Market Data Integration via a Managed Service

VALUE PROPOSITION

Delivering an ideal combination of market-leading technology, native big data capabilities, operational excellence, and industry experience
Relying upon a single responsible party for platform design through operation
Improving organisational agility to add, modify or substitute information services and apply them easily in analytics models and applications
Lowering OPEX by introducing a managed service with flexible connectivity architecture, eliminating costly change management requests
Achieving benefits of industry best practices and top talent while reducing internal labour and capital expenses of a non-core function

Transformation at a global trade credit insurer from complex 3rd-party data collection to an enterprise-wide managed service, providing greater flexibility to incorporate new data sources and reducing change management costs

BACKGROUND

The insurer was collecting 3rd party data from over 200 jurisdictions for underwriting analysis

Data formats and integration methods varied widely by jurisdiction, data type and source, ranging from real-time connections, to emailed PDFs and bulk files

The firm’s inflexible, legacy approach to data integration led to slow decisioning, sub-optimal customer interactions, and high OpEx

TARGETS

Centralise an enterprise platform for 3rd party data integration, quality monitoring, transformation, and application usage

Harmonise related data from multiple sources

Expand employee access to information across the globe, on an as-needed basis

Transition to a OPEX-based managed service

ADDRESSING THE NEED

Provided a comprehensive 3rd party data management platform that incorporated data source control and monitoring, ETL pipelines, business process/application orchestration, and system governance policies
Introduced underwriting decision-scoring as a unique knowledge discovery capability
Facilitated data handling including normalisation, unstructured data interpretation through NLP; entity disambiguation; information contextualisation and single source of truth via universal knowledge graph
Offered an MSP approach that incorporated shared technical and operational teams for maximum responsiveness plus robust governance structure

Continuous assessment of data sources ensures the most accurate and valuable single source of truth

Other Use Cases

Customer 360 View

Creation of a holistic view of the clients and activities of a tier 1 bank using a Data Fabric concept actualised through the Knowledge Mesh capabilities of the ELEMENT of Customer 360 application, providing an up-to-date and accurate Single Customer View [...]

Modernising Data Quality & Governance

Modernisation of tier 1 bank’s data quality, governance and discoverability using a decentralised Data Fabric approach through the ELEMENT of Market Data application, providing unparalleled visibility and enforcement over data usage.[...]

Third Party Risk Management

Modernisation of a world-leading managed service provider offering third party risk management solutions, by automating workflows and increasing integration to reduce administrative burden [...]

Rapid Regulatory Response

Enablement of a leading British bank to mitigate a regulatory change impacting hundreds of thousands of documents, by utilising AI to automate and expedite the review process[...]