The financial services industry has been modernizing its data governance for over a decade. However, with the looming global economic downturn, the urgency for top-notch governance has increased. How can banks, credit unions, and financial advisors cope with stringent regulations, limited budgets, and high employee turnover?
Data lineage is the answer. Here are six key reasons why financial organizations are turning to lineage platforms like Manta to take control of their data.
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1. Automated impact analysis
In business, every decision impacts the bottom line. This is where impact analysis comes in—it predicts the consequences of a decision on customers, stakeholders, and sales.
Data lineage plays a crucial role in these investigations. By creating a reliable environment for reports and data, teams can make more informed decisions. Data lineage not only provides reliability but also helps in IT resilience, especially in the face of threats like ransomware attacks, natural disasters, and infrastructure failures.
Automated lineage from Manta has led to a 40% increase in engineering teams’ productivity for financial organizations.
2. Increased data pipeline observability
Data pipeline observability is essential for protecting organizations and their customers from threats like ransomware attacks and cloud migrations. Data lineage expands the scope of data observability to include data processing infrastructure and pipelines, allowing incidents to be prevented or quickly resolved.
Manta customers with complete lineage have been able to trace data-related issues back to the source 90% faster compared to manual approaches.
3. Regulatory compliance
Regulations like Basel III, SOC 2, FACT, BSA/AML, and CECL require accurate tracking of data. Data lineage helps financial organizations comply with these regulations by creating detailed visualizations of data flows for accurate tracking and reporting.
4. Efficient cloud migrations
With the increasing adoption of cloud technologies in the financial space, efficient cloud migrations are crucial. Data lineage helps in mapping and documenting dependencies during migration, leading to faster completion of migration projects with fewer resources.
5. Improved workflow & IT retention
Data lineage automation can streamline routine tasks, enabling self-service and faster onboarding of data engineers. This helps in alleviating the shortage of data engineering talent and improving workflow efficiency.
6. Trust and data governance
Data governance is essential for accurate decision-making in the financial world. Data lineage provides a comprehensive overview of data flows, sources, transformations, and dependencies, ensuring accurate reporting and boosting confidence in data management.
Why Manta is the right fit for data lineage in financial services
Manta offers automated data lineage solutions that drive productivity, build trust in data, and accelerate digital transformation for financial organizations. With unique features and integration with popular data catalogs, Manta helps organizations make the most out of their lineage.
Don’t wait. Schedule a demo with a Manta engineer today to realize the benefits of automated data lineage.
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