Broadridge Financial Solutions, Inc. (NYSE:BR) has developed a flexible two-tier Data Scrubbing Service as an enhancement to its Investigo insurance and investment data aggregation solutions.
This enhancement adds a flexible, rules-based, data scrubbing engine to the aggregation capabilities of the Investigo solution. The new Investigo data scrubbing engine identifies unreconciled positions and cash balance conditions, and validates specific elements of the custodial data. Failed validations can be held from posting to the Investigo database until being analyzed by a dedicated team of operations personnel who identify the root cause of the failure. Appropriate action is then taken to address the anomalies in the data. Once corrected, the data is reprocessed for posting to the Investigo database.
“Quality data is the key to successful back-office operations and adviser client interactions. Enhancing data quality encompasses more than just finding and fixing missing or inaccurate data elements. It means delivering comprehensive, consistent, relevant and timely data for fulfilling mission-critical needs,” says Kevin Normoyle, president of Securities Processing Solutions US at Broadridge. “Poor data quality costs financial services firms and their advisers vast amounts of money, leading to poor decisions and inferior customer service. The Investigo Data Scrubbing Service addresses the most pervasive and challenging data quality issues confronting data aggregation solution providers and the firms they serve.
“The highest level of data quality is obtained when both tiers of the Investigo Data Scrubbing Service are used. Broadridge continues to make significant financial investments to upgrade the Investigo architecture and infrastructure to improve the responsiveness and scalability of our application. We recognize that our customers are highly dependent upon accurate data delivered in a timely manner. Our goal is for Investigo to be recognized as the ‘gold standard’ of data,” Normoyle says.
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