more productive FP&A analysts
reduction in annual property cost with the Space Planning and Optimization Tool (SPOT)
staff have undergone the company’s Citizen Data Science Training Program
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.
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:
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.
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.
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 STORYStandard Chartered built the Space Planning and Optimisation Tool (SPOT) in Dataiku to associate data from different systems, provide a single-source of truth for analyzing data for space planning, and use analytical techniques to determine the right space in offices.
DIVE DEEPERDataiku and Deloitte worked together to help Standard Chartered Digital Center of Excellence overcome its business problems, including scale, ways of working, AI strategic roadmap, and more.
LEARN MOREThanks to this solution built with Dataiku, relationship managers engaging with wealth management clients are able to have wholesome investment conversations with clients and add value by providing quicker and richer insights.
SEE HOW THEY DID ITUsing Dataiku, Standard Chartered Bank deploys successful AI projects, accelerating true value generation while maintaining governed self service on projects.
DISCOVER MOREIn 2020, the Data Innovation Value Engagement (DIVE) team was formed under Data Technology as a dedicated team that will directly engage with business and other functions to understand their requirements, identify existing solutions within the bank, and explore what is available in the global market.
READ THE WHOLE STORYThe 100 Days of Coding was a call to arms to ensure the skills of the most senior digital leader were on par with the rest of the team, not through words but mental sweating through the courses and certification process.
READ THE DETAILSBy 2021, one year into their Dataiku journey, Craig Turrell — Head of Plan to Perform (P2P) Data Strategy & Delivery at Standard Chartered Bank — and his team are using Dataiku to run three major systems at the bank and to refresh daily Tableau dashboards for all the bank’s finances, a laborious task previously done in spreadsheets. They’ve developed a data marketplace that people across the organization can leverage for plugging in other pieces to get answers from data (for example, analysts trying to understand the cost of property can use the balance sheet from the data marketplace and plug in lease data).
On average, two people in the financial planning and analysis (FP&A) team armed with Dataiku applications 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.
“Dataiku can do single operations on the amount of compute capacity you have somewhere in your ecosystem — doesn’t matter where it is. It’s amazing technology. Sometimes the data is small, sometimes it’s very big. Sometimes it’s a graphic problem. At some point you’ll want to go from just processing lots of data to adding value. You just need that flexibility, and Dataiku provides it.”Craig Turrell Standard Chartered Bank
The emergence of hybrid work has drastically changed the frequency of how often people go to the office. Standard Chartered Bank saw their global office attendance go from 72% all the way down to 42%, and a large majority of offices were underused.
The team at Standard Chartered Bank set out to answer the following questions with data (and Dataiku):
They used Dataiku to develop the Space Planning and Optimization Tool (SPOT), which associates data from different systems, provides a single source of truth for analyzing data for space planning, and uses analytical techniques to determine the right amount of office space to answer the above questions.
Using this solution, the team at Standard Chartered Bank ultimately will reduce their property portfolio by 700,000 square feet by 2028 to achieve a 34-million-dollar reduction in annual property cost, helping the bank to improve its overall profitability as measured by Return on Tangible Equity (RoTE).
“Dataiku was the key platform to solve the problems related to data sourcing and data preparation. It enabled association, modeling, and transformation of data to develop a purpose-built data store for performing space planning analysis.”
Relationship managers (RMs) engaging wealth management clients need up-to-date portfolio details for a productive engagement, to present an accurate picture of which investment avenues are making a profit, and to pass on relevant investment advice.
However, it takes significant effort to collate relevant data from disparate systems, perform portfolio returns analysis, and identify top-performing assets. This is a time-consuming process, which limits the number of client engagements possible per RM.
Standard Chartered Bank used Dataiku to automate portfolio analytics with data from disparate systems. Plus, they extended this use case to the next logical step: recommending portfolio rebalancing to maximize ROI, tailored to the different risk appetites of the clients.
“Relationship managers are able to have holistic investment conversations with clients, adding value by providing quicker and richer insights. With rebalancing recommendations personalized to clients’ risk appetites, RMs can focus on quality client engagement rather than spending time on upfront preparation.”
Although they had successfully broken through size and speed engineering barriers and defined individual learning marathons (e.g., 100 days of code), the Standard Chartered Digital Center of Excellence (CoE) still largely acted as a startup development tribe. They had plateaued on their growth path and struggled to scale and accelerate to Everyday AI.
Dataiku and Deloitte have partnered to create a powerful combination of data science and analytics capabilities that will take Standard Chartered Bank to the next level through a comprehensive digital scaling program.
In particular, Dataiku and Deloitte are helping the Standard Chartered Digital CoE to:
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