Category Archives: Financial Services

Banking and Insurance Sessions at Informatica World 2014

Informatica World 2014Financial services is one of the most data-centric industries in the world.  Clean, connected, and secure data is critical to satisfy regulatory requirements, improve customer experience, grow revenue, avoid fines, and ultimately change the world of banking and insurance. Data management improvements have been made and several of the leading companies are empowered by Informatica.

Who are these companies and what are they doing with Informatica?

To find out more, register and attend Informatica World 2014, May 12-15 at the Cosmopolitan Hotel, in Las Vegas.

Fifteen of the top financial services companies will share their stories and success leveraging Informatica for their most critical business needs. These include:

Informatica World 2014 will have over 100 breakout sessions covering a wide range of topics for Line of Business Executives, IT decision makers, Architects, Developers, and Data Administrators. Our great keynote line up includes Informatica executives Sohaib Abbasi (Chief Executive Officer), Ivan Chong (Chief Strategy Officer), Marge Breya (Chief Marketing Officer) and Anil Chakravarthy (Chief Product Officer). Our series of speakers will share Informatica’s vision for this new data-centric world and explain innovations that will propel the concept of a data platform to an entirely new level.

Register today so you don’t miss out.

We look forward to seeing you in May!

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Posted in Business Impact / Benefits, Financial Services, Informatica World 2014 | Tagged , , , | Leave a comment

Customer Centric Financial Services

Customer Centric Finance eBookThe business of financial services is transforming before our eyes. Traditional banking and insurance products have become commoditized. As each day passes, consumers demand increasingly personalized products and services. Social and mobile channels continue to overthrow traditional communication methods. To survive and grow in this complex environment, financial institutions must do three things:

  1. Attract and retain the best customers
  2. Grow wallet share
  3. Deliver top-notch customer experience across all channels and touch points

The finance industry is traditionally either product centric or account centric. However, to succeed in the future, financial institutions must become customer centric. Becoming customer-centric requires changes to your people, process, technology, and culture. You must offer the right product or service to the right customer, at the right time, via the right channel. To achive this, you must ensure alignment between business and technology leaders. It will require targeted investments to grow the business, particularly the need to modernize legacy systems.

To become customer-centric, business executives are investing in Big Data and in legacy modernization initiatives. These investments are helping Marketing, Sales and Support organizations to:

  • Improve conversion rates on new marketing campaigns on cross-sell and up-sell activities
  • Measure customer sentiment on particular marketing and sales promotions or on the financial institution as a whole
  • Improve sales productivity ratios by targeting the right customers with the right product at the right time
  • Identify key indicators that determine and predict profitable and unprofitable customers
  • Deliver an omni-channel experience across all lines of business, devices, and locations

At Informatica, we want to help you succeed. We want you to maximize the value in these investments. For this reason, we’ve written a new eBook titled: “Potential Unlocked – Improving revenue and customer experience in financial services”. In the eBook, you will learn:

  • The role customer information plays in taking customer experience to the next level
  • Best practices for shifting account-centric operations to customer-centric operations
  • Common barriers and pitfalls to avoid
  • Key considerations and best practices for success
  • Strategies and experiences from best-in-class companies

Take a giant step toward Customer-Centricity: Download the eBook now.

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Posted in Banking & Capital Markets, Financial Services | Tagged , , | Leave a comment

Death of the Data Scientist: Silver Screen Fiction?

Maybe the word “death” is a bit strong, so let’s say “demise” instead.  Recently I read an article in the Harvard Business Review around how Big Data and Data Scientists will rule the world of the 21st century corporation and how they have to operate for maximum value.  The thing I found rather disturbing was that it takes a PhD – probably a few of them – in a variety of math areas to give executives the necessary insight to make better decisions ranging from what product to develop next to who to sell it to and where.

