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Alteryx > Case Studies > Bank of America's Transformation: From Reactive to Real-Time Regulatory Testing
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Bank of America's Transformation: From Reactive to Real-Time Regulatory Testing

Technology Category
  • Analytics & Modeling - Real Time Analytics
Applicable Industries
  • Finance & Insurance
Applicable Functions
  • Quality Assurance
Use Cases
  • Real-Time Location System (RTLS)
  • Regulatory Compliance Monitoring
  • Cloud Planning, Design & Implementation Services
  • Testing & Certification
The Challenge
Bank of America, a global financial services provider, faced a significant challenge in its regulatory testing process. The Enterprise Testing Team at the bank was responsible for ensuring that all regulators were notified of any applicable transactions. However, given the volume of transactions, which ran into millions every minute, manually preparing and cleansing this data for quality assurance (QA) was a slow and laborious process. The team could only confirm that the appropriate regulators had been notified up to two months after the transaction had occurred. This delay not only made the process inefficient but also left the bank vulnerable to costly regulatory fines in case of any system failure that required correction.
About The Customer
Bank of America is a leading financial services provider operating globally. The bank offers a wide range of financial products and services to individuals, companies, and institutional investors, helping them achieve their financial goals at every stage of their lives. One of the main objectives of the bank's Enterprise Testing Team is to ensure that all regulators are notified of any applicable transactions, a task that involves handling millions of transactions every minute.
The Solution
To address this challenge, Bank of America built an automated data ecosystem that included Designer Cloud for data engineering and a combination of Tableau, Qlik, and MicroStrategy for visual analytics. This data stack created a streamlined workflow that alerts the bank in real time if any corrective action is needed on regulatory measures. Automated recipes developed in Trifacta wrangle data from a variety of sources on command, which are then determined to “pass” or “fail” certain regulatory standards. These results are then made visible in a regulatory monitoring dashboard. The team can easily share these Designer Cloud recipes for regulatory transparency or make quick modifications, if necessary. This solution transformed the regulatory quality assurance process from reactive to proactive, allowing the team to address issues as they occur.
Operational Impact
  • The implementation of the automated data ecosystem has brought about significant operational improvements for Bank of America. The bank has been able to transform its regulatory quality assurance process from being reactive to proactive. This means that the team no longer has to wait for one to two months for results, but can address issues as they occur. The real-time data preparation has improved the quality of data and ensured that the bank can mitigate risk by correcting any potentially costly mistakes. Furthermore, as banking regulations become stricter and more complex, the bank can easily scale its workflows to meet new demands. The automation allows for exponential growth, making the system highly scalable.
Quantitative Benefit
  • 20% annual savings on resources
  • 2 months saved on regulatory quality assurance (QA) processes
  • 99.94% reduction in test development time, from 1700 hours to 1 hour

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