SAN DIEGO and BEIJING, Oct. 21 /PRNewswire/ -- Teradata Corporation (NYSE: TDC), the world's largest company solely focused on data warehousing and enterprise analytics, today announced that the Bank of Wenzhou has selected Teradata to build and power its new enterprise intelligence system. The enterprise data warehouse (EDW) from Teradata will create a comprehensive and transparent view of the bank's operations to support better, more agile decision making, which contributes to profitable growth and the ability to outpace the competition.
The bank will integrate data from its major business systems and deploy analytic applications on the new data warehouse. A single enterprise view will not only help with transparency, risk, compliance and improve operational efficiencies, but the consolidation and reuse of this integrated data will support analysis for better customer segmentation, behavior analysis, and pricing. The bank can better personalize and expand customer relationships adding to both top and bottom line growth. Some of the business intelligence applications include anti-money laundering, corporate performance appraisal, credit risk, market risk, asset liability management, profitability analysis, corporate loan analysis and customer relationship management.
"There is a growing demand by local commercial banks for business intelligence to support and help strengthen decision making. The powerful analytical capability provided by enterprise data warehouses play an important role in creating that enterprise intelligence," said Aaron Hsin, Vice President, Teradata in Greater China Area. "We are honored to partner with the Bank of Wenzhou and assist them as they perfect data management to energize their business intelligence system and grow their business."
The Bank of Wenzhou will use Teradata's latest appliance, Teradata Data Warehouse Appliance 2580, a member of the Teradata Purpose-Built Platform Family. It provides a lower cost entry point for business analytics and offers a seamless migration to other members of the Teradata Purpose-Built Platform Family.
According to the Bank of Wenzhou, "Teradata is a global leader in the enterprise data warehousing sector, with successful deployments in China. The company has rich, practical experiences in the financial services industry. The skilled Chinese implementation team and the high-performance database and purpose-built platforms are key reasons that convinced us to partner with Teradata."
Despite intense competition within the industry, the Bank of Wenzhou has grown its market share, with the potential for additional expansion. This growth produced a massive volume of business and financial data, and it put a strain on the existing reporting and business information systems. The current systems lack storage space, are not cost efficient, they don't provide a single view of the business, and the data is held in disparate silos.
After a year of rigorous evaluation, Bank of Wenzhou chose Teradata as its partner in the EDW project, which will be implemented in two phases with completion in early 2011.
About Bank of Wenzhou
The Bank of Wenzhou grew out of the Wenzhou Commercial Bank, which was established in December 17, 1998 and officially changed its name to Bank of Wenzhou in December 17, 2007. By the end of December, 2009, the Bank had a balance of 33.72 billion RMB in deposits, and a loan balance of 24.594 billion RMB, with total assets of 41.876 billion RMB, ranking at the forefront of city commercial banks by regulatory indicators. In November 2009, the Chinese Central Bank issued an equity ranking for 177 commercial banks; the Bank of Wenzhou was ranked 67.
Teradata Corporation (NYSE: TDC) is the world's largest company solely focused on raising intelligence and achieving enterprise agility through its database software, enterprise data warehousing, data warehouse appliances, consulting, and enterprise analytics. Visit Teradata on the web at www.teradata.com.
Teradata is a registered trademark of Teradata Corporation in the United States and other countries.
SOURCE Teradata Corporation