- Client: A multinational bank based in Australia
- Industry: Banking, Financial Services
- Products or Services: Finance, insurance, and banking solutions
- Area of operations: Global
- Number of customers: Over 7 million
The client wanted to migrate its Governance, Risk and Compliance (GRC) platform to a new version in order to strengthen the Operational Risk and Compliance portfolio. While the source platform was highly customized, the target platform was a fresh installation with limited customization. Hence, thorough data quality assessment, enrichment, and limited transformation became essential for the migration. The GRC tool could only provide data extract and upload options; there was no feature available to deal with poor data quality. The client had multiple applications with poor data quality built over time, posing risk of non-compliance.
Wipro proposed and conducted a pilot exercise, leveraging its IP – IQNxt - an integrated data quality management and transformation solution - to mitigate the bank’s data challenges.
Using the IQNxt tool, which is built with AI and ML capabilities, Wipro enabled these solutions in a week’s time:
- Detailed data quality assessment
- Data preparation and enrichment
- Detailed migration approach (including data quality governance approach)
The bank accelerated data quality assessment and data migration using Wipro’s solution IQNxt in the Operational Risk area and achieved benefits including:
- Migration of GRC tool to the new version
- 50% improvement in time and effort for financial reporting shakedown process
- 60% increase in compliance in financial reporting
Considering the value delivered by the tool, the bank extended the pilot to other apps in the Operational Risk area.
The IQNxt framework has the scope to deliver these benefits:
- 25% productivity improvement through automation
- 20% cost savings through effort reduction and tool license saves
- 20% cycle time reduction for data migration and testing
Wipro’s IQNxt, equipped with AI and ML capabilities, was leveraged to improve the quality of data for the chosen modules. It took just a week’s time to complete the assessment, preparation, enrichment and migration approach. The effort was a huge success and the bank extended the pilot to other apps in the Operational Risk area.
– Mayank Gupta, Account Delivery Head, Wipro