On average, two people armed with the Digital MI team's applications in Dataiku are doing the work of about 70 people limited to spreadsheets. That means increased analyst productivity by a factor of 30 by replacing spreadsheet-based processes with governed self-service analytics.READ THE FP&A STORY
According to The Financial Brand, 80%-85% of banks lack the process maturity necessary to drive a return on investment (ROI) with data.
Standard Chartered Bank Group Data Technology is working to buck this trend, acting as the central partner that enables other divisions of the bank to access, prepare, analyze, and visualize data. These capabilities, in turn, mean more people and teams around the bank deriving critical insights and arriving at key decisions with data.
In 2020, Data Technology formed the Data Innovation Value Engagement (DIVE) team. The role of this dedicated team is to engage directly with business and other functions to understand their requirements, identify existing solutions within the bank, and explore what is available in the global market to address those requirements.
In a short time, the DIVE team identified strong, enterprise-wide demand for a robust data analytics platform that can handle the data volume and provide the flexibility required to enable a range of roles and personas, from a business analyst to a managing director.
The platform also needed to empower the growing interest in advancing AI and machine learning (ML) as a regular component of data analytics in the bank. License cost, support, and infrastructure requirements needed to be competitive, of course. Lastly, the product needed to stack up not only against its market competitors but also be a better choice over building internal custom solutions from scratch.
The Dataiku Impact
Across the board, there was no doubt that Dataiku was the right solution for the data analytics needs at Standard Chartered Bank. In less than three years, the DIVE team has onboarded onto Dataiku and supported teams across all divisions in their quest for data analytics excellence. What started with just one team (the financial planning and analysis division) has now grown to be an enterprise gold standard in data analytics.
Not only has Dataiku proven to be the best data analytics platform across the enterprise, but the support and expertise provided by the customer success and sales teams have played a critical role in achieving the data-driven mindset many teams across the bank now enjoy.
In partnership with Dataiku’s customer success team, the DIVE team:
- Designed and operated the Citizen Data Science Training Program that familiarizes users with Dataiku and introduces them to the fundamentals of data science and ML in practice.
- Created a dedicated training portal with content tailored specifically to onboarding different user profiles through self-service modules based on Dataiku Academy.
- Facilitated building an internal community where users can exchange ideas and help each other with analytical problems.
- Provided demo and coaching sessions to users and prospective users interested in analytics.
All of this further increased interest in data engineering, analytics, AI, and ML across the enterprise, with 518 staff members completing the company’s Citizen Data Science Training Program since 2020. Out of those, 237 completed the training in 2022 — indicating an exponential increase in interest and participation. Plus, more than 700 have completed Dataiku online training courses for a total of 123 Dataiku certifications.
Data & Analytics Use Cases at Standard Chartered Bank
All lines of business now use Dataiku, with demand for training increasing by 400% since 2020 and the adoption rate for the platform more than doubling in the past year. Here is a look at just some of the Dataiku stories and use cases from around Standard Chartered Bank.