Over the last few years, the banking and financial services branch has seen itself repeatedly confronted with bad news. The financial crisis increased pressure on global financial markets, and since then the branch has been trying hard to restore its credibility. The processes of data acquisition, data management and financial reporting processes must improve, as they have an immediate effect on key operating figures and rating models. Increased automation of these business processes also leads to increases in efficiency; and thereby to a higher level of profitability for companies involved. But automation also requires a higher level of data quality, therefore the necessity for Professional Data Governance. Only then is effective management of customer master data and precise knowledge about the customer possible.
Compliance with the legal requirements for avoiding money laundering, as well as the implementation of international invoicing (billing) regulations – such as IFRS, and capital requirements according to Basel III – are impossible without binding, trustworthy data. Companies often have incorrect, inaccurate data and duplicates from different IT systems, meaning that the increased demands on risk management, such as prescribed by BaFin (the German Federal Financial Supervisory Authority), cannot be fulfilled. Fraud prevention measures and reliable matching against embargo lists are equally unsuccessful when based on inconsistent data. Therefore, thorough elimination of data quality problems must have the highest priority for all banks and financial service providers.
Companies from the finance industry can rely upon Uniserv as an experienced and reliable partner for professionally controlling all data governance processes. We provide the tools and solutions for creating, establishing and managing effective data governance on a sustainable basis, and thereby, ensure the reliability and traceability of data, processes and employee interactions.
In order to have the right information, in the right situation, at the right location, and available promptly for the right customer; a high quality data basis is essential. With the Uniserv Data Quality Service Hub we give you with the platform you need. The hub enables you to reliably control all tasks necessary for data governance – and therefore for data management. Our standardised processes ease for example, consolidation of data from different, heterogeneous source systems following company fusions, and ensure rapid access to representative master data.
By settling your data quality problems you create the prerequisites for thorough Risk and Compliance Management. High quality customer master data also means that you are in a position to strengthen your customer relationships, to gain a 360° customer view, and to successfully implement personalised campaigns for new customer acquisition.