Want to improve your organization's client data? Is the improvement as simple as attaining a trustworthy single source of truth (SSOT)?
Companies spend boardroom-sized amounts of money to organize their client data. They want to view data differently, integrate data successfully from disparate client data management systems, and improve how well they explore their relationships.
We know this isn't simple.
You have bits of data housed in disparate silos, and all you want is the ability to accurately and confidently manage and analyze this information. One central location is an integral piece to this challenge.
It's a complicated effort that forces teams to work across departments, and everyone must ensure accuracy. Scattered data prevents teams from understanding relationships that can improve operations and help companies remain in compliance with CAT requirements.
Silos destroy confidence.
Data silos are burdensome since they house different 'truths' within a department. Organizations have a number of data silos that uphold their truths and yet hide essential facts about clients. These truths are created at the micro-level of the enterprise.
You use Hubspot, Salesforce, Fenegro, and other systems to give your teams visibility into their clients' world. These systems don't play well together. Teams want clean and unified client data, but data is complex. It isn't easy to pull information or, better yet, see essential details. Sarah has a piece of information on one client that stays in Marketing. Henry adds a similar element in Accounting. Only one is correct. How can teams view and trust their client data?
The problem is that companies struggle to consume client data from multiple internal sources. You want to improve that data before sharing it with other client software that might use it.
We know numerous firms have multiple client master databases. This setup is complex and can cause internal disruptions if you're trying to create a central database. But in this case, you can use a solution that works with your current disparate systems.
No more silos.
Think how this would help with client applications related to client onboarding, risk, regulatory reporting, and more. Again, I realize many of you use these singular systems, but do you have the ability to power each of these systems with accurate, consistent data across the enterprise?
Let's take a closer look at life with one centralized system. Your centralized data allows you to see the relationships, understand the data quality, and augment information as needed. You can even include other client data using outputs to existing software that integrates the data.
For risk and regulatory reporting, you can view and integrate data in the various places where your firm needs to use it and support core mandates.
What about data quality?
An entity change can throw off a multitude of items. Adding new applications and sources can also add to the confusion, especially if entered incorrectly or heaven forbid - one department has access to the latest information. Imagine a quick, convenient way to understand the quality of your data and the tools to improve it. You would see hierarchy views based on account-to-customer relationships. The extracted information from structured and unstructured sources displays additional value such as ownership concentrations, negative news, EST ratings, officer and director changes, and more.
What about data risk?
Think about creating client data hierarchies to support client risk assessment. You're now augmenting client data with risk elements using your definitions. All the required processes, data, and risk management systems are in sync.
You're now powering client data applications and systems with accurate, consistent data across the enterprise.
We know you're facing challenging industry dynamics, aggressive regulatory deadlines, and mountains of data. A centralized approach for housing data will help you and your enterprise:
As your organization moves to the intersection of your industry's business demands, data deficiencies, and aging technology, we can help. For more than 30 years, Kingland has provided visibility and resiliency to the world's most critical financial data.
Learn how to improve your organization's client data.