Data Management Best Practices Applied at an Investment Bank
INCREASED DATA ACCURACY TO 98%
A clearer view of customers enabled more effective communications, marketing and compliance
REDUCED SERVICING COSTS
Elimination of inaccurate and duplicate records reduced unnecessary correspondence and customer-service issues
Improved accuracy and governance improved data visibility, compliance and use enterprise wide
WHEN 1+1 = A MASSIVE DATA MANAGEMENT PROBLEM
When two major institutions merged, each had its own data governance structures in place. Yet, when their data was comingled, significant issues began to emerge.
- Records violated relational integrity and personally identifiable information (PII) was impaired.
- Duplicate and misdelivered correspondence rose sharply, putting privacy, compliance and customer experience at risk
The newly merged organization struggled to assess the magnitude of its issues, let alone address them. It partnered with Broadridge Consulting Services to size and remedy its data problems.
BROADRIDGE RESTORES ORDER
Experts at Broadridge Consulting Services performed a deep analysis of the firm’s client data, focusing on the source of impairments. They uncovered incomplete and inaccurate records, and other systemic data issues. To mitigate future concerns, the team built custom proprietary utilities to perform IRS comparison lookups and reconcile data to other internal and external industry sources. They established a “golden source” of reference data and a methodical, automated data remediation program.
The initial data set had millions of flawed data records. The methodology that Broadridge Consulting Services developed produced a detailed scorecard for tracking and measuring data quality improvements. With the remediation program completed and relational integrity restored, data accuracy increased to 98 percent, dramatically reducing operations and maintenance costs while improving risk management metrics.
- Mitigated compliance risk
- Improved PII protections
- Eliminated duplicate and orphaned record
- Reduced operational costs