We see data as a linchpin in financial services, as firms need to be able to effectively, manage and control their data.
Data Imperium has spent over 4 years researching solutions that could be quickly implemented to extract, reformat, and blend data as required, without impinging on the integrity of the original data source. The result of this research has brought forth a blended partnership of Data Imperium with FST Network, (a leading producer of data intelligence technology). FST Network are an integral part, though their investment in Data Imperium.
Data Imperium’s mission is to supply financial services firms with a high quality, non-intrusive, proven, intelligent data management solution, which will create an opportunity for them to resolve several inherent, data management issues and enable them to meet the changes of the 21st century.
We aim to help our clients reduce their data management costs, increase efficiency, reduce risk, aid compliance, and provide further benefits for several in-house operations, including Customer Services and provide an early return on their investment (ROI).
Data Management Problems in Financial Services
We understand that legacy systems and legacy data have been a major barrier for many companies to run efficient and cost-effective operations, meeting the needs of their customers. There have been concerns about high-risk replacement or system redundancy. VADO enables companies to extract data from their legacy systems with ease, to repurpose and reuse, so that they can retire old systems without risk when required.
Environmental Social Governance (ESG) can be a significant challenge, where siloed data hampers compliance. VADO provides an easily configurable tool to enable our clients to meet the requirements of ESG.
Another data challenge is: Know your Customer (KYC). This has proven to be a continuous operational struggle for many firms due to data being held in multiple systems and where data integrity is impinged or incomplete, usually requiring significant manpower and technical resources over a long period of time to try and resolve, often without with a satisfactory result.
Inaccurate Reference data is often the main cause of non-settlement of transactions, leading to time consuming and expensive manual workarounds. VADO can be utilised to normalise reference data extracted from multiple systems to create a single identity thus improving reference data quality.
There is nothing more important to financial firms and their clients than the security of their data. VADO provides an auditable trail of all the data, this is a core element of its DLT technology. Another important security feature of VADO is the configurability of data access permissions, ensuring that access to specific data is only available to those authorised.
Exponential growth of data is one of the greatest problems financial firms face today. Legacy systems are unable to manage this growth and do not have the dexterity required to determine, which data is important and should be retained and which data is not required.
- Firstly, to fully understand our client’s problems through a series of workshops.
- Collaboration with our clients to produce an agreed solution using VADO.
- Work with our clients throughout the testing and implementation stages to ensure customer satisfaction.
- To continue working with our clients to further innovate additional benefits for their business.
- To maintain a good long-term working relationship with our clients and measure ROI.