Over the past two months, the team from Datactics have been leveraging RegTech with the latest features of our agile solutions at events in London and New York, helping banks to perfect data for regulatory compliance and thus deliver benefits to their broader business.
To paraphrase the excellent Emma Movitz of Nordea Bank when speaking at FIMA in London, if a bank is investing in improving data quality to meet regulations, why wouldn’t the bank’s business growth functions use the same improved and measured data?
This challenge was echoed at the A-Team’s RegTech Summit in New York, where across the sessions Chief Data Officers and Regulatory Compliance managers were in broad agreement that leveraging RegTech & compliance requirements was only the first part of the story. Getting there safely is important, but “there” implies a direction, and so for data quality to be truly fundamental it needs to be core to the bank’s corporate identity.
In addition, in a recent webinar by the A-Team, it was noted that the importance of writing the business case for data quality had never been more relevant, even if many functions of the business might need some persuasion to see the benefits.
Datactics’ product set sits squarely in this space, enabling a fine-detail understanding of the underlying data on a continuous basis, scored against both regulatory requirements and to the bank’s own business growth criteria. This means that clients can maintain compliance whilst freeing the business from operational stumbling blocks that arise from performing analytics on poor or unknown quality data.
In the last six months the work we’ve been doing with our banking and information vendor clients has been a mixture of two groups: those new to the idea of using third party software to overcome the people-heavy challenges of using Excel and a bit of basic rule-building; and those who had previously engaged much larger corporate entities, but preferred the bespoke qualities of Datactics to deliver exactly what they wanted rather than what was merely on the shelf.
If you’re finding yourself in a similar position, please do feel free to drop us a line and see how we can help.