Rapid PoC Evaluation of Vendors and Start-ups
Company Size
1,000+
Region
- America
Country
- United States
Product
- Rapid PoC Sandbox
Tech Stack
- Synthetic Data Generation
- Privacy Compliance Tools
Implementation Scale
- Enterprise-wide Deployment
Impact Metrics
- Cost Savings
- Customer Satisfaction
- Productivity Improvements
Technology Category
- Analytics & Modeling - Predictive Analytics
- Platform as a Service (PaaS) - Data Management Platforms
Applicable Industries
- Finance & Insurance
Applicable Functions
- Business Operation
- Quality Assurance
Use Cases
- Predictive Quality Analytics
- Regulatory Compliance Monitoring
Services
- Data Science Services
- System Integration
- Training
About The Customer
The customer is a Fortune 100 bank that operates on a global scale, providing a wide range of financial services including retail banking, investment banking, and asset management. The bank is known for its innovation in financial technology and has a strong focus on maintaining data privacy and security. With a large number of vendors and start-ups to evaluate annually, the bank faces significant challenges in managing data sharing and compliance. The bank's operations are highly regulated, requiring stringent measures to ensure data privacy and security. The bank's commitment to innovation and efficiency drives its need for a streamlined process for evaluating new technologies and vendors.
The Challenge
A Fortune 100 bank needs to evaluate 1,000+ vendors and start-ups annually. In 80% of these evaluations, the process involves handing over sensitive datasets to external organizations. This step takes 3.5 months per PoC since the data needs to be manually selected, sanitized, anonymized, and individually approved in each specific case. Due to this labor-intensive procedure $25,000 of internal costs are generated per PoC, resulting in $25 million of annual costs for external data sharing.
The Solution
Instead of giving direct access to production data or anonymized data lacking statistical utility to third-party fintech vendors, the bank created a Rapid PoC Sandbox where the most commonly requested data assets were proactively converted to synthetic versions. Using this newly created sandbox, vendors can now test their solutions in a controlled, privacy-safe environment. The privacy-compliant synthetic data generated by the bank provides statistically identical results to those derived from production environments and is in-line with all internal and external regulations. This approach not only ensures data privacy but also significantly reduces the time and cost associated with the PoC process. The sandbox environment allows for standardized checks and onboarding procedures, further streamlining the evaluation process.
Operational Impact
Quantitative Benefit
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