A Fortune 100 bank needs to evaluate 1,000+ vendors and start-ups annually. In 80% of these evaluations, the process involves handing over sensitive datasets to external organizations. This step takes 3.5 months per PoC since the data needs to be manually selected, sanitized, anonymized, and individually approved in each specific case. Due to this labor-intensive procedure $25,000 of internal costs are generated per PoC, resulting in $25 million of annual costs for external data sharing.
As a result, the average time of data delivery was decreased to 3 weeks, a 70% reduction. The process now only involves standardized checks and onboarding procedures, saving further costs. According to the bank’s estimation, the average cost of a PoC is now only $5,000 – an 80% reduction from the average price of previous PoCs. The annual savings impact of this initiative amounts to over $10 million.