Who will walk the next long walk.... (source: Wikipedia)

Who will walk the next long walk…. (source: Wikipedia)

Don’t get me wrong – this is mixed news for any enterprise software firm helping businesses locate, acquire, contextually link, understand and distribute high-quality data.  The existence of such a high-value role validates product development but it also limits adoption.  It is also great news that data has finally gathered the attention it deserves.  But I am starting to ask myself why it always takes individuals with a “one-in-a-million” skill set to add value.  What happened to the democratization  of software?  Why is the design starting point for enterprise software not always similar to B2C applications, like an iPhone app, i.e. simpler is better?  Why is it always such a gradual “Cold War” evolution instead of a near-instant French Revolution?

Why do development environments for Big Data not accommodate limited or existing skills but always accommodate the most complex scenarios?  Well, the answer could be that the first customers will be very large, very complex organizations with super complex problems, which they were unable to solve so far.  If analytical apps have become a self-service proposition for business users, data integration should be as well.  So why does access to a lot of fast moving and diverse data require scarce PIG or Cassandra developers to get the data into an analyzable shape and a PhD to query and interpret patterns?

I realize new technologies start with a foundation and as they spread supply will attempt to catch up to create an equilibrium.  However, this is about a problem, which has existed for decades in many industries, such as the oil & gas, telecommunication, public and retail sector. Whenever I talk to architects and business leaders in these industries, they chuckle at “Big Data” and tell me “yes, we got that – and by the way, we have been dealing with this reality for a long time”.  By now I would have expected that the skill (cost) side of turning data into a meaningful insight would have been driven down more significantly.

Informatica has made a tremendous push in this regard with its “Map Once, Deploy Anywhere” paradigm.  I cannot wait to see what’s next – and I just saw something recently that got me very excited.  Why you ask? Because at some point I would like to have at least a business-super user pummel terabytes of transaction and interaction data into an environment (Hadoop cluster, in memory DB…) and massage it so that his self-created dashboard gets him/her where (s)he needs to go.  This should include concepts like; “where is the data I need for this insight?’, “what is missing and how do I get to that piece in the best way?”, “how do I want it to look to share it?” All that is required should be a semi-experienced knowledge of Excel and PowerPoint to get your hands on advanced Big Data analytics.  Don’t you think?  Do you believe that this role will disappear as quickly as it has surfaced?

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Posted in Big Data, Business Impact / Benefits, CIO, Customer Acquisition & Retention, Customer Services, Data Aggregation, Data Integration, Data Integration Platform, Data Quality, Data Warehousing, Enterprise Data Management, Financial Services, Healthcare, Life Sciences, Manufacturing, Master Data Management, Operational Efficiency, Profiling, Scorecarding, Telecommunications, Transportation, Uncategorized, Utilities & Energy, Vertical | Tagged , , , , | 1 Comment

Murphy’s First Law of Bad Data – If You Make A Small Change Without Involving Your Client – You Will Waste Heaps Of Money

I have not used my personal encounter with bad data management for over a year but a couple of weeks ago I was compelled to revive it.  Why you ask? Well, a complete stranger started to receive one of my friend’s text messages – including mine – and it took days for him to detect it and a week later nobody at this North American wireless operator had been able to fix it.  This coincided with a meeting I had with a European telco’s enterprise architecture team.  There was no better way to illustrate to them how a customer reacts and the risk to their operations, when communication breaks down due to just one tiny thing changing – say, his address (or in the SMS case, some random SIM mapping – another type of address).

Imagine the cost of other bad data (thecodeproject.com)

Imagine the cost of other bad data (thecodeproject.com)

In my case, I  moved about 250 miles within the United States a couple of years ago and this seemingly common experience triggered a plethora of communication screw ups across every merchant a residential household engages with frequently, e.g. your bank, your insurer, your wireless carrier, your average retail clothing store, etc.

