Implementation of regulatory information solution for the FSCS
The Financial Services Compensation Scheme makes mandatory for any banking license to inform Bank of England of client's position to thereafter guarantee a percentage of the customer's funds.
Exploring a new information venue around financial data, so far stored in a separated silo (FMIS). The solution is fully based in Open Source Big Data Technologies, collecting the data already available in FMIS into the Data Lake, and then create the FSCS Regulatory Reporting from there.
Using Big Data technology the report is now generated in hours rather than days, providing the bank with precious lead time and avoiding any penalty with the regulator.
The Data repository has now a unified view of customer and financial data, which was difficult and high cost to be provided with the previous scenario.