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: Navigating a Complex World: Best Data Practices in Sanctions Screening

As rising geopolitical uncertainty prompts an intensification in the complexity and volume of global economic and financial sanctions, banks and financial institutions are faced with a daunting set of new compliance challenges. The risk of inadvertently engaging with sanctioned securities has never been higher and the penalties for doing so are harsh. Traditional sanctions screening...

BLOG

Centralised Data Management Key to AI Success: Webinar Review

The absence of a centralised data management strategy for artificial intelligence is the biggest hurdle to integrating data from different sources for use with the technology. That was the finding of a survey of capital markets participants at a recent A-Team LIVE webinar “How to Organise, Integrate, and Structure Data for Successful AI”. While expert...

EVENT

Data Management Summit London

Now in its 16th year, the Data Management Summit (DMS) in London brings together the European capital markets enterprise data management community, to explore how data strategy is evolving to drive business outcomes and speed to market in changing times.

GUIDE

Enterprise Data Management, 2009 Edition

This year has truly been a year of change for the data management community. Regulators and industry participants alike have been keenly focused on the importance of data with regards to compliance and risk management considerations. The UK Financial Services Authority’s fining of Barclays for transaction reporting failures as a result of inconsistent underlying reference...