In today’s complex environment, converging influences of regulatory requirements like Basel II, KYC, Comprehensive Capital Assessment & Review and aging legacy systems, internal cost pressures, aggressive settlement times has led to the necessity of re-engineering of the back offices of financial institutions.
However with businesses concentrating their efforts on their core competencies directly linked to their revenue-generating goals look outside for meeting this non-core but important functions.
In the context of data acquisition and management, financial institutions share following key issues:
- Problems related to the enterprise management of "master" data
- Capture and distribution of fundamental reference data which continues to grow exponentially
- Data quality as a business issue driven by interoperability and compliance requirements
- Lack of a single consistent enterprise view of core business data elements
Data Management Prioritization
Businesses suffer profitability risk from bad pricing, risk to reputation due to avoidable errors, regulatory risk from missing reporting deadlines, etc. which all signifies the importance of data management prioritization.Other initiatives like risk data aggregation, single view of customer, integrated risk management and straight through processing has made reference data one of the premiere issues in financial services.Today, success of a bank's core business depends on the quality and completeness of their client’s and product’s data.
Need for clean and correct Data
Business-making opportunities are directly dependent on the availability and accuracy of reference data. Incorrect data is a drag on earnings and worse it may seep into decision-making making it necessary to have a mechanism to obtain clean data.
- As firms move to straight through processing, technical applications must work on consistent data to reduce process breaks and manual intervention
- Corporate events like M&As and spin offs require constant update of important and mandatory data without which decision-making can be flawed
- Newly enacted Patriotic act and Anti-money laundry initiative have placed even harder requirements on financial institutions to know their customers
Though correct and consumable data is imperative, the process to obtain this is time-consuming, expensive, requiring long-term commitment of like-minded data engineers not a preferred function in the financial institutions.
Solve the Data Puzzle with CreditDimensions
Xoriant has considerable experience and a holistic understanding of unique challenges of Data Management gained by working with global financial institutions.Xoriant bolstered its Data Management Practice by acquiring CreditDimensions. CreditDimensions offers comprehensive master data management applications for financial firms that help them manage their customer data and other entity information in completing their business transactions, risk analysis or regulatory compliance. The approach adopted to define the solutions:
- Understand the real problem areas
- Create economies of scale
- Form an inexpensive and highly qualified force
- Apply state of the art technology to take on this challenge collaborate on the design
- Use a six-sigma influenced methodology to reduce the costs of rework
Indicative operational environment
The CreditDimensions solutions are streamlined and easy to install, requiring minimum setup time without sacrificing flexibility. Whereas generalized MDM solutions frequently require extensive customization before business teams can start using them, CreditDimensions plug and play modules are ready to use and also reusable. Your teams can extend functionality from this core platform to create custom applications for your data management needs in record time.
For more information on the offerings, please visit http://www.creditdimensions.com/