For more than two full years after my move to a new state, the following things continued to pop up on a monthly basis due to my incorrect customer data:

  • In case of my old satellite TV provider they got to me (correct person) but with a misspelled last name at my correct, new address.
  • My bank put me in a bit of a pickle as they sent “important tax documentation”, which I did not want to open as my new tenants’ names (in the house I just vacated) was on the letter but with my new home’s address.
  • My mortgage lender sends me a refinancing offer to my new address (right person & right address) but with my wife’s as well as my name completely butchered.
  • My wife’s airline, where she enjoys the highest level of frequent flyer status, continually mails her offers duplicating her last name as her first name.
  • A high-end furniture retailer sends two 100-page glossy catalogs probably costing $80 each to our address – one for me, one for her.
  • A national health insurer sends “sensitive health information” (disclosed on envelope) to my new residence’s address but for the prior owner.
  • My legacy operator turns on the wrong premium channels on half my set-top boxes.
  • The same operator sends me a SMS the next day thanking me for switching to electronic billing as part of my move, which I did not sign up for, followed by payment notices (as I did not get my invoice in the mail).  When I called this error out for the next three months by calling their contact center and indicating how much revenue I generate for them across all services, they counter with “sorry, we don’t have access to the wireless account data”, “you will see it change on the next bill cycle” and “you show as paper billing in our system today”.

Ignoring the potential for data privacy law suits, you start wondering how long you have to be a customer and how much money you need to spend with a merchant (and they need to waste) for them to take changes to your data more seriously.  And this are not even merchants to whom I am brand new – these guys have known me and taken my money for years!

One thing I nearly forgot…these mailings all happened at least once a month on average, sometimes twice over 2 years.  If I do some pigeon math here, I would have estimated the postage and production cost alone to run in the hundreds of dollars.

However, the most egregious trespass though belonged to my home owner’s insurance carrier (HOI), who was also my mortgage broker.  They had a double whammy in store for me.  First, I received a cancellation notice from the HOI for my old residence indicating they had cancelled my policy as the last payment was not received and that any claims will be denied as a consequence.  Then, my new residence’s HOI advised they added my old home’s HOI to my account.

After wondering what I could have possibly done to trigger this, I called all four parties (not three as the mortgage firm did not share data with the insurance broker side – surprise, surprise) to find out what had happened.

It turns out that I had to explain and prove to all of them how one party’s data change during my move erroneously exposed me to liability.  It felt like the old days, when seedy telco sales people needed only your name and phone number and associate it with some sort of promotion (back of a raffle card to win a new car), you never took part in, to switch your long distance carrier and present you with a $400 bill the coming month.  Yes, that also happened to me…many years ago.  Here again, the consumer had to do all the legwork when someone (not an automatic process!) switched some entry without any oversight or review triggering hours of wasted effort on their and my side.

We can argue all day long if these screw ups are due to bad processes or bad data, but in all reality, even processes are triggered from some sort of underlying event, which is something as mundane as a database field’s flag being updated when your last purchase puts you in a new marketing segment.

Now imagine you get married and you wife changes her name. With all these company internal (CRM, Billing, ERP),  free public (property tax), commercial (credit bureaus, mailing lists) and social media data sources out there, you would think such everyday changes could get picked up quicker and automatically.  If not automatically, then should there not be some sort of trigger to kick off a “governance” process; something along the lines of “email/call the customer if attribute X has changed” or “please log into your account and update your information – we heard you moved”.  If American Express was able to detect ten years ago that someone purchased $500 worth of product with your credit card at a gas station or some lingerie website, known for fraudulent activity, why not your bank or insurer, who know even more about you? And yes, that happened to me as well.

Tell me about one of your “data-driven” horror scenarios?

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Posted in Banking & Capital Markets, Business Impact / Benefits, Business/IT Collaboration, Complex Event Processing, Customer Acquisition & Retention, Customer Services, Customers, Data Aggregation, Data Governance, Data Privacy, Data Quality, Enterprise Data Management, Financial Services, Governance, Risk and Compliance, Healthcare, Master Data Management, Retail, Telecommunications, Uncategorized, Vertical | Tagged , , , , , , , , , | Leave a comment

Inside Dreamforce ’13: Why sales may be building 360-degree customer views outside Salesforce

I had a disturbing conversation at Dreamforce. Long story short, thousands of highly skilled and highly paid financial advisors (read sales reps) at a large financial services company are spending most of their day pulling together information about their clients in a spreadsheet, leaving only a few hours to engage with clients and generate revenue.

