Tech Exec 20 _ Vishal Patel

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TE: THANK YOU FOR JOINING US TODAY, VISHAL. TO KICK THINGS OFF, PLEASE PROVIDE US A BRIEF OVERVIEW OF YOUR CURRENT ROLE AS CHIEF DATA AND ANALYTICS OFFICER AT WEBSTER BANK.

Vishal Patel: Certainly. As the Chief Data and Analytics Officer at Webster Bank, based in Connecticut, USA, I oversee various aspects of data management practices. This includes data governance, data products, AI & analytics, master and reference data management, data engineering, regulatory data strategy, database management services, data platform management, and API strategy for the bank.

TE: IMPRESSIVE PORTFOLIO INDEED. COULD YOU SHARE MORE ABOUT YOUR JOURNEY LEADING UP TO THIS ROLE? HOW HAVE YOUR PREVIOUS EXPERIENCES IN DATA, LEADERSHIP, AND MANAGEMENT SHAPED YOUR CURRENT APPROACH?

Vishal Patel: Absolutely. My journey in data management began 24 years ago as a SQL server programmer, igniting my passion for data. Throughout my career, I’ve held various

leadership roles in firms like AllianceBernstein L.P., General Electric Company, JP Morgan Chase & Co., and eventually, Webster Bank. These experiences ranged from IT business analysis to application architecture and involvement in Chief Data Office functions, providing me with a well-rounded perspective on data management. Additionally, my role as an advisory board member for MIT’s Center of Information Systems Research - Data Research Board Advisory has kept me plugged into academic insights in data management.

TE: REFLECTING ON YOUR EXPERIENCE, HOW HAVE YOU SEEN TECHNOLOGY’S ROLE IN ORGANISATIONS EVOLVE OVER TIME, AND WHAT DO YOU CONSIDER THE KEY DRIVERS OR TRENDS BEHIND THIS EVOLUTION?

Vishal Patel: Technology’s role in organisations has significantly transformed over the last few years. Three key drivers stand out: the need for accurate and accessible data to support business decisions, the emphasis on rapid information availability or “time to market,” and the increasing importance of technology-

enabled controlled environments, particularly in regulated industries like banking.

TE: COULD YOU ELABORATE ON SOME INSIGHTS OR CHALLENGES YOU’VE FACED IN LEADING DATA MODERNISATION PROGRAMS?

Vishal Patel: Leading data modernisation programs is inherently challenging due to the vastness and complexity of data ecosystems. However, breaking down these programs into smaller, incremental deliveries, experimenting with newer technologies within risk boundaries, maintaining a product development mindset, and driving data literacy across the organisation have been crucial strategies for success.

TE: HOW HAS IMPLEMENTING “DATA AS A SERVICE” IMPACTED WEBSTER BANK’S CAPABILITIES AND OPERATIONS?

Vishal Patel: Implementing Data as a Service has revolutionised our data capabilities. Modernising our data warehouse and creating data showrooms has empowered our user community to access curated data sets and products, driving meaningful business outcomes within a controlled environment aligned with regulatory requirements.

TE: AS WEBSTER BANK HAS GROWN ITS ASSETS UNDER MANAGEMENT (AUM), HOW HAVE REGULATORY COMPLIANCE STANDARDS IMPACTED YOUR DATA GOVERNANCE AND MANAGEMENT RESPONSIBILITY?

Vishal Patel: Regulatory compliance standards have naturally increased with the bank’s growth. This necessitates robust data governance practices to ensure risk data aggregation and reporting compliance. Viewing data governance as a continuous process and aligning it with risk management

principles has become imperative in managing regulatory expectations effectively.

TE: HOW HAS YOUR PARTNERSHIP WITH HITACHI VANTARA SUPPORTED YOUR ABILITY TO MEET REGULATORYCONTROLLED ENVIRONMENT NEEDS?

Vishal Patel: Hitachi Vantara, as a strategic vendor/partner, has been instrumental in enhancing our data governance, data quality management, and master and reference data management practices. Their solutions have supported us in our effort to create a controlled environment, ensuring data quality and governance to effectively meet controlled environment standards.

TE: WITH YOUR WEALTH OF EXPERIENCE, WHAT ADVICE DO YOU HAVE FOR INDIVIDUALS ASPIRING TO LEADERSHIP ROLES IN DATA AND ANALYTICS?

