The Financial Services Industry’s Unique Data Challenges

Financial institutions all over the world are grappling with challenges that stem from data—its massive volume, its complexity, its questionable quality, and its many sources.

Your financial services firm needs to be able to access, integrate, and trust its information assets so your company can increase operational efficiency, better manage risk, comply with an expanding number of government and industry regulations, and grow revenue in a competitive and volatile economic climate.

Increase Operational Efficiency

Your financial services firm is under pressure to operate more efficiently and cost effectively. You’re looking for ways to automate processes—such as securities trades, loan applications, payments, or claims. Your company may be trying to make the most of its current technology resources. Or your firm may be investing in new technologies to replace legacy systems and applications or merging systems as a result of an acquisition.

How can you be sure that all your data is accurate, complete, and current, especially when it’s changing every second? How do you handle data from your trading partners and information providers? How do you handle new data standards and formats, like ACORD, FIX, and SWIFT? How do you synchronize and maintain data across processes? And how do you migrate critical legacy data to new systems and applications without losing anything in the translation?

Informatica can help your insurance company or bank increase operational efficiency.

Better Manage Risk and Compliance

The management of credit, market, and operational risk among financial companies has never been more important. Your company needs a robust, enterprise-wide view of risk to create a risk management framework that protects it from potential exposures—everything from faulty lending practices to privacy violations, fraud, and security breaches.

New regulatory initiatives—from the Patriot Act, Basel II, Sarbanes-Oxley, and antimoney laundering statutes to standards issued by the International Accounting Standards Board—have mandated that financial services firms improve their compliance monitoring and enforcement capabilities.

But how does your company obtain a holistic view of its risk and compliance programs when the data that fuels these programs is managed in silos—by product, by geography, by business function?

How do your frontline managers and executives know when the company has been exposed to a potential risk or compliance breach? How do they provide auditors with timely, consistent, complete, and reliable information when it’s pulled from many disparate sources? How does your company integrate third-party market, security, or client data into existing data frameworks to support single customer view or master data management initiatives? How do you track where data comes from, who’s handled it, and how it’s changed? How can your company react quickly to mitigate exposure to risk or comply with a new regulation?

Informatica can help your insurance company or bank better manage risk and compliance.

Grow Revenue

The best way to grow revenue is to sell more to existing customers. Your company needs a single, comprehensive view of its customers if it is to increase customer retention and raise cross- and up-sell rates, but conventional ways of doing so are costly. Not with Informatica.

Yet how does your company obtain this single view if customer data remains in product, channel, and business unit silos? Key information in these silos is often inconsistent, incomplete, or out of date. Financial data can change every second. Without reliable, real-time information, how can your company make intelligent, relevant marketing offers to customers or deliver the high-quality service that keeps customers?

Informatica can help your insurance company or bank grow revenue.