Not all valuable customer information is in Salesforce

360_degree_city-1024x640

Are you in sales? Your time is too valuable to squander on jobs technology can do. Stop building 360-degree customer views in spreadsheets. Get it delivered in Salesforce.

Why? They don’t have a 360-degree customer view within Salesforce.

Why not? Not all client information that’s valuable to the financial advisors is in Salesforce.  Important client information is in other applications too, such as:

  • Marketing automation application
  • Customer support application
  • Account management applications
  • Finance applications
  • Business intelligence applications

Are you in sales? Do you work for a company that has multiple products or lines of business? Then you can probably relate. In my 15 years of experience working with sales, I’ve found this to be a harsh reality. You have to manually pull together customer information, which is a time-consuming process that doesn’t boost job satisfaction.

Stop building 360-degree customer views in spreadsheets 

So what can you do about it? Stop building 360-degree customer views in spreadsheets. There is a better way and your sales operations leader can help.

One of my favorite customer success stories is about one of the world’s leading wealth management companies, with 16,000 financial advisors globally.  Like most companies, their goal is to increase revenue by understanding their customers’ needs and making relevant cross-sell and up-sell offers.

But, the financial advisors needed an up-to-date view of the “total customer relationship” with the bank before they talked to their high net-worth clients. They wanted to appear knowledgeable and offer a product the client might actually want.

Can you guess what was holding them back? The bank operated in an account-centric world. Each line of business had its own account management application. To get a 360-degree customer view, the financial advisors spent 70% of their time pulling important client information from different applications into spreadsheets. Sound familiar?

Once the head of sales realized this, he decided to invest in information management technology that provides clean, consistent and connected customer information and delivers a 360-degree customer view within Salesforce.

The result? They’ve had a $50 million dollar impact annually and a 30% increase in productivity. In fact, word spread to other banks and the 360-degree customer view in Salesforce became an incentive to attract top talent in the industry.

Ask sales operations to give you 360-degree customer views within Salesforce

I urge you to take action. In particular, talk to your sales operations leader if he or she is at all interested in improving performance and productivity, acquiring and retaining top sales talent, and cutting costs.

Want to see how you can get 360-degree customer views in Salesforce? Check out this demo: Enrich Customer Data in Your CRM Application with MDM. Then schedule a meeting with your sales operations leader.

Have a similar experience to share? Please share it in the comments below.

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Posted in Customer Acquisition & Retention, Customers, Data Integration, Data Quality, Financial Services, Master Data Management, Operational Efficiency, Uncategorized | Tagged , , , , | Leave a comment

Managing Risk and Compliance in Financial Services with Informatica Vibe!

Last week at Informatica World 2013, Informatica introduced Vibe, the industry’s first and only embeddable virtual data machine (VDM), designed to embed data management into the next generation of applications for the integrated information age. This unique capability offers technology for banks and insurance companies to scale and improve their data management, integration, and governance processes to manage risk and ensure ongoing compliance with a host of industry regulations from Basel III, Dodd Frank, to Solvency II. Why is Vibe unique and how does it help with risk management and regulatory compliance? 

The data required for risk and compliances originates from tens if not hundreds of systems across all lines of business including loan origination systems, loan servicing, credit card processors, deposit servicing, securities trading, brokerage, call center, online banking, and more. Not to mention external data providers for market, pricing, positions, and corporate actions information.  The volumes are greater than ever, the systems range from legacy mainframe trading systems to mobile banking applications, the formats vary across the board from structured, semi-structured, and unstructured, and a wide range of data standards must be dealt with including MISMO®, FpML®, FIX®, ACORD®, to SWIFT to name a few.  Take all that into consideration and the data administration, management, governance, and integration work required is massive, multifaceted, and fraught with risk and hidden costs often caused by custom coded processes or use of standalone tools.

