SAN FRANCISCO, July 10, 2018 (GLOBE NEWSWIRE) -- Trifacta, the global leader in data preparation, today announced that use of its Wrangler products is increasing among financial services organizations to address increasingly demanding risk and compliance initiatives, such as CCAR, BCBS 239, and AML. Trifacta’s momentum in regulatory reporting illustrates the company’s growing presence in the financial services industry for a variety of analytics and operational use cases.
Regulatory requirements are constantly evolving — growing ever more granular and nuanced. In fact, financial institutions need to track and address an average of 200 new international regulatory revisions every day, according to Thomson Reuters Regulatory Intelligence service. Complying to the unique requirements of each jurisdiction places more demand on resources within financial services companies.
Furthermore, financial institutions manage a huge volume and variety of transaction data, which can create major quality issues that need to be addressed before they can even begin to navigate the growing web of reporting requirements. Data preparation alone can account for 80 percent of an analytics project — meaning process inefficiencies and issues with data quality and accuracy can have a snowball effect on operational costs.
Trifacta allows financial institutions to retire the use of common spreadsheet tools for regulatory reporting in order to increase speed, collaboration and accuracy among compliance teams. Perhaps most importantly, Trifacta’s ability to track data lineage allows for increased visibility both internally and externally into how the data has been transformed, a critical feature for compliance.
With Trifacta’s intuitive data preparation platform, Commerzbank is accelerating the process of data cleaning in collaboration with IT.
“Trifacta has become a mainstay in our newly minted Big Data & Advanced Analytics division, allowing for huge adoption amongst business users to clean and prepare the data that’s most familiar to them,” said Kerem Tomak, EVP & Divisional Board Member, Big Data & Advanced Analytics at Commerzbank. “Risk and compliance reporting is a huge area of focus for Commerzbank, and we’ve seen rapid improvement in our time-to-market. With Trifacta, we’re able to visually inspect data quality issues before they affect our compliance output, which has saved us untold hours in redoing previous work, and we can iterate faster with Trifacta’s immediate feedback on transformations. We know that Trifacta has even greater potential at Commerzbank, and are excited to expand its usage across the organization.”
Crédit Agricole’s market risk team has been able to simplify its compliance and reporting workflow drastically with the help of Trifacta.
“Trifacta has been instrumental in providing business users with the ability to transform data on the lake to meet a variety of compliance standards,” said Pierre Castellani, Head of IT Market Risk at Crédit Agricole. “With Trifacta, our business users receive an immediate understanding of the data and can prepare it themselves using intelligent suggestions, which has accelerated our regulatory reporting. Prior to Trifacta, we had a dedicated team hand-coding data reports. Now, we have significantly reduced this process, allowing the team to spend more time on analysis.”
“Financial institutions face onerous compliance and regulatory reporting requirements across hundreds of jurisdictions,” said Adam Wilson, CEO of Trifacta. “Our ability to enable the people who understand the rapidly evolving regulatory landscape to do this work themselves has streamlined the compliance processes of the world’s leading financial services businesses. Using Trifacta not only accelerates end-to-end reporting efforts, but also provides transparent visibility into every preparation step in the process.”
In addition to supporting compliance, Trifacta is also seeing increased momentum among financial institutions using Wrangler to enable customer 360 initiatives, risk management, machine learning and artificial intelligence (AI) efforts. The race for innovation is redefining the financial services landscape as more and more institutions adopt data-driven customer relationship management, machine learning and AI to radically improve their operations and customer experience. Clean data is square one for those initiatives, making Trifacta’s data preparation platform critical to their success for a growing number of institutions.
Valley National Bank is utilizing Trifacta to bring together diverse interaction data in order to provide a more personalized experience for their customers.
“As a data-driven company, we look for every opportunity to make better use of our data and streamline inefficiencies across the organization. We see Trifacta as a key driver of both,” says Giovanna Clark, Senior Vice President, Director of Strategic Information at Valley National Bank. “With Trifacta’s data preparation platform, we’re enabling our business users to become data citizens across multiple lines of businesses. Improving the customer experience is an important initiative, and we’ll be using Trifacta to accelerate the time needed to complete necessary requirements. There is huge opportunity for Trifacta at Valley National Bank, and we’re excited to get started.”
Other notable financial institutions using Trifacta include Deutsche Börse, Nordea Bank, Luxembourg Stock Exchange and The Royal Bank of Scotland.
For more information about Trifacta as a solution for financial compliance and regulatory reporting, see our webinar with Nordea.
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About Trifacta
Trifacta is the global leader in data preparation. Trifacta leverages decades of innovative research in human-computer interaction, scalable data management and machine learning to make the process of preparing data faster and more intuitive. Around the globe, tens of thousands of users at more than 8,000 companies, including leading brands like Deutsche Boerse, Google, Kaiser Permanente, New York Life and PepsiCo, are unlocking the potential of their data with Trifacta’s market-leading data wrangling solutions. Learn more at trifacta.com.
Media Contact:
Jennifer Harlan
trifacta@highwirepr.com
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