Case Studies Rapid PoC Evaluation of Vendors and Start-ups

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	Rapid PoC Evaluation of Vendors and Start-ups

Rapid PoC Evaluation of Vendors and Start-ups

Technology Category	Analytics & Modeling - Predictive Analytics Platform as a Service (PaaS) - Data Management Platforms
Applicable Industries	Finance & Insurance
Applicable Functions	Business Operation Quality Assurance
Use Cases	Predictive Quality Analytics Regulatory Compliance Monitoring
Services	Data Science Services System Integration Training
Challenge	A Fortune 100 bank needs to evaluate 1,000+ vendors and start-ups annually. In 80% of these evaluations, the process involves handing over sensitive datasets to external organizations. This step takes 3.5 months per PoC since the data needs to be manually selected, sanitized, anonymized, and individually approved in each specific case. Due to this labor-intensive procedure $25,000 of internal costs are generated per PoC, resulting in $25 million of annual costs for external data sharing. Read More
About Customer	The customer is a Fortune 100 bank that operates on a global scale, providing a wide range of financial services including retail banking, investment banking, and asset management. The bank is known for its innovation in financial technology and has a strong focus on maintaining data privacy and security. With a large number of vendors and start-ups to evaluate annually, the bank faces significant challenges in managing data sharing and compliance. The bank's operations are highly regulated, requiring stringent measures to ensure data privacy and security. The bank's commitment to innovation and efficiency drives its need for a streamlined process for evaluating new technologies and vendors. Read More
Solution	Instead of giving direct access to production data or anonymized data lacking statistical utility to third-party fintech vendors, the bank created a Rapid PoC Sandbox where the most commonly requested data assets were proactively converted to synthetic versions. Using this newly created sandbox, vendors can now test their solutions in a controlled, privacy-safe environment. The privacy-compliant synthetic data generated by the bank provides statistically identical results to those derived from production environments and is in-line with all internal and external regulations. This approach not only ensures data privacy but also significantly reduces the time and cost associated with the PoC process. The sandbox environment allows for standardized checks and onboarding procedures, further streamlining the evaluation process. Read More Log in to view content
Contents

Technology Category

Analytics & Modeling - Predictive Analytics

Platform as a Service (PaaS) - Data Management Platforms

Applicable Industries

Finance & Insurance

Applicable Functions

Business Operation

Quality Assurance

Use Cases

Predictive Quality Analytics

Regulatory Compliance Monitoring

Services

Data Science Services

System Integration

Training

Challenge

A Fortune 100 bank needs to evaluate 1,000+ vendors and start-ups annually. In 80% of these evaluations, the process involves handing over sensitive datasets to external organizations. This step takes 3.5 months per PoC since the data needs to be manually selected, sanitized, anonymized, and individually approved in each specific case. Due to this labor-intensive procedure $25,000 of internal costs are generated per PoC, resulting in $25 million of annual costs for external data sharing.

About Customer

The customer is a Fortune 100 bank that operates on a global scale, providing a wide range of financial services including retail banking, investment banking, and asset management. The bank is known for its innovation in financial technology and has a strong focus on maintaining data privacy and security. With a large number of vendors and start-ups to evaluate annually, the bank faces significant challenges in managing data sharing and compliance. The bank's operations are highly regulated, requiring stringent measures to ensure data privacy and security. The bank's commitment to innovation and efficiency drives its need for a streamlined process for evaluating new technologies and vendors.

Solution

Instead of giving direct access to production data or anonymized data lacking statistical utility to third-party fintech vendors, the bank created a Rapid PoC Sandbox where the most commonly requested data assets were proactively converted to synthetic versions. Using this newly created sandbox, vendors can now test their solutions in a controlled, privacy-safe environment. The privacy-compliant synthetic data generated by the bank provides statistically identical results to those derived from production environments and is in-line with all internal and external regulations. This approach not only ensures data privacy but also significantly reduces the time and cost associated with the PoC process. The sandbox environment allows for standardized checks and onboarding procedures, further streamlining the evaluation process.

Impact #1	The average time of data delivery was decreased to 3 weeks, a 70% reduction.
Impact #2	The process now only involves standardized checks and onboarding procedures, saving further costs.
Impact #3	The average cost of a PoC is now only $5,000 – an 80% reduction from the average price of previous PoCs.

Impact #1

The average time of data delivery was decreased to 3 weeks, a 70% reduction.

Impact #2

The process now only involves standardized checks and onboarding procedures, saving further costs.

Impact #3

The average cost of a PoC is now only $5,000 – an 80% reduction from the average price of previous PoCs.

Benefit #1	70% time reduction for data delivery
Benefit #2	80% cost reduction for data provisioning
Benefit #3	$10M+ annual savings on PoCs

Benefit #1

70% time reduction for data delivery

Benefit #2

80% cost reduction for data provisioning

Benefit #3

$10M+ annual savings on PoCs

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Overview

Rapid PoC Evaluation of Vendors and Start-ups

Operational Impact

Quantitative Benefit