ConnectOne Bank We built our own data lake and data warehouse within the company so that all departments have access to insights.
One of the first missions in the $9.8 billion project Englewood Cliffs, New Jersey Chief Technology Officer and Executive Vice President of the bank, based in Sharif Alexandre “Building data lakes and data warehouses so you can aggregate data from different data sources,” he said. Bank Automation NewsIt took about nine months to get the data lake and data warehouse fully operational, but he said, “This is an ongoing effort that never stops.”
according to Amazon Web ServicesData warehouses store data in a structured format, while data lakes host raw, unstructured data.
Before the data warehouse, the bank had to export data to other systems that required different formats. Now, the same data can be organized in one place and exported to other systems, says Alexandre, who joined the bank in 2022.
“Of course, there are off-the-shelf and customized systems, but we wanted control over every aspect of the architecture, so we decided to build it from scratch,” Alexandre said. BanBy building it in-house, banks control everything from how the data is structured to how the workflows are configured and how the data is analyzed.
When evaluating data lake and data warehouse options, including cloud-based services, cost was a consideration, but the decision to build was “largely driven by our desire to have full control over the orchestration of the data that we were ingesting,” he says.
Bank-wide efficiency
The data lake serves as “the foundation for everything else we can build on top of,” he said.
For example, he said, access to structured data would allow departments to glean information that would be useful for planning, but that wasn’t the case before.
“For a long time, data was a team responsibility and one department really had access to the data, but now we have lots of different departments running reports, logging into the data lake, and understanding client behavior, which allows us to look to the future with a whole different perspective.” Siya VanshiaThe Chief Brand and Innovation Officer said: Ban.
Vansia says that with an in-house data lake, the bank’s teams can more easily use data to:
- Understand client behavior.
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