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SpareBank 1 Forsikring: Expediting Data Delivery and Enabling New Use Cases
Technology Category
- Application Infrastructure & Middleware - Data Exchange & Integration
- Platform as a Service (PaaS) - Application Development Platforms
Applicable Industries
- Equipment & Machinery
- Finance & Insurance
Applicable Functions
- Logistics & Transportation
- Product Research & Development
Use Cases
- Last Mile Delivery
Services
- System Integration
The Challenge
SpareBank 1 Forsikring, a part of the SpareBank 1 Alliance and the third largest supplier of pension products in Norway, faced a significant challenge due to increasing regulations in the financial services industry. These regulations increased the reporting obligations to various internal and external stakeholders at SpareBank 1 Forsikring. The bank needed to detect and report suspicious activities related to money laundering and terrorist financings, such as securities fraud and market manipulation. To meet these obligations, the bank required a new data platform that could efficiently integrate data from all kinds of heterogeneous data sources, deliver the data to consuming applications, provide the flexibility to add new data sources quickly, support a variety of different input/output formats and tools, shorten time-to-delivery of data integration projects, support modern data and analytics use cases, and ensure that the data infrastructure is secure, well-governed, and intuitive enough to promote a self-service data-sharing culture within the organization.
About The Customer
SpareBank 1 Forsikring is part of the SpareBank 1 Alliance, the second largest financial group in Norway. It is the third largest supplier of pension products in the country. Originally a life and non-life insurance company, it was re-established in 2019 as a pension-only company. The banks in the alliance distribute SpareBank 1 Group’s products and collaborate in key areas such as brands, work processes, expertise development, IT operations, and system development.
The Solution
To address these challenges, SpareBank 1 Forsikring implemented the Information Platform of Pension (IPP), which relies on the Denodo Platform’s data virtualization capabilities. The IPP integrates data from all kinds of external and internal source systems and makes the data available for reporting and analytical purposes to tools like Tableau and Power BI. The Denodo Platform serves the data requirements of SpareBank 1, along with the traditional ETL-based data warehouse built on SQL-Server. SpareBank 1 is also using the Denodo Platform catalog to make it easier for its users to access the relevant data for themselves without having to send requests to the data integration teams. This solution enabled fast and cost-effective data delivery, reduced the time required for implementing new anti-money laundering use cases, and enabled better data governance with the right access controls and policies.
Operational Impact
Quantitative Benefit
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