In the realm of financial services, the journey towards modernizing data governance has been ongoing for over a decade. However, with the looming specter of a global economic downturn, the necessity for robust governance has escalated. How can banks, credit unions, and financial advisors navigate stringent regulations amidst constrained budgets and heightened employee turnover?

The solution lies in data lineage. Here, we present six key reasons why financial institutions are embracing lineage platforms like Manta to take command of their data.

1. Streamlined Impact Analysis

Every business decision impacts the bottom line. Therefore, comprehensive impact analysis is essential as it anticipates the ramifications of decisions on customers, stakeholders, and sales. Data lineage is instrumental in these assessments by establishing a trustworthy environment for data and reports, enabling teams to make well-informed decisions and fortifying IT resilience against threats like ransomware attacks, natural disasters, and more.

2. Enhanced Data Pipeline Observability

Data pipeline observability is crucial for safeguarding organizational integrity and customer trust. Data lineage expands data observability to encompass not only the data itself but also the data processing infrastructure, leading to quicker issue tracing and resolution, thus improving overall productivity.

3. Regulatory Compliance

The heavily regulated financial sector mandates precise data tracking for compliance with regulations like Basel III, SOC 2, FACT, BSA/AML, and CECL. Data lineage aids in creating detailed visualizations of data flows, facilitating accurate tracking and reporting to meet regulatory demands.

4. Streamlined Cloud Migrations

As the financial landscape gravitates towards cloud technologies, efficient cloud migrations are imperative. Data lineage maps every component in a migrated system, documenting dependencies to expedite project completion with fewer resources.

5. Improved Workflow & IT Retention

Data lineage automation alleviates the burden on data engineers, developers, and data scientists by enabling self-service, expediting issue resolution, and facilitating seamless onboarding of new talent, thereby enhancing operational efficiency.

6. Enhanced Trust and Data Governance

Data governance is vital in fostering trust in data integrity. Data lineage offers a comprehensive view of data flows, sources, transformations, and dependencies, ensuring accurate reporting and bolstering confidence in data management strategies.

Why Manta Stands Out in Data Lineage for Financial Services

Manta has been instrumental in helping numerous financial institutions leverage the benefits of data lineage. With features tailored for optimal lineage utilization and seamless integration with popular data catalogs, Manta’s automated solution drives productivity, instills trust in data, and accelerates digital transformation.

Don’t miss out on the advantages of automated data lineage; schedule a demo with a Manta engineer today.

FAQs

What is data lineage?

Data lineage is the representation of the flow of data from its origin to its current state, showcasing its movement, transformations, and dependencies within a system.

How does data lineage benefit financial institutions?

Data lineage assists financial institutions in enhancing impact analysis, bolstering regulatory compliance, expediting cloud migrations, improving data observability, streamlining workflows, fostering trust, and fortifying data governance.

Why is data governance crucial in the financial sector?

Data governance is essential in the financial sector to ensure data accuracy, integrity, security, and compliance with regulatory requirements, ultimately bolstering trust in data-driven decision-making.