Banking Innovation of the Month: Ziraat Bank's data management strategy 25 April 2022 638
Efma-Accenture’s Banking Innovation of the Month award for April goes to Ziraat Bank of Turkey for their commitment to maximize efficiency, transparency and teamwork through good data management.
Data can be a company’s most valuable asset – but only if it is managed well. Realizing this, Ziraat Bank has gone to great lengths to become a truly data-oriented organization, boosting performance and staff morale through a well-structured transformation strategy.
A cornerstone of Ziraat’s innovative approach to data management is its creation of a unique “Business Dictionary”, in which all data used in the bank's daily operations and processes are defined in a clear, precise and understandable way. Designed to be used across the bank’s units, the dictionary provides fast and convenient access to data, methodology and analyses. Training programs in AI and data analysis have also been arranged for the bank’s employees, ensuring everyone is up to speed on analytical projection methodology and other key capabilities.
Among the many benefits of its new data-driven decision making approach, Ziraat highlights enhanced transparency and accountability. The strategy ensures that every piece of information is properly prioritized, objectives are concrete, and overall results are measured accordingly. Threats and risks are more effectively dealt with, thus improving overall performance.
Another advantage of data-based decision management is that it makes continuous improvement and adaptation possible. Ziraat Bank aims to keep data management outputs at the maximum level, taking proactive and reactive actions to improve business processes based on featured data quality outputs. More effective methods of gathering and processing feedback through data analysis also helps the bank to formulate new products and services while improving existing ones.
Impressed by Ziraat’s efforts to go beyond the data buzzword and thoroughly implement an effective data management strategy, Efma-Accenture is happy to select this bank for April’s innovation award.
Ziraat Bank’s innovation will be automatically selected as a nominee for the Efma-Accenture Banking Innovation Awards 2022. Submit your innovations on the Banking Innovation portal until 15th May for May Innovation of the Month. Participation is free of charge and open to all Efma members.