3.1 Why DFCS?

Consider a bank with a diverse portfolio of products. They aim to accomplish the following two primary data management objectives.

• Maintain a consistent view of data to meet regulatory obligations and support internal performance measurement reporting.
• Reduce data sourcing costs by retrieving data once from a book-of-record system and utilizing it across multiple downstream applications.

Suppose the bank encounters challenges in achieving these objectives:

• The data nomenclature used by regulatory agencies and internal use cases does not align well with the terminology used in book-of-record systems.
• Each consuming application is developed independently, making it easier to source data multiple times rather than achieving alignment across all consuming applications.

To address these challenges and achieve their data management objectives, the bank decides to implement DFCS.

• DFCS offers a unified view of data sourced from book-of-record systems for all commonly known consumption use cases in a bank. With DFCS, the bank only needs to source data once, regardless of the number of downstream use cases currently in scope.
• A standardized set of quality-checked and reconciled datasets feeds into downstream applications, ensuring consistent reporting for both regulatory and internal use cases.