Barclays consolidates Woolwich CRM & decision data
In the UK, Barclays Bank has signed a multi-million pound deal with CRM and data warehouse provider Teradata to consolidate the data from its Woolwich brand's data warehouse and other decision support systems.
The long term contract will allow Barclays to reduce the licensing and support costs associated with maintaining multiple database platforms and is expected to enhance information availability and accuracy, and improve the effectiveness of the bank's business intelligence data and CRM applications.
"The development of our enterprise analytical capabilities is central to corporate strategy. Further consolidation of our decision support functionality onto a single Teradata enterprise data warehouse will provide us with many benefits," said David Weymouth, CIO for Barclays.
Better decisions According to Weymouth, consolidating existing disparate data warehousing platforms should provide considerable cost savings across the entire business. Additionally, the bank expects to benefit from moving to a single version of its operational and customer data, which Barclays' business units can then use to enable better and faster decision making.
For this reason, the Teradata environment will be used for both operational information (such as event-based marketing and anti-money laundering systems) and analytical and historical customer information. The first phases of the project have concentrated on consolidating existing data warehouse systems from other suppliers, as well as migrating all the data from the original Woolwich systems.
Cost saving According to Teradata, the decision to consolidate disparate data marts onto a single platform is a common theme among many financial institutions and other businesses across Europe: Research conducted by Teradata during 2003 and 2004 showed that the cost of supporting and maintaining each separate data mart averages between £1 million and £1.3 million per year, and that there are significant cost saving opportunities in data consolidation.
"When Barclays implemented it's first Teradata warehouse in 1992 it was one of the first European banks to develop a specific customer analytics capability," commented Hermann Wimmer, vice president (EMEA) for Teradata.