Investment Bank Managed Client's Data with Accurate Data Profiling
Made profiles of 2000 important customers with specific measures within 3 months.
It is an investment bank located in Dublin, Ireland with a customer base of 60K across northern Europe. As an investment bank, the performance of the bank has been quite impressive over the years. Major European companies have invested in this bank to swiftly operate their share market functions. From the beginning, the bank has demonstrated the practices of good governance through its practices. In terms of maintaining all banking regulations, the bank positively handled everything over the years.
Currently, the data regulatory model of the bank has been crushed due to the overburden of stakeholders' data. Immediately the bank went under the regulatory radar for not controlling its customers' data. Besides that, crushing the data regulatory model also poses a serious threat to cyber security. Performing data profiling was the only solution that emerged at that time to save customers' data. Hence, the bank was searching for a partner that could help with data profiling services.
Importance of Data Profiling Services for Banking Operations
Data profiling is a simple way to create an overview of the data to get some insights from it. Data profiling plays a crucial role in banking operations because it helps to categorize customers with their specific needs. Banks can easily determine the area of threat with the help of data profiling. It also detects fraudulent activities in banking operations with its details measures. Besides that, banks can frame tight security measures by profiling all customers' data in different categories.
Data profiling is a crucial function for the banking-related decision-making process. Most of the banks prefer to do data profiling to assess customers. They check the ability of the customers to repay debts, estimated time of recovery, and many more. Performing accurate data profiling is a cumbersome process as it includes various aspects. Without accurate data profiling, the results would not perform much in the banking procedures. Therefore, outsourcing the data profiling services works best for banking operations. Professional outsourcing services maintain the quality and accuracy of the data that helps banks to make proper decisions.
Challenges the Bank Encountered
The bank faced regulatory complications from banking regulators due to not managing the customers' data in order. Due to involvement in the core functions, the management did not focus much on this aspect. Therefore, it caused a major roadblock for the bank in operation and many other things. The bank mainly faced the following challenges in profiling its data.
The bank did not maintain a proper model for recording all the customers' data. It has some specific measurements but no profiling to manage customers' data. All the processes have become obsolete for managing critical customers' information. Hence, the bank needed some additional measures to protect all the information for the sake of its stakeholders.
The bank used a cloud database for securing all the data but it does not have control over the cloud technology. On the other hand, maintaining data offline is not possible for the bank as it is an investment bank. Having no control over the data has made the customers' data risky. On top of this, the bank did not profile its customers' data due to not controlling the data.
The bank team found some basic mistakes in profiling the customers' data when they did the profiling tasks. Most of the elements from the customers' data were missing due to lack of a proper measures. However, missing datasets created a major problem in performing the data profiling task. The team could not perform enough due to missing data elements. In other words, the results did not reflect the actual picture that the bank is currently facing.
The bank team performed the data profiling task many times before but could not finish on time. The main issue they faced was inconsistent information throughout the database. This happened due to entering data in the database in an incorrect way. The bank wanted to fix all these issues and perform the data profiling task as soon as possible.
Custom Solution from AskDataEntry
Ensuring the bank has great control over its all data was our aim in this process. Therefore, we developed our custom solutions in such a way that has fulfilled all the requirements of the client. Here we followed a systematic approach to develop and deliver our solutions to the client directly.
Files Shared
To perform the data profiling tasks we needed the client's data, especially the customers' data. Generally, we ask for direct database access to ease our work but we did not ask that for this project. Because the client is a banking institution it follows some security measures related to its data. Hence, the client decided to share their data in batches to maintain their data security measures. We applied the best methods of security to receive the files from the client.
Work Assigned
We assigned a team of 10 experts who have performed the same work before. All the members had equal knowledge about the work and they did their best to satisfy the client's needs. The experts have targeted to prepare a complete customer' database by assessing all their information.
QC of the Files
After profiling customers' data in a dedicated manner, the data entry team sent the data to the QC team. We deployed 2 of our most able members in the QC team to check all the datasets whether they were complete or not. With the best use of cutting-edge technology, the team performed the quality assessment tasks. They have fixed many issues that have been pointed out during the QC assessment.
Files Delivered
The client wanted to profile all the data of 2000 customers within 3 months along with all measures. Our team has performed their best and used the best applications to profile all the customers' data. Within 3 months, we have delivered our robust data profiling services to the client excellently. We have sent a sample of 50 files to the client for their initial approval at the beginning of the project. The client liked our work and gave us a thumbs up for the next process.
K Michigan
AskDataEntry has solved our long issues with the accurate measures of data profiling services. Within the right time, the company has delivered the services. It has saved us from indulging in wrong regulatory practices with its sources. We are greatly thankful to AskDataEntry for the help.
