Investment in risk management tools, compliance initiatives, automation and customer service differentiation is making improved customer data a top ten priority in 2007 for most firms.Or so claims a new report from Aite Group.
The report examines the practical implications associated with managing legal entity data, including the challenges, opportunities, and issues to be aware of when tackling a customer data management project.
Firms that have successfully accomplished projects associated with this task have been able to improve risk management, compliance, and Straight-Through Processing (STP) initiatives, says Aite Group, and are now focused on subsequent Business Intelligence (BI) projects to leverage their efforts in interesting new ways.
According to Adam Honor, senior analyst at Aite Group and author of the report, “if some compliance and risk officers really knew the state of counter-party data in their firms, EDM projects would become a much higher priority in many firms. Managing the information about clients is as important as managing the information about products. With data under control, the result is more information delivered faster and ultimately a significant cost savings as firms are working with accurate information.”