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The Challenge - Regulatory Compliance

In common with all today’s financial institutions, the bank faces unprecedented increases in compliance and audit requirements. And for an institution of its size, the need to deliver accurate and consistent entity records across its multiple global business units was paramount.

Data governance would be key to assuring compliance. However the real challenge was how to deliver organizational efficiencies and drive profitable growth through the provision of accurate, decision-ready intelligence across all its business units

How it Works

The answer would be to create a fully accurate, always up-to-date “Golden Copy” of entity records throughout its global organization. Against a background of inherently siloed infrastructures, systematically opposed data entry processes, and a raft of different CRM and data suppliers, this would be no easy task.

Underpinning the creation of this “Golden Copy” was the need to continue support for the very specific needs of its local operating units. A single view yes, but not a “one-size fits all” approach.

The task was simply too big and too complex for conventional approaches. Having hundreds of staff feeding records into a master database that would be out of date as soon as it was published was simply not an option.

So the bank turned to Dun & Bradstreet and the Business DNA service. A hosted solution, D&B Business DNA automates entity resolution and data remediation, and offers case management tools for maintaining and updating that all important “Gold Copy”. 

Crucially, it offers a light touch on top of the bank’s existing systems. This eliminates both the need for complex integration and any requirement to change existing back office infrastructure. Not only does service deployment become a simpler, more cost effective task, it also removes any unintended risk to daily banking operations.

The project began with a scientific, rather than a software approach. Dun & Bradstreet’s data scientists, together with data governance specialists, ICX4, broke down the existing internal and external data sources - deconstructing the problems through a detailed entity resolution process.

It then built the taxonomies up again - the right way. The existing “Golden Copy” was then cross-matched against the pre-built D&B Business DNA universe and its millions of data sources. D&B’s case management tool then followed to enable the bank to maintain this up-to-date “Golden Copy” as part of its “Run the Bank” operations.

Results and ROI

The value was immediate. The bank was able to instantly interrogate its databases to accurately report who it does business with. And it didn’t have to spend tens of thousands of man hours or millions of pounds to do it. In fact, in the initial proof of concept stage, the bank recognized six figure savings simply by being able to redeploy staff to other business critical activities

And where efforts to unlock a small number of siloed databases had taken many months, D&B Business DNA was able to do the same in a matter of weeks.

With hundreds of databases included in the initial project scope, the ROI was a huge ongoing resource and financial saving. And it meant expected projects timescales could be slashed from years to months.

In common with all financial institutions, the bank is committed to driving cost out of its business. Supporting this goal in the longer term, D&B Business DNA will allow the bank to realize multi-million dollar savings as data sources are rationalized and process improvements streamline operations.

Added to this, there’s little need for new high cost technology projects to consolidate its data estate. Dun & Bradstreet has brought all the data together, on top of the bank’s existing systems.

But perhaps more significantly, a fully accurate “Golden Copy” of all customer records vastly reduces the banks exposure to risk. It now has the tools to operate with complete visibility, report with complete confidence and growth profitably.