Truist just acquired a governance platform to help it wrangle its vast swaths of data and, ultimately, roll out advanced analytics and artificial intelligence capabilities more quickly.
One of the biggest challenges to achieving AI and machine learning goals is securely storing and managing huge quantities of sensitive data, so tools to simplify the process are a must-have.
Truist has purchased key strategic assets from data technology firm Zaloni to accelerate its data governance, metadata management, advanced analytics, and its AI/ML programs. The $545 billion-asset bank will use Zaloni’s technology to launch new, personalized services more quickly.
“In short, this acquisition of key strategic assets allows us to see more, know more, and do more,” Truist chief data officer Tracy Daniels told BankingDive. Without sophisticated management tools, data will remain an under-utilized goldmine asset for banks.
A team of 20 Zaloni workers, including chief product officer Ben Sharma and CTO Ashwin Nayak, will join Truist as part of the acquisition; neither company disclosed financial terms of the deal.