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Source: VTB
VTB has completed a large-scale modernisation of a corporate information warehouse, which contains databases used for reporting, business analysis and advanced analytics.
The modernisation has made it possible to speed up the preparation of financial statements by up to 30% and save the bank’s own funds. Savings based on the results of the project within five years will exceed 1.2 billion rubles ($16.1 mn)
The modernisation improves the quality of data obtained by analysts and reduces the workload of developing mandatory and tax reporting systems. As part of this project, technology was used to improve and simplify the procedure for loading data into storage as well as to transfer a number of reporting forms to targeted solutions.
The results of the project were praised by experts and market participants, with the project becoming the winner of the Global CIO “Project of the Year” award in one of the most prestigious nominations “Analytics and Big Data”, in which leading companies from Russia and the CIS took part.
Nikita Rybchenko, Head of the Department for Technological Development of General Banking Systems, Vice President of VTB Bank said:
“Re-engineering a corporate information warehouse can be compared to replacing an engine during an airplane flight without the passengers noticing, after which the updated aircraft flies more economically, faster and more comfortably. Work of such complexity was successfully implemented by the bank’s joint team, in close cooperation with four integrators,”
Mikhail Kovalenko, Head of the Accounting and Reporting Department, Senior Vice President of VTB Bank said:
“Corporate storage plays an important role in the construction of mandatory and tax reporting forms. The procedures for loading data into the storage were reformatted, the processes were simplified, unnecessary links were removed, and the formation of a number of reporting forms were transferred from legacy to targeted solutions. These events removed unnecessary technological ballast from the reporting process, which made it possible to make it modern and more ergonomic. We have improved data quality and simplified system support. And by reducing the number of systems, we reduced the complexity of developing reporting systems in accordance with the requirements of the regulator. All this was achieved thanks to the well-coordinated work of business and IT specialists with our technology partners,”
Financial Services
