Qlik Case Studies Building Confidence in Ecuador’s Banking System Through the Power of Open Data

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	Building Confidence in Ecuador’s Banking System Through the Power of Open Data Qlik

Building Confidence in Ecuador’s Banking System Through the Power of Open Data

Qlik

Technology Category	Analytics & Modeling - Data Mining
Applicable Industries	Finance & Insurance
Applicable Functions	Business Operation
Services	Data Science Services
Challenge	Asobanca, a nonprofit institution representing 15 of the 24 biggest private banks in Ecuador, faced a significant challenge in rebuilding people's trust in the banking system following the financial crisis of 1999. The crisis, which was a combination of bad politics, bad banking, and bad luck, resulted in many banks declaring bankruptcy and 64% of the population living below the poverty line. This has led to a lingering lack of confidence in the financial sector. Additionally, the way information on the financial system is collected and distributed in the country posed a significant obstacle. Many different institutions disperse the data, each using their own methodologies of data collecting and processing, making the data often incompatible and difficult to analyze. Furthermore, data access services offered by some companies are expensive and not user-friendly, discouraging many potential users. Read More
About Customer	Asobanca is a nonprofit institution that represents 15 of the 24 biggest private banks in Ecuador. The organization's mission is to empower people by making the financial data of Ecuador’s banking system available to all. Asobanca's work is driven by three main objectives: to help people trust the financial system again, to make information public and transparent, and to mitigate market risks in Ecuador. The organization faced a significant challenge in rebuilding people's trust in the banking system following the financial crisis of 1999. This crisis resulted in many banks declaring bankruptcy and 64% of the population living below the poverty line, leading to a lingering lack of confidence in the financial sector. Asobanca sought to address this challenge by creating a financial intelligence information system that could facilitate data analysis, help the formulation of financial strategies, and promote bank competitiveness. Read More
Solution	To address these challenges, Asobanca sought to create a financial intelligence information system that could facilitate data analysis, help the formulation of financial strategies, and promote bank competitiveness. This led to the creation of DataLab, a data platform that collects data from 24 banks, 74 financial institutions, and Latin American financial information. With the help of their partner, Prediqt, and a tool called Qlik Sense, they were able to process all this information and calculate monthly financial indicators such as liquidity, return on assets, return on equity, and delinquency rates. Qlik Sense enabled them to analyze data quickly and present it in an attractive way. The platform also allows users to download all the data in Excel format, making information management easier. Asobanca also trained more than 10,000 users on how to process this data and create their own layouts. Read More Log in to view content
Contents

Technology Category

Analytics & Modeling - Data Mining

Applicable Industries

Finance & Insurance

Applicable Functions

Business Operation

Services

Data Science Services

Challenge

Asobanca, a nonprofit institution representing 15 of the 24 biggest private banks in Ecuador, faced a significant challenge in rebuilding people's trust in the banking system following the financial crisis of 1999. The crisis, which was a combination of bad politics, bad banking, and bad luck, resulted in many banks declaring bankruptcy and 64% of the population living below the poverty line. This has led to a lingering lack of confidence in the financial sector. Additionally, the way information on the financial system is collected and distributed in the country posed a significant obstacle. Many different institutions disperse the data, each using their own methodologies of data collecting and processing, making the data often incompatible and difficult to analyze. Furthermore, data access services offered by some companies are expensive and not user-friendly, discouraging many potential users.

About Customer

Asobanca is a nonprofit institution that represents 15 of the 24 biggest private banks in Ecuador. The organization's mission is to empower people by making the financial data of Ecuador’s banking system available to all. Asobanca's work is driven by three main objectives: to help people trust the financial system again, to make information public and transparent, and to mitigate market risks in Ecuador. The organization faced a significant challenge in rebuilding people's trust in the banking system following the financial crisis of 1999. This crisis resulted in many banks declaring bankruptcy and 64% of the population living below the poverty line, leading to a lingering lack of confidence in the financial sector. Asobanca sought to address this challenge by creating a financial intelligence information system that could facilitate data analysis, help the formulation of financial strategies, and promote bank competitiveness.

Solution

To address these challenges, Asobanca sought to create a financial intelligence information system that could facilitate data analysis, help the formulation of financial strategies, and promote bank competitiveness. This led to the creation of DataLab, a data platform that collects data from 24 banks, 74 financial institutions, and Latin American financial information. With the help of their partner, Prediqt, and a tool called Qlik Sense, they were able to process all this information and calculate monthly financial indicators such as liquidity, return on assets, return on equity, and delinquency rates. Qlik Sense enabled them to analyze data quickly and present it in an attractive way. The platform also allows users to download all the data in Excel format, making information management easier. Asobanca also trained more than 10,000 users on how to process this data and create their own layouts.

Impact #1	DataLab has become the essential tool for the media, banks, and academia to visualize financial information.
Impact #2	The platform is often quoted in reports on Ecuador’s economy from institutions such as Credit Suisse.
Impact #3	Official institutions use DataLab in their analyses.

Impact #1

DataLab has become the essential tool for the media, banks, and academia to visualize financial information.

Impact #2

The platform is often quoted in reports on Ecuador’s economy from institutions such as Credit Suisse.

Impact #3

Official institutions use DataLab in their analyses.

Benefit #1	DataLab has trained more than 10,000 users on how to process data and create their own layouts.
Benefit #2	Since its creation in 2017, DataLab has trained more than 1,000 organizations in various sectors.
Benefit #3	Performing the calculation of a single indicator used to take many hours of work. Qlik does it in seconds.

Benefit #1

DataLab has trained more than 10,000 users on how to process data and create their own layouts.

Benefit #2

Since its creation in 2017, DataLab has trained more than 1,000 organizations in various sectors.

Benefit #3

Performing the calculation of a single indicator used to take many hours of work. Qlik does it in seconds.

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Overview

Building Confidence in Ecuador’s Banking System Through the Power of Open Data

Operational Impact

Quantitative Benefit