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

Danske Bank Goes Live with Datactics RegMetrics to Validate Customer Data

Subscribe to our newsletter

Danske Bank UK has implemented Datactics’ RegMetrics data quality solution to improve its single view of customers in Northern Ireland. The bank concluded a successful proof of concept last summer, went live with RegMetrics this month, and is looking at additional use cases for the software.

The bank looked at three solutions to enhance its single customer view processes – Datactics RegMetrics, a vendor solution already implemented but not performing well, and in-house software that would need to be built out – before selecting Datactics on the basis of its ease of use, quality of data output and customer service. The initial use of the software will provide greater assurance of compliance with Financial Services Compensation Scheme (FSCS) requirements for accuracy of customer data. The bank also expects to achieve a better customer experience through higher levels of data quality.

Marion Rybnikar, head of data at Danske, says that beyond improving the quality and accuracy of customer data, the bank is considering using RegMetrics on a wider scale to cover other types of data, such as product information and transactional data. She explains: “RegMetrics is fast and easy to use, allowing us to properly cleanse and match our data to one single customer view ahead of submission to the FSCS. On top of this, its usability means our SMEs can develop data quality rules themselves – extending the functionality to multiple regulatory requirements and broader data quality and governance applications – and automatically generate meaningful interactive reports in Tableau, our house reporting tool. It’s the quality and accuracy of these outputs that ensures we can save time, improve our data and enhance the efficiency of our processes.”

Danske hopes to make further improvements to its mortgages and loans products through a collaboration with a data scientist at Queens University, Belfast, who will use the bank’s improved customer data to support innovation. Looking forward, Rybnikar suggests the bank’s UK robotics team could work with Datactics’ DQM workflow interface and FlowDesigner data quality process designer to identify and then fix broken data in the bank’s online portal. The software could also support automation across the bank.

Stuart Harvey, CEO at Datactics, says the company is working with a number of European retail banks on regulations such as FSCS and Section 17, and notes that while many banks are taking a one-off approach to compliance projects, Danske Bank is looking at a more innovative implementation of the company’s solutions. He says: “The bank is creating a central engine that cleans, matches and dedupes data to achieve a single customer view, but it sees this as a repeatable solution and can add value by using the data in upstream analytics.”

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Sponsored by FundGuard: NAV Resilience Under DORA, A Year of Lessons Learned

The EU’s Digital Operational Resilience Act (DORA) came into force a year ago, and is reshaping how asset managers, asset owners and fund service providers think about operational risk. While DORA’s focus is squarely on ICT resilience and third-party dependencies, its implications extend deep into core operational processes that are critical to market integrity, investor...

BLOG

Introducing Market & Alt Data Insight: Advancing the Industrialisation of Data in Financial Markets

Financial markets are entering a new phase in the evolution of data. Data has always underpinned trading and investment workflows. What has changed is the scale, diversity and strategic management of that data across the enterprise. Traditional market data, alternative signals, derived datasets and AI-generated features now sit on the same operational continuum. The strategic...

EVENT

TEST Event page 2

Now in its 15th year the TradingTech Summit London brings together the European trading technology capital markets industry 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.

GUIDE

Entity Data Management Handbook – Second Edition

Entity data management is this year’s hot topic as financial firms focus on entity data to gain a better understanding of customers, improve risk management and meet regulatory compliance requirements. Data management programmes that enrich the Legal Entity Identifier with hierarchy data and links to other datasets can also add real value, including new business...