The Informatica Platform and Vibe can help by allowing our customers to take advantage of ever evolving data technologies and innovations without having to recode and develop a lean data management process that turns unique works of art into reusable artifacts across the information supply chain. In other words, Vibe powers the unique “Map Once. Deploy Anywhere.” capabilities of the Informatica Platform accelerates project delivery by 5x and makes the entire data lifecycle easier to manage and eliminates the risks, costs, and short lived value associated with hand coding or using standalone tools to do this work.  Here are some examples of Vibe for risk and compliance:

  • Built data quality rules to standardize address information, remove or consolidate duplicates, translate or standardize reference data, and other critical information to calculate risk within your ETL process or as a “Data Quality Validation” service in upstream systems
  • Build rules to standardize wire transfer data to the latest SWIFT formats within your payment hubs as well as leverage the same rules in facilitating payment transactions with your counterparties.
  • Build and execute complex parsing and transformation processes leveraging the power of Hadoop to handle large volumes of structured and unstructured data to analytics and utilize the same rules in downstream credit, operational, and market risk data warehouses.
  • Define standard data masking rules once, and leverage it when using data with sensitive information for testing and develop as well as enforcing data access rights for ongoing data privacy compliance.

 The “Map Once. Deploy Anywhere.” capabilities inherent to Vibe drive:

  • Faster adoption of new technologies and data – Banks and insurance companies can take rapid advantage of new data and technologies without having to know the details of the underlying platform, or having to hire highly specialized and costly programming resources. 
  • Reduced complexity through insulation from change – When data type, volume, source, platform or users change, financial institutions can simply redeploy their existing data integration instructions without re-specification, redesign or redevelopment on a new integration technology – like Hadoop.

Vibe is NOT a new product offering. It is a unique capability that Informatica supports through our existing platform comprised of our Data Integration, Data Quality, Master Data Management, and Informatica Life Cycle Management products.  Whether it is Dodd Frank, Basel III, FATCA, or Solvency II, with Vibe, banks and insurance companies can ensure they have the right data and increase the potential to improve how they measure risk and ensure regulatory compliance. Visit Informatica’s Banking/Capital Markets and Insurance industry solutions section of our website for more information on how we help today’s global financial services industry.

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Posted in Banking & Capital Markets, Data Governance, Data Integration, Data Integration Platform, Data Quality, Financial Services | Tagged , | Leave a comment

Financial Services Sessions at Informatica World 2013

Data is one of the most important and value assets to banks and insurance companies across the globe to help comply with industry regulations, improve customer experience, find new revenue opportunities, and reduce the cost of doing business. These are universal needs and challenges and Informatica’s industry leading solutions have helped over 780 financial services institutions increase their potential to achieve business success.

At Informatica World 2013, June 4-7 at the Aria Resort and Casino in Las Vegas, Nevada, we will be showcasing a wealth of valuable information to maximize value from your data assets and technology investments. The event includes over 100 interactive and informative breakout sessions across 6 dedicated tracks on (Platform & Products, Architecture, Best Practices, Big Data, Hybrid IT and Tech Talk).

There will also be a financial services path including guest speakers from the banking and insurance industry and from our Financial Services experts including:

  • Morgan Stanley Wealth Management: Accelerating Business Growth While Protecting Sensitive Data: Find how Morgan Stanley built one of the largest Informatica platforms to mask and process over 150 thousand objects used by more than 1,000 applications globally and comply with today’s data privacy regulations.
  • Wells Fargo Bank’s Data Governance Journey with Informatica: Hear and learn about Wells Fargo’s data governance strategy, program, and how Informatica is used to deliver actionable, transparent, and trusted data to the business.
  • Liberty Mutual Insurance:  Architecture and Best Practices with Informatica Data Integration:  Learn how Informatica Data Integration’s metadata-driven architecture helps scale and support large data volumes and meet enterprise Liberty Mutual’s demands for performance and compliance.
  • Addressing Top Business Priorities in Banking and Insurance with MDM: Peter Ku, Senior Director of Financial Services Industry solutions share how Master Data Management is being used in Banking and Insurance to help address top business imperatives from regulatory compliance to finding new revenue opportunities. 

