Data Improvement and RDR Transition
With the business culture change that RDR brings, Advisory firms need to be able to transform their business and profitably transition & service their clients.
These tasks are already significantly challenging without the added complication that Advisory firms cannot rely, with any degree of confidence, on the quality of their client & asset data held in their back office system to effectively plan and execute their transition.
Provider Data Matching
Data Interface has a unique, streamlined & cost effective process that uses Bulk Data downloads from Providers to validate and improve client and asset data from your back office.
Using our Data Prospector service, the process enables you to quickly match the records from the providers with those from your back office records and update the records from your back office with the “correct” data values supplied from the providers. Only certain data items are replaced or updated as some data values from your back office need to be retained and the validity of other data items cannot be relied on for every provider.
The service includes:
- Data Quality Analysis – A review of potential data quality and quantity issues with your data
- Provider Selection - Analysis to assist you with the selection of the Providers that you want to prioritise for the matching service
- Data Improvement using Bulk Data from Providers – Unique, streamlined and cost effective matching process that uses bulk data downloads from providers to dramatically improve the quality & reliability of client & asset data.
- Business Impact Analysis – For each provider (and all providers) this summarises the changes to the records (numbers and values) arising from updating the data from your back office with data from the providers.
- Audit Trail – Details the changes to each record as a result of the matching performed for further analysis & data discrepancy reporting.
There is an initial set up charge and a cost per provider for this service.
Other Data Services
Data Interface is able to provide additional data service including:
- Detailed Data Investigation - Deep analysis of your data.
- Data Cleansing - e.g. Record de-duplication and record amalgamation
- Data Migration – Extraction of data from a back office system and transforming the data for import into another back office system, industry tool or platform
Further Data Improvement
Unless pro-actively managed, the data in databases can decay at an alarming rate. This is particularly the case for those databases that are an amalgamation of the data from several firms or that have been in use for many years.
In addition to the Provider Data Matching service, Data Interface can provide general and specific data improvement using commercially available reference data including Postal Address, Deceased Register and Demographic data to validate & improve the data from your back office.