Data is the lifeblood that fuels strategic decision-making and business growth in today’s financial sector. This concern over data accuracy led one of Taiwan’s major financial holdings groups to work with Synpulse about implementing a comprehensive framework.
The client is a major financial group based in Taiwan providing a full range of financial products and services through its subsidiaries in life insurance, banking, securities, asset management, and insurance brokerage to millions of customers locally and across the Asia Pacific region.
Prior to the project, the client encountered significant challenges in data quality and compliance, which stemmed from faulty data collection. As the financial group’s central hub for data aggregation and decision-making, the client spent quite some time and effort on data quality checks and corrections. The lack of a comprehensive data governance framework affected the client’s operational efficiency and timeliness. From our perspective, it was critical to rectify these issues and instill a data-driven culture that could enhance customer insights, resulting in precise marketing strategies and sales activities.
Data governance is often seen as “sewage system work”, people often view it as an essential but ultimately dirty job. It may not appear as glamorous or commercially valuable as AI, cloud computing, and other emerging technologies. However, the more foundational the work, the more effort and attention it requires. This is also the basis for developing any advanced technology, making its importance undeniable.
Synpulse supported the client and accomplished the following:
- Conducted in-depth interviews with various data-related departments in the financial holding company and its subsidiaries to understand pain points and challenges.
- Provided the client with a data dictionary embedded with metadata capabilities.
- Implemented a data lineage tool to standardise data recording procedures.
- Presented recommendations for strengthening data quality checks.
- Designed a comprehensive data governance roadmap for the client.
- Successfully introduced and implemented the data governance framework within three months, and provided long-term data governance framework advices.
- Facilitated improved cross-departmental data-related communication.
The project was executed over three months and featured several noteworthy milestones:
Implementation of comprehensive data governance framework: This encompassed the development of an organisational structure and culture aligned with data governance principles, a robust model and design, data governance policies, efficient operating processes, and the requisite infrastructure and tools.
Customised data tools: Synpulse provided two tailored data management tools, including a data dictionary enriched with metadata and a data lineage tool.
Pilot run: Two rounds of a pilot run were conducted involving the financial holding company and three of its subsidiaries. This exercise focused on completing metadata and data lineage information for a specific dataset range.
Data quality check recommendations: Recommendations were put forth to ensure data quality checks were integrated into the data governance framework, further ensuring the integrity and accuracy of data.
The successful execution of the project resulted in several key accomplishments:
- Improved work efficiency: By implementing standardised procedures for recording metadata and data lineage, significant enhancements in work efficiency were achieved. This contributed to a more streamlined data management process.
- Standardised tools for data management: The customised data tools provided a common platform for data management, thus increasing the overall consistency and quality of data within the organisation.
- Cross-departmental collaboration: The data governance framework and tools facilitated improved cross-departmental communication and collaboration. Data-related issues were addressed more effectively, promoting a unified approach to data management.
- Comprehensive data governance framework: The most significant outcome was the introduction of a comprehensive data governance framework that empowered the client to uphold and enhance their data governance practices over the long term.
“What's important is to cultivate a data-driven mindset and decision-making model throughout the entire organisation, from top to bottom. " With the assistance of Synpulse and the collaborative efforts across departments within our subsidiary companies, we have laid the foundation for long-term operational synergies within the group.
The successful implementation of a comprehensive data governance framework, customised data tools, and data quality check mechanisms has set a precedent for enhanced data management practices within the organisation. The collaboration between the client and Synpulse has yielded a valuable case study in data governance for the financial industry in Taiwan. We look forward to participating in more local financial industry digital transformation practices in the future.