Register today at www.informaticaworld.com and I look forward to seeing you there!

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Posted in Banking & Capital Markets, Financial Services | Tagged , , | Leave a comment

Bankers, Insurers – How Customer Centric Are You?

The need to be more customer-centric in financial services is more important than ever as banks and insurance companies look for ways to reduce churn as those in the industry know that loyal customers spend more on higher margin products and are likely to refer additional customers. Bankers and insurers who understand this, and get this right, are in a better position to maintain profitable and lasting customer loyalty and reap significant financial rewards. The current market conditions remain significant and will be difficult to overcome without the right information management architecture to help companies be truly customer centric. Here’s why:

  • Customer satisfaction with retail banks has decreased for four consecutive years, with particularly low scores in customer service.[1] Thirty-seven percent of customers who switched primary relationships cited in an industry survey showed poor customer service as the main reasons.
  • The commoditization of traditional banking and insurance products has rapidly increased client attrition and decreased acquisition rates. Industry reports estimate that banks are losing customers at an average rate of 12.5% per year, while average acquisition rates are at 13.5%, making acquisitions nearly a zero-sum game. Further, the cost of acquiring new customers is estimated at five times the rate of retaining existing ones.
  • Switching is easier than ever before. Customer churn is at an all-time high in most European countries. According to an industry survey, 42 percent of German banking customers had been with their main bank for less than a year. As customer acquisition costs running between of €200 to €400, bankers and insurers need to keep their clients at least 5 to 7 years to simply break even.
  • Mergers and acquisitions impact even further the complexity and risks of maintaining customer relationships. According to a recent study, 17 percent of respondents who had gone through a merger or acquisition had switched at least one of their accounts to another institution after their bank was acquired, while an additional 31 percent said they were at least somewhat likely to switch over the next year.[2]

Financial services professionals have long recognized the need to manage customer relationships vs. account relationships by shifting away from a product-centric culture toward a customer-centric model to maintain client loyalty and grow their bottom lines organically. Here are some reasons why:

  • A 5% increase in customer retention can increase profitability by 35% in banking, 50% in brokerage, and 125% in the consumer credit card market.[3]
  • Banks can add more than $1 million to the profitability of their commercial banking business line by simply extending 16 of these large corporate relationships by one year, or by saving two such clients from defecting. In the insurance sector, a one percent increase in customer retention results in $1M in revenue.
  • The average company has between a 60% and 70% probability of success selling more services to a current customer, a 20% to 40% probability of selling to a former customer, and a 5% to 20% probability of making a sale to a prospect.[4]
  • Up to 66% of current users of financial institutions’ social media sites engage in receiving information about financial services, 32% use it to retrieve information about offers or promotions and 30% to conduct customer service related activities.[5]

So what does it take to become more Customer-centric?

Companies who have successful customer centric business models share similar cultures of placing the customer first, people who are willing to go that extra mile, business processes designed with the customer’s needs in mind, product and marketing strategy that is designed to meet a customer’s needs, and technology solutions that helps access and deliver trusted, timely, and comprehensive information and intelligence across the business. These technologies include

Why is data integration important? Customer centricity begins with the ability to access and integrate your data regardless of format, source system, structure, volume, latency, from any location including the cloud and social media sites. The data business needs originates from many different systems across the organization and outside including new Software as a Service solutions and cloud based technologies. Traditional hand coded methods and one off tools and open source data integration tools are not able to scale and perform to effectively and efficiently access, manage, and deliver the right data to the systems and applications in the front lined. A the same time, we live in the Big Data era with increasing transaction volumes, new channel adoption including mobile devices and social media combined generating petabytes of data of which to support a capable and sustainable customer centric business model, requires technology that can handle this complexity, scale with the business, while reducing costs and improving productivity.

