How iMovo helped a leading Trade Finance, Factoring and Forfaiting solutions provider improve Data Integration.
FIMBank - single consistent data source
FIMBank is a customer-driven banking organisation that focuses on optimising business performance and supporting business growth for its clients by offering customised trade finance and banking solutions.
The services offered by FIMBank include trade finance, corporate banking products, factoring, forfaiting and real estate finance. FIMBank forms part of the KIPCO Group, which is one of the Mena region’s most successful companies, comprising of over 16,000 employees in 24 countries.
The Challenge – Integrate corporate data, from different sources, into a single consistent data source
FIMBank has always aimed at providing its customers with the best of services. However, this also means that they need to optimise their data lifecycle. As the business began to grow, the organisation had to increasingly rely on various information systems, both on-site and cloud-based. With the increasing number of system integrations across platforms, managing core corporate data from various sources became progressively difficult. The bank needed to store, present, optimise, transform, and secure every element of data, and make it available across all stakeholders.
Without a suitable data integration solution, the organisation had to tackle each phase and endpoint distinctly and in isolation, using different methodologies. The whole process was fragmented and required extensive time and resources.
FIMBank needed a tool to help them with the Extract, Transform, Load (ETL) function and orchestration of data flow between the various components in their ecosystem.
iMovo’s Solution – Talend Data Integration
FIMBank turned to iMovo for a solution that would allow the integration of corporate data, from different sources, effectively into a single consistent data source. After a thorough analysis of the company’s challenges and requirements, iMovo recommended Talend Data Integration as a suitable solution.
Talend is one of the leading data integration solutions for modern businesses that can unify all the data into a complete, clutter-free, and secure source.
The bank became aware of iMovo’s services and the capability of Talend during a conference hosted by iMovo. Talend allows the use of over 1,000 connectors and components to connect any data source with any data environment, be it on-site or cloud-based; and objective that is in line with FIMBank’s requirements.
Apart from the fact that Talend had been named the leader of data integration tools for 2021, FIMBank also found that Talend has a great community, offers an Open-Source product (i.e. Open-Source Studio) to get familiar with the capabilities and product offering, as well as a reasonable entry price. But most importantly, FIMBank analysed the support for the tool, particularly as provided by a local partner – iMovo.
FIMBank was looking for a solution that gave them ease of implementation, scalability of the product, and price. The entry price of the product was already aligned with the company’s requirements and scalability was not an issue with Talend. iMovo’s services covered for the only other concern they had regarding ease of implementation. Having a reliable local partner made it easier to roll out the project in a short timeframe.
FIMBank first requested a demo of the product after which the decision to deploy Talend as the ideal solution was finalized. A team comprising two members from FIMBank’s IT department and one consultant from iMovo was built to handle the project.
Over a period of three weeks, the iMovo consultant helped the clients map out their project requirements and build a detailed project plan with all deliverables and timeframes in place. After the action plan was prepared, iMovo and the two members from FIMBank’s IT team worked together on the effective implementation of the solution.
The implementation process was highly optimized and required minimal human intervention. As there were very few people handling the data integration, the process was extremely secure.
Data was directly transferred from one system to another with minimum interference. The implementation was a lot faster than what would have been if FIMBank developed its own code for ETL. Also, cross-departmental dependency was eliminated with iMovo’s bespoke services and Talend’s excellent compatibility with all other platforms.
Keith Farrugia Galea
FVP – Head of Data & Application Management, FIMBank
“I would like to commend the iMovo team for the work done during the various stages of the project lifecycle. The project timelines were adhered to and the consultancy offered during the development of the build was top-notch.”
1 Implementation, 10 Benefits
The key benefits realized by FIMBank from implementing Talend and using iMovo’s support were:
- Easy and quick deployment of data pipelines – 10x faster than in-house coding
- Ability to detect and fix issues in the data while it moves through the system, preventing negative impacts of bad data
- Secure access to data protected by firewalls, secure data centers, and cloud environments
- Easy data management with a host of choices – Talend’s public cloud, self-managed private cloud, on-premise or hybrid solutions
- Ease of integration with various systems
- Data integrity
- Faster turnaround times
- Minimal manual interference
- Quicker project delivery with iMovo’s bespoke solutions
- Excellent assistance and support available through a reliable local partner like iMovo
FIMBank is saving time and increasing productivity
The data integration solution is helping FIMBank save time and increase productivity by eliminating the need for cross-departmental data sharing and overall dependency on various disconnected platforms. All their data is now unified across the organization. The number of errors and inconsistencies in their data has also gone down to almost nil as there is less human interference. The company is now able to make better decisions backed by healthy data and offer improved services to its customers. FIMBank expects to see an ROI within two years but the value gained from this solution is already evident in the form of better data flow and improved customer service.
***Disclaimer: All products and company names mentioned herein may be trademarks of their respective owners. To the best of our knowledge, all information was correct at the time of publication. This information is subject to change without notice.