Home Technology Data quality necessary to demonstrate the value of new technology investments

Data quality necessary to demonstrate the value of new technology investments

Automated eComms compliance surveillance software solutions should be an obvious and essential choice for any regulated financial business. Having a good discussion with both banking and other technology vendors, we can get a good idea of just how convoluted this journey can be. Compliance and Technology teams often struggle to get internal support.

It is often the case that stakeholders across larger financial organisations fully appreciate the need for a surveillance solution. This is as a defence against potential compliance issues. Some struggle to see the wider operational and commercial benefits their insights can deliver. In some smaller organisations this seems to be even more acute. Many financial organisations are missing considerable opportunities due to a business-wide lack of understanding of the true value of their data.

Getting stakeholder buy-in is a vital first step. For successful surveil and gain insights from eComms it requires having the right quality of data in the first place. With so many eComms and data platforms in use in the modern business comms mix, there is an exponential increase in the amount of unstructured data. This issue of data quality was neatly illustrated a couple of years ago. With the permission of several clients, they took a sample of some of the cleanest data sets. Also, they took them to Microsoft for its modellers to run their AI machine learning algorithms over them. It transpired over the following three weeks. The models simply weren’t able to work in a manner. The data simply wasn’t clean or structured well enough to be suitable for those engines.

Without cleaning up and structuring data it is very hard to extract any value. Unfortunately, many of the organisations they speak to have not yet begun that journey. There can be some difficult, but essential conversations to be had when it comes to facilitating surveillance technology teams. This is to get the buy-in and budget they need to implement a solution. All the relevant stakeholders need to understand the value that the whole business will derive from the right solution.

Undoubtedly many financial organisations are not used to having their data quality challenged. But honesty over the effort needed to set up the foundations is as essential. It is clear that banking technology champions and fintech providers need to work together. This is to educate the wider banking sector audience. The true value of data should be highlighted and its potential impact on business success through the right application of an intelligent surveillance system. 

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