Data quality issues must be dealt with proactively and managed by both business and technology stakeholders.  Though technology itself cannot prevent all data quality errors from happening, it is a critical part of your customer information management process to ensure any issues that exist are identified and dealt with in an expeditious manner. Specifically, a Data Quality solution that can help detect data quality errors in any source, allow business users to define data quality rules, support seamless consumption of those rules by developers to execute, dashboards and reports for business stakeholders, and ongoing quality monitoring to deal with time and business sensitive exceptions. Data quality management can only scale and deliver value if an organization believes and manages data as an asset. It also helps to have a data governance framework consisting of processes, policies, standards, and people from business and IT working together in the process.

Lastly, growing your business, improving wallet share, retaining profitable relationships, and lowering the cost of managing customer relationships requires a single, trusted, holistic, and authoritative source of customer information.  Managing customer information has historically been in applications across traditional business silos that lacked any common processes to reconcile duplicate and conflicting information across business systems.  Master Data Management solutions are purposely designed to help breakdown the traditional application and business silos and helps deliver that single view of the truth for all systems to benefit.  Master Data Management allows banks and insurance companies to access, identity unique customer entities, relate accounts to each customer, and extend that relationship view across other customers and employees including relationship bankers, financial advisors, to existing agents and brokers.

The need to attract and retain customers is a continuous journey for the financial industry however that need is greater than ever before. The foundation for successful customer centricity requires technology that can help access and deliver trusted, timely, consistent, and comprehensive customer information and insight across all channels and avoid the mistakes of the past, allow you to stay ahead of your competition, and maximize value for your shareholders.

[1] 2010 UK Retail Banking Satisfaction Study, J.D. Power and Associates, October 2010.

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Posted in Customer Acquisition & Retention, Data Governance, Data Integration, Data Quality, Financial Services, Master Data Management, Vertical | Tagged , , , , , , , | Leave a comment

Maximize the Potential Business Value from New Core Banking/Insurance Application Investments

 

According to the IDC Financial Insights 2013 Predictions report, financial institutions across most regions are getting serious about updating their legacy systems to improve reduce operating costs, automate labor intensive processes, improve customer experiences, and avoid costly disruptions. Transforming a bank’s core systems or insurance provider’s main business systems is a strategic decision that has far-reaching implications on the firm’s future business strategies and success. When done right, the capabilities offered in today’s modern banking and insurance platforms can propel a company in front of their competition or be the nail in the coffin if your data is not migrated correctly, safeguards are not in place to protect against unwanted data breaches, and if you are not able to decommission those old systems as planned.  

One of the most important and critical phases of any legacy modernization project is the process of migrating data from old to new.  Migrating data involves:

  • Ability to access existing data in the legacy systems
  • Understand the data structures that need to be migrated
  • Transform and execute one-to-one mapping with the relevant fields in the new system
  • Identify data quality errors and other gaps in the data
  • Validate what is entered into the new system by identifying transformation or mapping errors
  • Seamlessly connect to the target tables and fields in the new system

Sounds easy enough right?  Not so fast! (more…)

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Posted in Application ILM, Application Retirement, Data Archiving, Data Governance, Data Integration, Data Quality, Financial Services | Tagged , , , , , | 1 Comment

Is Your Customer and Employee Information Safe?

Personally Identifiable Information is under attack like never before.  In the news recently two prominent organizations—institutions—were attacked.  What happened:

  • A data breach at a major U.S. Insurance company exposed over a million of their policyholders to identity fraud.  The data stolen included Personally Identifiable information such as names, Social Security numbers, driver’s license numbers and birth dates.  In addition to Nationwide paying million dollar identity fraud protection to policyholders, this breach is creating fears that class action lawsuits will follow. (more…)
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Posted in Application ILM, Big Data, Data masking, Financial Services, Public Sector | Tagged , , , , , , , , , , | 1 Comment