Source: AIM Software
AIM Software, a market leader in financial data management software, today announced that Danske Bank, the largest bank in Denmark and a leading player in the northern European financial markets, is implementing GAIN Data Portal to centrally source, monitor and optimize the bank’s reference data and snapped prices from a leading data provider.
Subject to requirements, the bank will broaden this coverage with additional vendors.
Danske Bank were looking for a solution that would help them to stage and distribute their huge treasury of data across the entire banking group. This solution also needed to optimize the bank’s cost base, track usage across downstream systems and business users, and ensure compliance with vendor data contracts.
GAIN Data Portal is being rolled out across the Danske Bank Group as a centralized repository for raw vendor data. The application monitors and manages vendor data requests - both for bulk loads and for defined universes. The requested vendor data is stored in a centralized hub, where it is made easily accessible to authorized users and systems.
The application facilitates faster on-boarding of data to support new business cases, adherence to legal requirements, and the substitution of data sources. It is also helping Danske Bank to achieve significant cost savings by eliminating duplicate and wasteful requests.
Jacob Wahlers, Group Head of Financial Data at Danske Bank, said: “We are using GAIN Data Portal to efficiently source the data that we need and to ensure that we’re compliant with our vendor data contracts. It provides us with complete control over new data requests, as well as transparent usage tracking at a user, account, business unit, and organizational level. The application will also allow us to achieve significant cost savings through sourcing optimization.”
“In terms of speed to market, GAIN Data Portal certainly does the job,” added Mr. Wahlers. “The application eliminates the hassle of unpacking, normalizing and joining keys for huge volumes of data. The data we need is made readily accessible and queryable in a very lean and fast manner.”
“Building our own simplified version of this application in-house would have taken a year or more to achieve. With GAIN Data Portal, we have a fully productized and functionally rich solution that was up and running in a matter of days. The application is fully maintained by AIM Software and benefits from the input of a strong user community of customers,” concluded Mr. Wahlers.
Josef Sommeregger, MD for Europe and Chief Commercial Officer at AIM Software, added: “We’re delighted to be helping Danske Bank to optimize their data sourcing strategy. Market Data Managers globally are under increasing pressure to provide access to a wider variety of financial information services, while at the same time reducing the spend on these services. GAIN Data Portal addresses this pain point by providing the control and transparency that firms need to understand and - most importantly - to optimize their vendor data costs and usage, while ensuring compliance with their vendor data contracts. Launched in 2017, the product is gaining considerable traction across all regions.”