- Inconsistent use of salutations
- A variety of approaches to names and addresses, causing problems with communications
- Sort look-up codes that have evolved over time so they follow no single format and make it difficult to find clients
- KYC data you know is not as complete as it should be, but you don’t have the tools to analyse the database
- Anomalies in the transactional data, for example, that cause record breaks, problems with CGT calculations or embarrassment with your clients
Client Data Analysis
Good data is complete, consistent and accurate; a building block that your business depends on and compliance insists on.
Experienced professionals with the right tools to interrogate your data are essential in a range of situations, such as: resolving operational difficulties; identifying demographic trends; ensuring your data meets regulatory standards; and validating the quality of the underlying client data when faced with a merger or divestment.
Data is often generated and entered in multiple locations throughout an organisation and held in discrete and disconnected systems with no clear overall owner. This approach to managing data is typical in most organisations with the inevitable risks to client service and regulatory adherence. This leads to the data being incomplete, inaccurate or inconsistent. Resolving such anomalies is of fundamental importance for your business, in particular, the marketing and compliance departments together with the AMLRO.
For those working in financial services, legislation and regulation from ICO, FSA, MIFID and the 3MLD around such areas as KYC, TCF, PEP’s, AML and MiFID (not forgetting CRM) is focused on ensuring you know who your clients are, that you have an appropriate level of information about them, and that they are receiving the appropriate products and services.
Ask our team of experienced professionals to help you analyse your client data to ensure that is fit-for-purpose; that it is accurate, complete and consistent.