Quantalytix, a provider of cloud-based enterprise bank management (EBM) software for financial institutions, has unveiled an update to its flagship EBM application.

The newly introduced enterprise data management (EDM) platform is set to transform the way banks handle and harness their data.

The EDM platform is engineered to automatically analyse a financial institution’s data lake, pinpointing the most valuable data components, and seamlessly migrating this information to a data mart. These data marts serve as the bedrock for training Artificial Intelligence (AI) and Machine Learning (ML) systems, as well as for basic reporting and analysis.

Quantalytix CEO and co-founder Chris Aliotta said: “As banks evolve, data is increasingly important to future success. Unfortunately, many community financial institutions rely on very manual, very complex processes to access data, and often, these methods yield inaccurate, faulty results.

“We developed the EDM platform with community banks in mind, providing an automated solution that is sophisticated, yet simple to use, requiring no specialised resources or expensive data scientists to operate. We partnered with community banks to better understand their challenges with data and used this feedback to guide the design and development of the new EDM application.”

This innovation promises to streamline the process of consolidating and organizing data, thereby enhancing the accuracy of real-time and historical transactional reporting. The platform is meticulously designed to be accessible and user-friendly for individuals across various technical backgrounds, promoting inclusivity and operational efficiency.

Notably, the new EDM system offers an improved visual and user experience, with data points and information thoughtfully organised in a more logical and streamlined manner. These enhancements are aimed at empowering users with an intuitive and efficient platform.

Moreover, the upgraded query engines are tailored to handle complex queries and reporting, delivering a robust and lightning-fast experience to users. This includes the addition of new screens to facilitate more effective balance sheet management.

One of the most noteworthy features of the EDM platform is its capability to extract, transform, and load (ETL) data from data lakes into data marts, where it can be harnessed for comprehensive reporting and analytics. This functionality not only bolsters banks’ present data management capabilities but also equips them to train future AI and ML initiatives.

Quantalytix, committed to remaining at the forefront of fintech innovation, has introduced a significant leap in capabilities with its enhanced platform. It is poised to redefine the landscape of data management in the banking sector, offering financial institutions a powerful tool to optimise data handling and utilisation.