Vishal Patel: Simple. Be inclusive, lead by example, empower your team, and make decisions decisively.

TE: HOW DO YOU STAY UPDATED ON THE LATEST TRENDS AND ADVANCEMENTS IN DATA MANAGEMENT AND ANALYTICS?

Vishal Patel: I actively participate in leading industry forums and engage with the data management community. Additionally, being an advisory board member for MIT’s Center of Information Systems Research - Data Research Board Advisory keeps me connected with academic insights and allows me to pressuretest relevant ideas.

TE: CAN YOU HIGHLIGHT A PARTICULARLY CHALLENGING OR REWARDING TECHNOLOGY PROJECT FROM YOUR CAREER?

Vishal Patel: Implementing the Data as

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“Qlik's platform is a strategic data delivery channel, enabling the bank's colleagues to access and utilise data products effectively.”

VISHAL PATEL, CDO AT WEBSTER BANK

a Service initiative is challenging and rewarding. By building a modernised data ecosystem, including data governance and customer master data management platforms, we’ve created a controlled environment and empowered our user community to drive meaningful business outcomes using data.

TE: HOW DO YOU ALIGN TECHNOLOGY SOLUTIONS WITH BUSINESS GOALS TO DRIVE BOTTOM-LINE GAINS?

Vishal Patel: Technology solutions should always align with clear business outcomes. We ensure that technology drives tangible bottom-line gains by maintaining a product development mindset and measuring technology investments against defined business metrics, and support new business initiatives.

TE: FINALLY, HOW HAVE PARTNERSHIPS WITH YOUR VENDOR/PARTNERS LIKE HITACHI VANTARA, QLIK, AND TCS CONTRIBUTED TO WEBSTER BANK’S DATA MANAGEMENT FUNCTION’S SUCCESS?

Vishal Patel: Certainly. The partnerships with strategic vendors/partners like Hitachi Vantara, Qlik, and TCS have been pivotal contributors to Webster Bank’s data management success in several ways:

1. Technology Solutions: These partnerships have provided access to cutting-edge technology solutions tailored to the bank’s specific needs. Hitachi Vantara, for instance, offers robust data governance, data quality management, and master & reference data management solutions, which are critical for ensuring data integrity and data compliance standards. Qlik’s platform is a strategic data delivery channel, enabling the bank’s colleagues to access and utilise data products effectively. Conversely, TCS supports the bank’s data functions in implementing and enhancing its data ecosystem, covering areas such as data engineering, platform support, and strategic data product development.

2. Expertise and Support: Hitachi Vantara, Qlik, and TCS bring extensive expertise and experience in data management and analytics. Their teams work closely with Webster Bank’s

data management function to understand its unique requirements and challenges, providing guidance and support throughout various data initiatives’ implementation and optimisation phases. This partnership ensures that the bank’s data management function leverages industry best practices and stays ahead of the curve in data management.

3. Driving Innovation: Collaborating with leading technology partners like Hitachi Vantara, Qlik, and TCS enables Webster Bank’s data management function to drive innovation in its data strategy. These partnerships facilitate the exploration and adoption of new technologies and methodologies, empowering the bank’s data functions to stay agile and responsive to evolving business needs and market trends. By embracing innovation, Webster Bank can continuously enhance its data capabilities and deliver greater value to its customers and stakeholders.

4. Enhanced Efficiency and Performance: Webster Bank’s data management functions gains access to efficient and scalable technology solutions that streamline data management processes and enhance overall performance through these partnerships.

By leveraging strategic vendor/partners like Hitachi Vantara’s data governance and quality management tools, for example, the bank can ensure that its data assets are well-governed, reliable, and fit for use, minimising risks and maximising operational efficiency. Similarly, Qlik’s platform empowers users across the bank to access and analyse data more effectively, driving informed decision-making that potentially may support bottom-line gains.

In summary, partnerships with Hitachi Vantara, Qlik, and TCS play a critical role in Webster Bank’s data management function’s success by providing advanced technology solutions, expertise, innovation, and efficiency enhancements in data management and analytics. These ultimately enable the bank to achieve its strategic objectives and deliver superior value to its internal stakeholders.

TE: THANK YOU, VISHAL, FOR SHARING YOUR INSIGHTS AND EXPERIENCES WITH US TODAY. IT’S BEEN A PLEASURE SPEAKING WITH YOU.

Vishal Patel: Thank you for having me. It’s been my pleasure.