Opportunity

As a Global Systemically Important Bank (GSIB), Nordea Bank AB based in Stockholm, Sweden, is subject to the highest level of regulatory oversight in the financial services industry. Nordea must efficiently and cost-effectively respond to the ever increasing, and constantly changing, reporting needs of the business. They must also comply in a timely manner with regular, as well as ad-hoc, compliance reporting requirements from a variety of regulatory agencies like Finanstilsynet and the ECB.

Challenges

  • Understanding data quality was challenging. Financial reporting involves a huge variety of business data and Nordea needed a way to quickly identify and remediate issues of consistency, conformity and completeness.
  • Traditional hand-coded and ETL processes didn’t allow the team to scale cost effectively. Legacy approaches also could not handle growing data diversity and dramatically increasing data volumes.
  • Nordea wanted a way to improve information agility; allowing for self-service discovery and data harmonization by a broader variety of less technical users.

Solution with Trifacta

  • With Trifacta’s interactive discovery and predictive transformation capabilities, Nordea can now quickly identify the contents of each data source and cleanse data quickly.
  • Because Trifacta has been built from the ground up to be optimized for Hadoop and big data, transforming massive amounts of multi-structured data was fast, easy, and secure.
  • Trifacta allows the business analyst team to prepare data themselves before using it for analysis. This frees up the IT team to concentrate on data acquisition, compliance, security and governance.
  • The additional flexibility that Trifacta provides empowers analysts to blend and correlate diverse data sets, responding quickly to constantly changing reporting requirements and evolving data sources.

Company Background

Nordea is a financial services group with over 11 million personal customers and more than half a million corporate customers in the Nordic region. Nordea is headquartered in Stockholm and has more than 1,400 branches. The bank is present in 19 countries around the world, operating through full service branches, subsidiaries and representative offices. The group also operates an internet bank, which has more than 5.9 million online customers doing more than 260 million payments per year.

Resources

Watch how Nordea leverages Trifacta, Cloudera and Arcadia Data to comply with financial regulations in this recorded webinar

Watch Webinar

Check on our case study on how Nordea Bank adopted Trifacta, Cloudera and Arcadia Data, to improve its regulatory reporting processes

Read Case Study