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Data Maturity Model Assessment
Conducting a Maturity Assessment of a Bank’s Data Capabilities
August 2022
Client
Nordic Bank
Services
Data Maturity Assessment Data Roadmap Data Management
Industries
Banking & Financial Services
The problem
Data is the fuel that drives digitalization and innovation. It is the lifeblood of modern business, powering everything from customer insights to operational efficiency. In order to stay ahead of the competition, it is critical that the client improve their ability to harness the full potential of their data.
One major challenge the client is facing is a slow time-to-market from the identification of a need to the realization of value. The issue at hand is multifaceted and can be attributed to a variety of factors. The first factor to consider is the prevalence of legacy solutions and processes. These outdated solutions and processes, while once effective, are now hindering progress and innovation. In addition, the organization has not been keeping up with the latest data advancements and is therefore falling behind its competitors. This lack of innovation is a major contributing factor to the problem.
Our approach
Our approach of the project included planning the assessment, such as identifying participants, determining the level of detail, and establishing the direction of the assessment. The project also involved running assessment workshops with various groups and producing a post-assessment report, including benchmarking figures to compare the client's data capabilities against the financial industry standard.
Our impact
The result of the project was a comprehensive assessment of the client's data capabilities using the DCAM model. The assessment identified the client's strengths and weaknesses across eight components, providing valuable insights into their current-state position. The project also included a post-assessment report, which included benchmarking figures to compare the client's data capabilities against the financial industry standard.
Based on the assessment, the client gained a better understanding of how much was required to become competitive, as well as how far off from industry benchmarks they were. With this knowledge, they were able to start building a target state and roadmap based on the conclusion and executive summary of the report. Overall, the project was successful in helping the client improve their ability to harness the full potential of their data and position themselves for long-term success.