Financial Services

Empowering a Global Bank with Cinchy's Data Collaboration Platform for Effortless Compliance Reporting


The Canada Deposit Insurance Corporation (CDIC), a federal Crown corporation, is pivotal in securing Canadians' financial welfare through deposit insurance for eligible deposits at member financial institutions nationwide. To uphold the integrity of this essential service, CDIC enforces rigorous reporting mandates on its member institutions, covering vital elements such as entity listings, insurable product records, annual statements, quarterly returns, event reporting, risk assessments, disclosure requirements, and compliance documentation, among others.

Challenges Met

Navigating the Compliance Reporting Maze

In the realm of compliance reporting, the client, a prominent Canadian multinational bank, faced formidable challenges. Annual administration of mandatory CDIC reports devoured over 400 hours, necessitating coordination among multiple teams, including legal, compliance, and product divisions. The process culminated in a six-month audit to validate data accuracy.


Cinchy's Innovative Resolution

A Unified Approach to Data Collaboration

Cinchy's revolutionary Data Collaboration Platform orchestrated a remarkable transformation. With Cinchy’s platform, Finance Operations found themselves in a secure collaborative space where 50+ stakeholders from across the business united to co-produce reports. In this fresh approach, Finance Operations retained report ownership, while data custodians shouldered their contributions. Users harnessed a universal data browser, eliminating the need for custom software. Data, stored within the bank's infrastructure, afforded flexibility in storage options. A traceable attestation trail, stringent controls, and data policy safeguards guaranteed data integrity, liberating audit teams from manual tasks.

Prompt Deployment and Exceptional Outcomes

From Chaos to Harmony: A 90% Reduction in Effort

Our forward-thinking bank sought rapid results. In a mere two weeks after the agreement's ink dried, installation and configuration were expertly managed by Cinchy's professional services team. In the inaugural year, Finance Operations witnessed an astonishing reduction in effort, reducing the annual commitment from 400+ hours to under 50. What formerly spanned half a year now wrapped up in 30 days. Pursuing data contributors became a thing of the past; they actively participated in the streamlined process. The audit team executed their responsibilities with confidence.

A Clear-Cut Decision

Breaking the Chains of Unsustainability: A $75,000 Annual Savings Revelation

Prior to opting for Cinchy, the bank considered alternatives. Building a custom solution, or purchasing an off the shelf product. These options appeared expensive with uncertain ROI, while manual procedures bred frustration, complexity, and potential risks. The conclusion was apparent: the existing approach was unsustainable. Consequently, annual savings of $75,000 in personnel costs were realized, frustration dissipated, resources were freed for other initiatives, and risks in CDIC reporting diminished, while understanding that this is one of many beneficial use cases with the Cinchy platform. 


Expanding Possibilities

Subsequent to platform installation, the bank extended its usage by introducing a secondary application for the Market Conduct team. This team initially harnessed AI to spot suspicious advisor behavior but lacked a structured means for investigation tracking. With Cinchy, daily report ingestion became seamless, fostering collaborative case investigations equipped with built-in controls and attestation mechanisms.

Definitive Impact

Cinchy's transformative data collaboration platform empowered this leading Canadian bank to conquer compliance reporting challenges. The outcome was a substantial reduction in time and effort, underpinning data accuracy and compliance. The bank's visionary approach to data collaboration persists, fostering efficiency and effectiveness across its operational spectrum, unveiling fresh horizons of possibility.

See Data Collaboration in Action!

Connected data without the effort, time, and cost of traditional data integration.