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

Institutions and Vendors Need to Carefully Agree on Metrics as a Scorecard for Performance

Subscribe to our newsletter

During this afternoon’s vendor/client double act, Tommy Drummond from vendor Informatica and Benjamin Gavin from insurer Norwich Union explained the benefits of a scorecard against which to measure data quality. They demonstrated to FIMA delegates the benefits of clear data quality metrics via a practical case study.

The metrics and targets for projects must be carefully defined via KPIs to allow institutions to judge whether projects have met their goals, they explained to the delegation. Norwich Union has recently completed the four week implementation of a database consolidation project, which Gavin, who is change consultant at Norwich Union, said has resulted in significant savings.

The insurer decided to use Informatica to help it to consolidate two databases containing client information, following its merger with another insurer. “We had anecdotal evidence that there were a lot of duplicate records but this was not easily measurable,” explained Gavin. “We therefore decided to move onto a single platform and consolidate all the data contained within both systems.”

From the proof of concept onwards, Norwich Union focused on identifying what they needed from the vendor, including defining the specific matching rules. The project resulted in a 58% reduction in duplicative records and significant reduction in operational costs, Gavin said. “There is more standardisation going forward and the process is much easier to deal with, including audit better controls due to increased STP,” he claimed.

Subscribe to our newsletter

Related content

WEBINAR

Recorded Webinar: Unpacking Stablecoin Challenges for Financial Institutions

The stablecoin market is experiencing unprecedented growth, driven by emerging regulatory clarity, technological maturity, and rising global demand for a faster, more secure financial infrastructure. But with opportunity comes complexity, and a host of challenges that financial institutions need to address before they can unlock the promise of a more streamlined financial transaction ecosystem. These...

BLOG

Revolutionising the Power of Corporate Actions Data

By Tim Lind, Managing Director of DTCC Data Services. We live in a deeply networked society. Information sharing has moved from primarily one-to-one communication to global networks where data and information is shared instantly and broadly. Across financial services, many organisations continue to advance their communications approach; however, integral corporate actions event data, such as...

EVENT

AI in Data Management Summit New York City

Following the success of the 15th Data Management Summit NYC, A-Team Group are excited to announce our new event: AI in Data Management Summit NYC!

GUIDE

The Data Management Implications of Solvency II

Bombarded by a barrage of incoming regulations, data managers in Europe are looking for the ‘golden copy’ of regulatory requirements: the compliance solution that will give them most bang for the buck in meeting the demands of the rest of the regulations they are faced with. Solvency II may come close as this ‘golden regulation’:...