About a-team Marketing Services
The knowledge platform for the financial technology industry
The knowledge platform for the financial technology industry

A-Team Insight Blogs

Cost and Compliance Drive Increasing Adoption of Centralised Customer Data Solutions

Subscribe to our newsletter

Banks have bought into the principle of centralising data to support Know Your Customer (KYC) compliance and deliver a better customer experience, and are now turning principle into practice. The approaches they are taking to centralise data, the solutions they are implementing and the benefits they expect to accrue will be discussed at this week’s A-Team Data Management Summit in London. Ahead of the event we caught up with Joe Dunphy, vice president of product management at Fenergo, and Neil Farquhar, compliance product manager at Bureau Van Dijk, to find out what they are seeing in the market.

Dunphy says customer data centralisation is being driven by regulation that requires banks to be able to assess risk and exposure related to client relationships accurately, as well by the cost of meeting Know Your Customer and Anti-Money Laundering (AML) obligations that have traditionally been key requirements in the US and European Union, but are now being put in place on a more global basis.

Farquhar agrees that banks are increasingly adopting centrally managed customer data solutions, a process that brings with it an understanding of how much entity data needs to be collected, what hierarchy data is required and how the data should be remediated and refreshed. He says hierarchy data is crucial to understanding exposure and needs to go further than entity parent data to include data up to the level of ultimate beneficial ownership.

Centralising customer data is a challenge for many banks, but there are a variety of solutions including in-house development, commercial products, managed services and emerging data management utilities. But as Dunphy points out, whatever the technology solution, projects need executive leadership to make decisions and drive change if they are to be successful.

With these elements in place, the benefits of centralised and automated customer data management solutions can be phenomenal, including huge savings on the cost of managing siloed data, reduced time to trade, better customer experience and the potential to increase revenue and generate new business.

Subscribe to our newsletter

Related content

WEBINAR

Upcoming Webinar: Effective due diligence, screening and monitoring to mitigate financial crime risk

Date: 24 September 2024 Time: 10:00am ET / 3:00pm London / 4:00pm CET Duration: 50 minutes Managing financial crime risk requires a comprehensive approach to due diligence, screening, and continuous monitoring. Financial institutions face increasing regulatory scrutiny and staying compliant in today’s dynamic environment requires advanced technologies. Failure to comply is resulting in severe enforcement...

BLOG

Finbourne Raises £55m to Fund Overseas Expansion

Finbourne Technology has received a £55 million capital injection to fund the international expansion of the investment data management solutions provider’s AI-enabled data and tools service. The London-based company raised the money in a Series B funding round led by venture capital firm Highland Europe and AXA Venture Partners (AVP). It follows a £15m cash...

EVENT

TradingTech Summit MENA

The inaugural TradingTech Summit MENA takes place in November and examines the latest changes and innovations in trading technology and explores how technology is being deployed to create an edge in sell side and buy side capital markets financial institutions in the region.

GUIDE

Solvency II Data Management Handbook

Want to get a handle on Solvency II and what it means for data management? Need to make sure you have all the bases covered for the looming January 2016 deadline? Our Solvency II Data Management Handbook is now available for free download to help you. This Handbook is the ultimate guide to all things...