Why data and analytics is so significant for Wells Fargo
Express Computer|January 2020
FOR THE PAST three years, the banking giant has embarked on a journey termed as Data Management and Insights, to compile the data into a central enterprise data environment by organising it in multiple domains
Moumita Deb Choudhury
Why data and analytics is so significant for Wells Fargo

Wells Fargo, the broad-based financial services company enjoys a customer base of around 70 million due to its sheer services. Analytics is obviously a big piece for any financial company, but at Wells Fargo, the importance of analytics is at a different level as it is heavily invested in and aims to achieve, not just vanilla but cutting-edge analytics. "To be able to do analytics at any place, you need to have the right data. The data must be organised in a shape and form that can be meaningfully used and explored to be able to execute analytics," says Prahalad Thota, Head of Enterprise Analytics & Data Science, Wells Fargo.

There is tons of data pouring in from different financial services and products and there are various channels through which it comes. Hence volumes of data remain unorganised in different places. “The challenge that arose was that all the data was residing at different places,” says Thota. That is when he felt that centralisation of data is the key.

Centralised data

For the past three years, the banking giant has embarked on a journey which they have termed it as 'Data Management and Insights', to compile the data into a central enterprise data environment by organising it in 17 domains. For example, the customer data is clubbed in one domain, the risk data in another domain, and so on. "This journey, over the last three years has been ongoing using some of the latest technologies from big data environment to compile the data and then essentially asking, the question of what are the kinds of analytics that we should be using,” points out Thota.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

This story is from the {{IssueName}} edition of {{MagazineName}}.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.

MORE STORIES FROM EXPRESS COMPUTERView all
How Big Basket Is Leveraging Emerging Tech For Streamlining Delivery
Express Computer

How Big Basket Is Leveraging Emerging Tech For Streamlining Delivery

A perfect combination of focused strategy, market knowhow, customer centricity, and most importantly, the right technology, has led to Big Basket's dominance in online grocery space

time-read
4 mins  |
March 2020
Technology raising the bar in higher education
Express Computer

Technology raising the bar in higher education

From app-based learning to virtual classrooms and from AI to analytics, the higher education industry in India is driven by increasing technology adoption

time-read
3 mins  |
March 2020
Speaking about the EDGE
Express Computer

Speaking about the EDGE

BY ESTABLISHING IT deployments for cloud-based services in edge data centres located in localised areas or communities, IT resources are effectively brought closer to end users and devices

time-read
3 mins  |
March 2020
REDEFINING DATA CENTRES
Express Computer

REDEFINING DATA CENTRES

A look at how some of India's leading organisations are heralding transformational changes in their data centre operations

time-read
5 mins  |
March 2020
Need to define outcomes before making data centre software defined
Express Computer

Need to define outcomes before making data centre software defined

THERE IS A NEED to clearly define the outcomes from adopting the software defined concept; a necessary mechanism to regularly review and revise the outcomes should also be built, says Manoj Gautam, VP - IT Infrastructure Service, Maruti Suzuki India

time-read
4 mins  |
March 2020
ICICI Bank: Unique distinction of a platinum rated green data centre
Express Computer

ICICI Bank: Unique distinction of a platinum rated green data centre

PROVIDING A MAJOR impetus to CII- Indian Green Building Council's (IGBC) efforts in greening of Indian data centres, ICICI Bank Data Centre in Hyderabad has gained the unique distinction of becoming India’s first Platinum rated project under IGBC Green Data Centre Rating System

time-read
3 mins  |
March 2020
Data centre rationalises computing resources at Titan Company
Express Computer

Data centre rationalises computing resources at Titan Company

TITAN HOSTS A complex IT architecture. The data centre team has been trained by the OEMs to run the software-defined infrastructure, says Krishnan Venkateswaran, Chief Digital and Information Officer, Titan Company

time-read
3 mins  |
March 2020
Bajaj Housing Finance goes with 100% cloud architecture
Express Computer

Bajaj Housing Finance goes with 100% cloud architecture

BAJAJ HOUSING FINANCE has moved the entire enterprise IT ecosystem 100 per cent on public cloud, leading to flexible architecture for its business applications, data warehousing and analytics, which is high performing, rapidly scalable and secure

time-read
2 mins  |
March 2020
The top barriers financial institutions face in their race to digital transformation
Express Computer

The top barriers financial institutions face in their race to digital transformation

WHY ARE DIGITAL business transformations failing to deliver value? Low double digit percentage of IT leaders have seen sustained performance improvement from transformation efforts, and are successful at sustaining change

time-read
5 mins  |
April 2020
Mercedes-Benz banks on digital initiatives for competitive advantage
Express Computer

Mercedes-Benz banks on digital initiatives for competitive advantage

MERCEDES BELIEVES THAT CONNECTED, Autonomous, Shared and Services, Electric (CASE)are the four concepts that will shape the future of driving. While design has been a fancy for Mercedes, tech and IT is as significant. And if touch controls seem too tedious to operate then the company now brings out gesture control

time-read
3 mins  |
April 2020