytics | |
Finance & Insurance | |
Quality Assurance | |
Real-Time Location System (RTLS) Regulatory Compliance Monitoring | |
Cloud Planning, Design & Implementation Services Testing & Certification | |
Operational Impact
The implementation of the automated data ecosystem has brought about significant operational improvements for Bank of America. The bank has been able to transform its regulatory quality assurance process from being reactive to proactive. This means that the team no longer has to wait for one to two months for results, but can address issues as they occur. The real-time data preparation has improved the quality of data and ensured that the bank can mitigate risk by correcting any potentially costly mistakes. Furthermore, as banking regulations become stricter and more complex, the bank can easily scale its workflows to meet new demands. The automation allows for exponential growth, making the system highly scalable. | |
Quantitative Benefit
20% annual savings on resources | |
2 months saved on regulatory quality assurance (QA) processes | |
99.94% reduction in test development time, from 1700 hours to 1 hour | |