One of the world’s largest banks based in the US, supporting 200 million+ customers in 160 countries, was challenged to maintain compliance as part of the evolving privacy landscape. To improve their financial data security, the bank required:
- Analytical insights enriched with customer data for innovation and business growth
- Improvement of the customer experience
- Preservation of data sovereignty for customers in 130 countries
- Ability to aggregate and analyze customer data for insights
The bank dismissed several solutions that required paying millions to in-country data processors, duplicating infrastructure in 130 countries, or abandoning the ability to aggregate and analyze customer data.
Key Highlights
Technology Used:
- Protegrity Secure Data Service
- On-prem datacenters
- Request management system
Desired Outcomes:
- Democratized data privacy and security throughout the application estate
- Compliance with 130+ data privacy laws
- Enabled cross-border data sharing
- Reduced infrastructure and data processor costs by over $50M
- Centralized governance and architecture for data security and privacy outcomes
The Solution
Together, Protegrity and the bank designed a first-of-its-kind solution: Secure Data Service. This architecture required only two components: central administration and data protection endpoints. The data protection endpoint deployment was automated, and the request process was integrated within ServiceNow, allowing a developer to request, receive, and use data protection that will support a specific application within minutes. The agility, flexibility, and strength of protection delivered allowed developers to avoid lengthy security reviews and accelerate apps to market.
The Results
- Enterprise-wide analytics of more than 200 million customers
- $18 million net new revenue over 5 years
- $1.2 billion in sales from offboarding commercial cards to a self-service commercial card management platform
- Global production rollout of a robust data protection solution within six months, three months under the timeline
Additional Benefits
Because the bank now has globally protected data in compliance with regulations, they have discovered additional use cases, including fine-grained marketing with Salesforce Cloud, fraud analytics by third parties, analysis of Swiss data center call logs outside Switzerland, and more.
Plus, Third-Party Fraud Analytics, and More
The organization can now safely offboard commercial cards to a self-service commercial card management platform, which has added $1.2 billion of sales, improved the customer experience, and reduced manual efforts. Additionally, by tokenizing customer PII in region, the banking organization can send it to their security information and event management (SIEM) solution in the US to detect threats before they disrupt business.
The Protegrity Advantage
For over two decades, Protegrity, a global leader in data security, has protected the sensitive data of the world’s largest organizations, including eight of the 15 largest global banks with over 500 million accounts across 160 countries.
The key components to the financial organization’s success with Protegrity were:
- The ease of getting started with automated onboarding
- Having a centrally secured, managed, and provisioned control plane that enabled them to configure once and protect data consistently everywhere
- Decentralized data protection and enforcement planes that provide edge-to-edge data security delivered as close to the data as possible, optimizing for performance
- A flexible, user-friendly API with self-describable consumption
Want to learn how your organization can achieve new business growth by enabling data sharing and analytics organization-wide?