Over my last twenty years selling complex IT systems into the Regulatory space I have realised you can guarantee that one of the weightiest decision criteria an organisation will have, is how Futureproof is the system being purchased? Will it keep up with regulatory changes, can it build new algorithms to detect changes in criminal behaviour etc. After all who wants to spend millions of dollars and months, possibly years, implementing an initiative that becomes outmoded, soon thereafter? Typically, a firm would expect a system’s lifespan to, with updates and modifications, last a decade.
However, what never seems to be considered is how accurate will the data I’ve spent months integrating into the new solution be in 12 months or even 5 years. Consider there are 5 million document changes in the UK corporate registry or that 14% of the US population changes addresses every year, add-in deaths, and regulatory changes, such as adverse media and PEP status etc. It is conservative to assume 20% of all customer data changes yearly. If we assume an organisation catches 50% of this every year (optimistic view), it still means within 5 years more than 50% of the data a system is operating off could be out of date. Obviously, this significantly reduces its effectiveness.
To illustrate my point, leading Financial Institutions are currently spending millions to complete data remediation projects. This is being undertaken because their data is out of date and unsubstantiated.
We spend months identifying the right sources, checking the quality (sometimes) then, once the required results are refined, the data is never looked at again. The reason we check the quality of data prior to integration, is we know there could be gaps or, it could be out of date. If we pay little attention to our data once it is integrated the same issues reoccur and the millions spent on our bright and shiny new system, the one that spent so long checking was futureproofed, is wasted.
Any solution or initiative, is only as good as the data inputted. ICX4 understand the way to get the most from any system is by ensuring the data it uses to create value is up to date, relevant and consistent. Therefore, all data used within key systems must be futureproofed!
Over several years, whilst working closely with a large multi-service financial institution to build a single client view, we had an idea, what if we could automatically match a company’s internal customer data to the most up to date information provided by external sources? Whether that be regulatory, ID&V, Land registry, Corporate Registry, Credit Agencies, or Market Data. Having this capability would address a large number of business issues caused or at least hampered by having poor quality data.
We achieved this by building a proprietary multi-dimensional data model matched to internal data focussed on entities, locations, products and organisations and over 50 external information feeds covering regulatory, corporate registry and market data. The solution is called businessDNA, currently, it can match and update an organisations internal data, with over 50 external data sources in Data Real Time*
*) Data Real-time means within a few minutes of latest information being published by the external list providers.
To find out more contact firstname.lastname@example.org or call 0203 872 6949