Data Feeds from Member Records Being Analysed to Ensure Data is ‘Fit for Purpose’
Data quality specialists Datanomic Ltd, today announced that a leading financial institution, EBS Building Society, has adopted Datanomic’s dn:Director to analyse, measure, report upon and improve the completeness and accuracy of its member data.
EBS is using Datanomic’s solution primarily within the Member Data Quality team which was set up in January 2008. dn:Director will enable EBS to provide a baseline level of analysis on the quality of member data, research member data quality issues within the organisation and increase its understanding of the member data that exists within its systems. This will enable EBS address data quality issues in order to improve member communications and to better meet member requirements for financial services and products. This is in line with the Society’s strategy of knowing their Members and understanding and meeting their financial services needs.
“As an organisation we pride ourselves in our commitment to our members and the relationships we have with them,” said Aoife Lockhart, Member Data Quality Manager, EBS Building Society. “Ensuring that our data is fully accurate and complete is of paramount importance in order to communicate with members or individual households. The Member Data Quality team’s key objective is to provide a measure of where we are in the organisation in terms of member data quality assurance and integration and to drive measurable improvement. We need to understand the quality of data within our systems. Personal attribute data, such as names, addresses etc., can be wrong on the system due to common typing errors, for example. We became quickly aware that we needed a data quality solution that would enable us to analyse our core Member data.”
Following research into the solutions on offer in the marketplace, EBS invited vendors to showcase their solutions while they carried out a comparative review of product functionality, ease of use and speed of results and sustainability from each offering.
“For this new initiative, we had a committed and dedicated team responsible solely for data quality, had a sustainable framework in place and buy in from the stakeholders, so all we needed was the right solution, which would deliver on our objectives.” noted Mark Kavanagh, Project Manager, EBS Building Society.
EBS deployed dn:Director and within two weeks from the installation date, the system generated detailed analysis and reports on the completeness of specific data fields.
Described by industry analysts as “arguably the most flexible data quality product”, Datanomic’s dn:Director provides a single, unified platform that enables both business and IT personnel, such as data stewards, business analysts and owners of data, to identify and rectify compromised data which can place operations at risk. As a single product that encompasses profiling, analysis and transformation, dn:Director enables better understanding, improvement, protection and control of data quality for all types of structured and non-structured, real-time and non-real time information.
“Within two weeks we had generated usable analysis and reports on our core Member data,” says Lockhart. “Internally, the importance of member data quality is being highlighted and driven home and the availability of timely data quality reports allows us to move to a ‘prevention rather than cure’ approach to data cleansing.”
“The use of the solution also has a beneficial impact on the work of other teams within the organisation such as the Member Insights team which looks at what appropriate products and services to offer to different member segments,” said Kavanagh. “When we first looked at Datanomic we didn’t quite believe that the solution would be truly intuitive and be able to give us fast, measurable results, but our experience of the product to date is that it is delivering in terms of ease of use and functionality.”
Using dn:Director, non-IT personnel, such as data stewards, business analysts and owners of data, are able to identify and rectify the compromised data which place enterprise operations at risk. dn:Director offers a comprehensive interactive learning environment for organisations to profile, audit, cleanse, parse, match and merge both structured and unstructured data, using clearly defined processes and full accountability to data owners and stakeholders. Using the data quality management and reporting features of dn:Director, enterprises have gained measurable business benefits such as reductions in costs and decreased customer or employee churn, and have implemented fast and effective solutions to data issues caused by market and regulatory changes.
EBS is also reviewing Datanomic’s Sanctions/PEP (Politically Exposed Persons) Screening Solution as part of meeting the requirements of the 3rd Money Laundering Directive.
Datanomic’s holistic approach to data quality and screening enables its growing list of European and North American blue chip clients to rapidly achieve a Return on Investment by exposing and correcting deficiencies in information the business relies upon, and also discovering potential regulatory and legislative compliance data issues, in line with proactive risk management. Our clients come from a wide spectrum of industries including financial services, telecommunications, government, healthcare, utilities, professional services and engineering.
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