Maya is leading millions of Filipinos – consumers, business, communities, and government agencies alike – into a version of the current digital economy that is more inclusive, transparent, and empowering than ever. It gives customers a mobile app as an all-in-one money platform for shopping and buying services from 63,000 partner retailers, transferring money, investing, accessing credit and even cryptocurrency trading.
Critical to ensuring every customer gets a fast, efficient and relevant banking experience is data. Besides processing millions of transactions daily, the data includes highly protected personal and financial information such as the number of active customers, the number of transactions they make, and the type and volume of features and services they click on in the app.
Melecio Valerio, Head of Data Governance at Maya, said, “We cannot decide anything without data. Maya is a data-driven organization and gearing towards AI first company and whatever data we generate – whether internal or external, structured or unstructured – is a critical business asset.”
But, as Melecio explains, data governance is essential to turning data into useful, meaningful business information. “Data is the new oil,” stated Melecio. “However, data is nothing unless you create algorithms, models and AI to consolidate the data and make sure it is good quality and fit for analysis and insight.”
In the past, managing data was fragmented with different areas and teams in the business building their own documentation, data dictionaries and lineage. There was no centralized method for developing and establishing business terms. “Our data governance team had a hard time deciding the best approach to collecting good information and sharing it with the rest of the business,” explained Melecio. “Processes were slow because people were sending out emails to lots of departments to find the data they needed and then spending time validating the data.”
Melecio knew that data governance was the key to unlocking the power of the data the business held. “We need to make sure that our data is always clean, available and accessible and that business users can find and access what they need to discover and create new data sets, as well as have a common understanding of available information and trust that it is accurate,” stated Melecio.