The financial services industry today faces three challenges that have been accelerated by the worldwide economic downturn. Changes in the competitive landscape—new competitors, mergers and acquisitions, new markets—make it essential for banks and other providers to move to a more customer-centric model, which includes offering a new generation of wireless and mobile services. Firms must find ways to reduce risk and take costs out of doing business. And, of course, companies need a way to navigate an increasingly complex regulatory environment.
Many financial services firms already were struggling to meet these challenges. Organizations were dealing with conflicting and disparate data sources, often based on outmoded product silos. As transaction volumes increase, and move to wireless access, firms face the new challenge of ensuring data entering the system is accurate, reflects the correct customer relationship, has been screened to the proper watchlists and meets data privacy requirements.
Financial services institutions today need to create a system that accurately tracks all the ways an individual interacts with the company in order to support the development of new products and services, support more efficient and effective operation, and to prevent money laundering and other fraudulent activities. At a minimum, that requires a strong data quality effort that can handle the influx of mobile transactions. But for many financial services companies, a powerful and scalable master data management solution, such as provided by Ataccama Master Data Center, is becoming a requirement for doing business.
Financial services organizations have unique challenges and business drivers and need to leverage their data into trustworthy, actionable, and authoritative information. Industry specific applications include the following:
- Single view of the customer for marketing
- Product ownership, predictive modeling
- Cross-sell, up-sell
- Campaign targeting
- Private individual and commercial entity relationships
- Risk management
- Fraud prevention
- Application / Credit Scoring
- consolidated info for scoring
- improved identification
- Reporting/performance management
- monitoring DQ in the DWH loads
- providing clean and consistent data for reporting
- Group/level data consolidation
- Data consolidation after M&As
- Regulatory requirements
- anti-money laundering
- Basel II
Your Real World Example
By integrating Ataccama Data Quality Center into its transactional messaging platform, a major European retail bank is able to cleanse and keep data current—from multiple lines of business—in batch and real time, fulfilling regulatory reporting requirements. The project, part of larger SOA and data architecture initiatives, was so successful the bank has expanded it to support a more customer-centric (and more profitable) way of doing business.
- Data from multiple systems synchronized into a customer master data hub
- Ability to quickly perform credit scoring analysis, reducing lending risk
- Enabled adherence to privacy mandates regarding client consent records
- Ability to report out assets/liabilities management with timely and accurate details
- Data remediation processes callable as a service throughout the enterprise
- Prevention of erroneous data from entering systems with a DQ Firewall
- Provable and measurable ROI with coordinated and well-managed phased roll-out
- 30 million client instances and 65 million address records
- Hardware: Operational Data Store = RAC, 4 CPUs, 16 GB Ram