Banking and Capital Markets

Access to reliable and insightful information can support better and automated decision making.

Financial institutions are evolving their analytics platforms to leverage AI and ever larger and complex data sources to improve decision making.

But the success of any data science project increasingly depends on the quality and coherence of the information being ingested.

Master data management (MDM) is your approach to create a single source of accurate, high-quality data. This is your starting point for making insightful, data-driven decisions.

Understanding the relationship between the bank and its customers across multiple lines of businesses and touchpoints has never been more important.

Knowing your customers and their relationships is key to:

• Develop customer loyalty
• Identify new products and services that are relevant
• Verify entities for risk and fraud mitigation

Having access to a single source of customer data that is gathered from many sources, validated, enriched and prepared for distribution enables you to employ a unified customer view and use trusted information that is fit for purpose.

Meeting evolving customer needs requires support of fintech partners and open banking initiatives, such as the EU’s Payment Service Directive, PSD2. Sources of trusted reference data also enable you to engage customers with new touchpoints and services such as bots, automated origination and financial health analysis.

And, enabled by master data governance, your trusted data sources empower you to collaborate on the definition and distribution of offers that are more customer-centric, personalized and transparent.

The growing size and complexity of data makes it a challenge to keep up with the latest compliance regulations. The bank’s mission critical data must be transparent to facilitate auditable compliance and reporting whether it’s to:

• Support solvency and RDA (BCBS 239, CCAR etc.)
• Fight fraud, terrorism and money laundering (AMLD, AML/CFT, FATF etc.)
• Respect consent (GDPR, CCPA etc.)

Data transparency is needed to:

• Ensure your RDA processes are using master data that can be trusted
• Automate the collection, organization and dissemination of your key business facts – party data, product data, security data and more
• Put an accountable organization in charge of making sure that data is measurable and fit for purpose

MDM gives you the ability to control the accountability and transparency that is required of your master data in support of your compliance initiatives.

Changing customer behavior – whether individuals or corporations – compels banking companies to rethink their products and services.

The requirements of digital transformation and the development of ever deeper probing regulatory compliance are moving financial services organizations to implement tighter, and more transparent, business controls around information.

Consequently, IT leaders and architects are getting involved in initiatives to allow better access to accurate data sources that are trusted and insightful.

Successfully implementing digital transformation and managing risk and compliance hinges on your master data governance.