Make Effective Data Management a Part of Your Strategy

• Knowing where your data is located
• Recognizing which data sets are deficient
• Cleaning up and maintaining your data
• Optimizing data modifying processes to ensure accuracy, and avoid unnecessary duplication
• Understanding the interaction of your data with your compliance controls and processes

• Customer experience
• Operational efficiency
• Regulatory compliance

• Missing
• Incorrect
• Incomplete
• Out of date

The cost of poor quality data

Poor data quality costs businesses $14.2M every year1

Keeping multiple different customer portfolios is costly

• Unnecessary redundant processes and costs
• Inconsistent customer records

An unconsolidated view of a customer is risky 

• Partial and disparate assessment of risk
• Disjointed operational processes

Unreliable customer records drive inefficiency

• Incomplete customer information typically results in multiple touchpoints
• Inaccurate or unavailable identifiers hamper the ability to automate processes
• Always asking your customer for information results in customer friction and unnecessary added expense
• Most businesses rely on the customer to notify of changes on their data
• As more customer interaction becomes virtual, customers often do not proactively notify of changes or respond to requests for updated information 
• Customer iterations create friction and expense

HELPING TO MEET COMMON GOALS OF FINANCIAL SERVICES ORGANIZATIONS

Increased focus and scrutiny on customer data quality

• Ensuring that organizations have complete and accurate data for their customers – Hygiene, Validating their customer data, “backfill of missing/incomplete data”
• Credit Bureau Header reporting completeness and accuracy

Heightened regulatory expectations

• Executive accountability for AML, KYC and filtering effectiveness
• Increasing focus on risk data architecture and risk data aggregation

Compliance  

• Increase efficiency, accuracy and ability to comply with increasing regulations
• Screening accuracy and operational effectiveness and accuracy