SEB Building Trading Data Warehouse
Posted by Colin Lambert. Last updated: September 14, 2021
SEB has announced it is building up a new data warehouse on Google Cloud to enable the reuse of trading data. As a first step, the bank says the solution will be used for regulatory reporting, but it predicts the data can then be reused for business reporting and advanced data analytics.
“Meeting the regulatory requirements for transaction reporting and ensuring good data quality have top priority, and by doing this on Google’s cloud platform with the latest technology, I see this as a key piece of the puzzle in SEB’s digital transformation,” says Mattias Ljung, solution architect at SEB. “The solution will enable reuse of both data and functionality to generate direct business benefit and improved customer offerings.”
Ljung has worked at SEB for nearly 10 years, mainly with data in the trading field and regulatory reporting and has thereby gained a solid understanding of the needs and challenges that exist, the bank says. “We experience the same problems as most parts of the bank,” he explains. “Data is handled in silos; it is poorly described and hard to access. Governance and ownership are unclear, and the coupling between data and business perspective is weak.
“Close collaboration with Google and other external partners together with a strong focus on improving internal competence regarding cloud solutions and data management in general has resulted in a solution design that is strongly influenced by actual experience and established best practices,” he continues. “The greatest benefits of Google Cloud in a strictly technical sense are scalability and the large offering of available services. The ecosystem of cloud functionality is growing very fast, and Google is at the forefront. One prerequisite for success, however, is that we have the right competencies and a solid organisation surrounding data – both on the business and IT side.”