BFSI

Today, banks and financial services companies engage with customers across multiple channels from physical branches and telephone support through to online services and new mobile applications. These channels have to support a wide range of financial products. This result in a wealth of customer information that is often stored in isolated data silos due to scaling limitations imposed by existing IT infrastructures.

The challenge here is not that banks don’t have this data – indeed, many banks have been building data lakes for years. Instead, it is difficult for them to get this data into a useful form that can be used at the “point of customer value.”

An enhanced 360-degree view of the customer is a holistic approach that takes into account all available and meaningful information about the customer to drive better engagement, more revenue and long term loyalty. It combines data exploration, data governance, data access, data integration and analytics in a solution that harnesses the volume, velocity and variety.

Today’s customers are free to explore all possible sources before they commit to a product or service. They have instant access to product information, independent evaluations both from experts and through crowd sourcing websites, and advice and price options from multiple vendors.

This trend has fundamentally changed the buyer-seller relationship and raised customer expectations. Customers can access a wealth of information about sellers and their products or services; they can also find out when goods are shipped, track their shipments and receive real-time updates on delivery.

Starcom offers 360 degree view of customer solutions that can help, analyse, cleanse, and remove duplicate customer information enables smarter decision making, effective cross selling & up selling ultimately the profitability.

Customer experience and regulatory compliance—are at the heart of the banking business in 2017. And to get ahead at either one, companies must focus on the management of their business-critical data using MDM.

As a bank employee, your time and talents are used most effectively managing risk, analysing your performance, getting MIS information and growing your business. Far too often, this work is inhibited by data infrastructure problems and lack of efficient data management tools.

CXOs require data that is free from errors and duplicates and adheres to a global standard for completeness and accuracy. Achieving such standards is a process in itself. Companies that attain satisfactory ROI from MDM initiatives are doing so by implementing enterprise-wide MDM structures that ensures the technology tools are well integrated with better processes and global policies.

For professional MDM, Starcom Data Quality solution provides customize business rules to achieve maximum possible quality of data. This technology platform enables a close mesh of “understanding data”, “cleansing data”, “protecting data” and “monitoring data”.

Our Master Data Management Solution provides you with an overview of the condition of your data for migration and integration projects. Data Cleansing cleanses the data and enriches it with additional information according to your needs. Data Protection ensures that your master data is of the highest quality over the entire time it is in use, and Data Governance means that all data quality measures are constantly monitored and reported.

Our software is individually tailored to your specific demands, and ensures effective Customer Identity Resolution. With these functions you lay the foundations for individual, personalised customer care, which in the automobile branch – particularly against a background of longer service intervals – is enormously important.

Data-driven insights can help you uncover what’s hidden and suspicious – and in time to mitigate risks. Data has a huge potential to impact almost all aspects of a business in both positive and negative ways. One of the possible ways in which Data affects negatively – is on the risk and compliance management ability of the organization.

New regulations and mandates are introduced regularly, impacting the way companies do business. And a more credit-educated consumer base is seeking insights into their own credit data, providing a separate second of eyes that demand accuracy.

An example of suspicious activity might occur when a trader consistently sends an email or calls a telephone number within a few minutes of making a large trade. Adding new data points such as geo-location data can enhance fraud prevention

In order to keep pace with today’s highly dynamic markets, globally orientated companies must permanently optimise their existing processes and systems. Data Quality solutions from Starcom ensures transparency throughout the entire product and customer relationship cycle.

The online verification engine is to validate instantly the new data that comes from various sources like CRM, PoS, Database or any other data source. The engine will scan the entire master table to check whether the data is matches with existing. This gives a unified Golden Records of customer data. It also helps to identify your most valuable customers, more easily develop and deliver cross-sell and up-sell opportunities and increase customer retention.

Data governance refers to the overall management of the availability, usability, integrity, and security of the data employed in an enterprise.

The Data Governor uses data quality monitoring against production data to communicate errors in data back to operational team members, or to the technical support team, for corrective action. This requires aligning people, process, policy, and technology to ensure the delivery of trusted, secure data so you can meet industry regulations, reduce the cost of doing business, and grow revenue.

A data governance program will have certain drivers, such as:

• Identifying data anomalies and fixing them, particularly with regards to key data assets around important business processes.
• Optimizing business processes and defining data rules.
• Designating the right people responsible for information, quality and security.
• Creating policies for handling data, in case of initiative changes.
• Coordinating with key business stakeholders to ensure that information policies support business objectives.

The initial step in the implementation of a data governance program involves defining the owners or custodians of the data assets in the enterprise. Processes must be defined concerning how the data is to be stored, archived, backed up, and protected from mishaps, theft, or attack. Finally, a set of controls and audit procedures must be put into place that ensures ongoing compliance with government regulations.

Automated Enterprise Data Management (AEDM) for Banking and Insurance

As Demand for information grows, BFSI industries need improved and accurate data management where both Risk and Finance play a critical role. The most crucial and daunting task before banks are to create an enterprise wide repository with ‘clean’ data of the existing customers.

Stringent Compliance Regulations: Regulatory requirements continue to increase, and banks need to spend a large part of their discretionary budget on being compliant, and on building systems and processes to keep up with the escalating requirements.

In today’s market, businesses must have high quality data and the flexibility and efficiency to react quickly and automatically to requests from regulatory bodies for risk data and reports. Too often analysts spend their time aggregating data from different sources, trying to reconcile inconsistent, duplicated, or incomplete data sets, or driving manual processes.

IT Infrastructure: One of the biggest problems we often see, is that firms often don’t realise they have a problem with their data. This means many organisations take a reactive approach to data management, and will often wait until there are specific issues that need fixing. When data is extracted from disparate databases, the inevitable result is data inconsistencies, and nobody trusts the numbers. A lack of processes, data management systems and inadequate data strategies contribute towards inaccurate data.

Fraud and Security: Managing and minimizing fraud is an intrinsic part of any bank’s operations, as banks face frauds across a wide range of products like loans, credit cards and debit cards. Banks have evolved unique strategies to manage frauds in line with organizational norms, but there is still a need for them to continually scan industry best practices for new types of attacks.

Competitive Pressure: Financial technology companies are usually start-up companies based on using software to provide financial services. The increasing popularity of FinTech companies is disrupting the way traditional banking has been done. This creates a big challenge for traditional banks because they are not able to adjust quickly to the changes – not just in technology, but also in operations, culture, and other facets of the industry.

Starcom’s Automated Enterprise Data Management Systems for Banking and Insurance lets you use your time more effectively and integrate with popular analytical tools to manage your Risk better, Monitor finance & Accounting, give timely and accurate Reports for Business Users, Management, Operations, Legal and Audit & Compliance.

Benefits of an Automated Enterprise Data Management (AEDM)

• Risk Management: Our AEDM gives you precise, reliable and consistent data for accurate measurement and management of enterprise wide risk.
• Finance & Accounting: Performance Analysis and Management Reports produced by AEDM are viewed by external stakeholders (regulatory and market) & internal consumers (board, senior management and decision makers).
• Audit, Legal & Compliance: Data integrity and consistency achieved by AEDM allows for greater confidence in the management reports and decisions
• Operations: Centralized reference data management system offers great advantages in providing accurate, timely and consistent data across systems. This results in a huge reduction in reconciliation activities and increases the efficiency and effectiveness of various teams.
• Sales and Marketing Operations: A single 360° view of the customer achieved by AEDM enables effective cross selling and up-selling