Data is gold!
What happens to the huge amounts of data that a bank produces and stockpiles every week? Our data lab in Dublin has the answers.
Can you picture how much data Deutsche Bank produces in a week? It’s a lot! Several petabytes, in fact. One petabyte equals ten to the power of 15 (1015) bytes. To put that into context, this amount of data would be enough to listen to Elvis Presley’s “It’s now Or Never” on your smartphone for 2,000 years or for a child to watch Tom & Jerry in HD continuously for 13 years.
Anonymised and with customer permission, this huge amount of data is used to drive business, protect assets, deliver better services and products and become more efficient.
In Dublin over 80 experts at “The Hive” data lab help the bank’s business and infrastructure areas to do exactly that and they plan to support the bank even more this year.
A platform for the whole bank
Project teams across the whole bank can use the bank’s Enterprise Analytics Platform (EAP), either independently or supported. The platform is based on a secure data lake - a massive data store. A number of tools are available for preparing and analysing data, including programmes that present data graphically. This helps colleagues without any specialist data science knowledge to analyse their own data sets and to identify patterns, with formal entitlement models and privacy protection mechanisms determining the access rights.
Collaborating across divisions
For colleagues working in the Anti-Financial Crime (AFC) department it is all about recognising and analysing trends, patterns and exceptions in the search for criminal behaviour. The result: in collaboration with the data lab, number crunchers at AFC Analytics have developed a system that can do just that.
IT security, responsible for managing identity and access rights, has to sift through several billion lines of information looking for unauthorised access to protect data. This process can take companies 20 minutes or more. So, together with the EAP team, IT security developed a prototype app within just five weeks that identifies areas for action within only 12 seconds! The two teams used the data lab’s “incubator process” – a four to six week period of intense collaboration towards an agreed prototype.
Recently, experts from the Hive teamed up with colleagues from DWS, who wanted to further improve their service to clients while identifying areas for growth. A number of projects with other business divisions have already been launched, for example with teams from transaction banking.
To find out more about The Hive, please click on the following link (see page 16).