Industry need for higher data standards, customer consistency fuels quality efforts
CARY, N.C.--DataFlux, a leading provider of data quality and data integration solutions, announced today an increase in customer momentum within the financial services and insurance industries. In recent months, DataFlux has signed software and services agreements with leading corporations such as insurance.com, SunTrust Banks, Transamerica Reinsurance and other financial institutions.
Data quality has become a top-tier business concern for financial organizations, as regulatory compliance and competitive pressures have elevated the need to better manage – and improve – corporate data. However, due to mergers and acquisitions, increased transaction volumes and internal system consolidation, many organizations now face a variety of data quality issues that can impact revenue, customer retention and shareholder value.
“As data quality develops into a C-level issue for a wide range of financial institutions, firms are realizing that high-quality data is the foundation of customer relations, compliance, business intelligence and other enterprise efforts,” said Tony Fisher, president and CEO of DataFlux. “Large banks and insurance companies understand that having a single, unified view of their customers, accounts and other corporate assets – built on consistent, accurate and reliable data – is not only a competitive advantage but a necessity.”
The DataFlux Data Quality Integration Platform gives financial entities the ability to analyze, improve and control enterprise data from across the enterprise. This technology can help financial institutions:
- Build a single, consistent view of each customer account
- Merge legacy and homegrown customer data sources
- Verify and complete address information
- Create and enforce real-time business rules that act as a “check” against bad data
“A critical piece of any data management process is the ability to understand the quality of your data – and the power to build rules to identify and resolve these anomalies,” said Vickie Brown, vice president of SunTrust Banks’ Credit Risk Management Group. “DataFlux provides a single platform to accomplish these tasks, helping us streamline and automate the process of data improvement within our enterprise.”
“The data within our enterprise is the most important asset and serves not only as the foundation of all our internal processes but also as a building block for future business strategies,” said Aparna Varma, second vice president, data management and business analysis for Transamerica Reinsurance. “We use DataFlux technology to profile and analyze the data that we already have and create business rules to improve the quality of corporate information, minimize risk and support future growth models, which adds value to our business”
DataFlux customers in the financial services industry typically utilize DataFlux solutions to address data quality problems related to customer contact or account information. By uncovering and resolving data anomalies across business sources, a financial institution can create a single, unified view of the customer – and foster tighter, more successful relationships with their clients. DataFlux technology can also be used to uncover customers or transactions that are potentially in violation of regulatory acts, providing an important method for augmenting compliance efforts.
About DataFlux
DataFlux enables organizations to analyze, improve and control their data through an integrated technology platform. Through its enterprise data quality integration solutions, companies can build a solid information foundation that delivers a unified view of customer, product or supplier data. A wholly owned subsidiary of SAS (www.sas.com), DataFlux helps customers enhance the effectiveness of their data-driven initiatives, including customer data integration (CDI), enterprise resource planning (ERP), legacy data migration and compliance. To learn more about DataFlux, visit www.dataflux.com.
