Data monetization with a scalable and configurable platform for retail banks unlocks new revenue streams

Developed data products for new revenue opportunities by consolidating data from multiple sources.

Business Challenge

The customer is a leading provider of FinTech services and products to more than 15,000 banks and credit unions worldwide. However, a significant portion of mid and small-sized banks within their portfolio lack accessibility to customer banking data, hindering data-driven decision-making. They wanted to build data products that are readily available to their clients and deliver data-driven insights for growth and innovation. It was important for the data platform to onboard clients faster, as the previous process took almost a month.

Sigmoid Solution

Sigmoid implemented a digital banking data platform that combined data engineering, DataOps, and advanced analytics. The innovative framework seamlessly incorporated external data via SFTP or GCS, configuring new pipelines and schedules, and also optimizing data consumption for each Financial Institution (FI).

We established dedicated single-tenant Data Lakes, efficiently managed through terraform templates, and created a secure multi-tenant zone compliant with PCI standards for vendor file processing. Sensitive data like SSNs were encrypted before transmission, ensuring privacy. Sigmoid offered comprehensive support, managing vendors, pipelines, analysis, and warehouses. Our Looker-driven model streamlined onboarding, while code quality and CI/CD governance were maintained meticulously. The solution embraced data modeling, governance, and visualization, empowering diverse dashboarding needs.

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Business Impact

The digital banking platform helped our customer effectively monetize their proprietary data, offering it as a valuable service to their clients and creating new revenue streams. The customized dashboards helped them deliver enriched data insights to their clients, empowering them to make data-driven decisions, improve products, services, and optimize customer experiences.