The client background

The company is a financial institution known for its diverse portfolio of loan products and services. They cater to a wide range of clients and are committed to maintaining accurate financial records and adhering to regulatory requirements, particularly reporting to the Canada Revenue Agency (CRA).

The business challenge

The client recognized the need to streamline and enhance their loan activity analysis and reporting processes. Their current systems required manual data collection and analysis, leading to inefficiencies and the potential for reporting inaccuracies. Additionally, the client was unable to find qualified IT staff to maintain the legacy business intelligence reporting system, which resulted in a stale, out-of-date reporting system that could not support the most recent revenue reporting requirements.

To address these challenges, the client sought a modern data analytics solution to create revenue reporting logic, a database and a business intelligence dashboard that would facilitate both summary-level and detailed loan activity analysis, ensuring precise revenue reporting requirements under the CRA.

Strategy and solution

Baker Tilly Digital worked closely with the client to design and implement a modern data analytics solution using AWS SageMaker for data analysis and AWS Lake Formation, AWS Athena and AWS Quicksight to support the business intelligence dashboard.

The implementation of the data analytics solution enabled the client to achieve the following benefits:

• Significantly reduced the manual effort required for data gathering and analysis, saving time and resources
• Ensured accurate revenue reporting to the CRA, reducing the risk of compliance issues
• Provided a clear view of loan activity at both the summary and transaction levels, enhancing decision-making processes
• Built a scalable solution capable of accommodating future growth and evolving reporting needs

Baker Tilly Digital will continue to work with the client to maintain their database and refresh the data, along with proposing recommendations to automate workflow and optimize their data integration and ensure data remains readily accessible in the future.