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Finance and Insurance

See how Data Ladder can help minimize exposure to risk in the financial and insurance markets. Increase ROI with accurate, deduplicated, and consistent transactional data.

 

Sectors

Banking

The data matching has a wide application in the banking sector. A typical bank includes many functions like operations, treasury, capital markets, and accounting, to name a few. They need to perform a comprehensive reconciliation among these functions on a regular basis.

Insurance

The data matching has a wide application in the banking sector. A typical bank includes many functions like operations, treasury, capital markets, and accounting, to name a few. They need to perform a comprehensive reconciliation among these functions on a regular basis.

Other Financial Institutions

Instead of focusing on how data analysis impacts Administration or IT, the programs will be focused on improving the experience of faculty, staff, and students. If it doesn’t save time and improve quality of life for those groups, then it shouldn’t be pursued.

How Data Matching Helps Increase ROI in the Finance Industry

In the contemporary fast-paced technological environment, the success of every business relies on a data-driven model. However, it is not an easy task to achieve as you need to have a comprehensive data management strategy in order to become a data-driven organization. The proactive management of large volumes of data and identification of the relationship between data can be an extremely tricky process, especially for large enterprises.

Therefore, incorporating an efficient data management tool like data matching has become absolutely essential. Using data matching, the financial institutions can handle the complex data and process them in a matter of seconds, which is a cost-efficient and reliable way to manage your data.

Due to operational, strategic and compliance reasons, financial institutions such as banks, audit firms, and insurance companies collect a massive amount of customer information. This information comes from several different channels, therefore, the data often contain inaccuracies, duplications and incomplete records that can result in incorrect analysis, leading to ill-informed decisions, which can be detrimental for these financial institutions.

What You Get with Our Solutions

Fast and Flawless Matching

It is extremely important that the merging of records is done in a flawless and accurate manner. If the quality of data matching procedures during the merger is below par, it could impact the integrity and reliability of data. Bad data can cause immense financial loss and in some cases even physical harm.

Speed Up Transactions

The data matching can help speed up these transactions by removing duplicates and streamlining the data sets. It automates the tedious job of data sorting, so the valuable time can be focused on more strategical operations rather than data crunching.

Reduce Wastage

Data matching is already being used in financial institutions and large enterprises. Many organizations lose millions of dollars just because of poor data matching. Poorly matched data leads to poor decision-making processes which can cost organizations significantly both monetarily and in terms of reputation.

Minimize Duplicate Records

Using data matching techniques, they can minimize the duplications of records and link the information of their users, so the risk of these mistakes are reduced to an acceptable level. This is very critical as the insurance market is very competitive and a few bad decisions can ruin the reputation of the company and expose them to legal actions.

Gain Greater Perspective of your Data

The accuracy and quality of insurance data will define how the industry performs in the future. It will enable these companies to become more affordable across all markets and provide levels of service that are being demanded by the customer. Marketing campaigns can be more accurately targeted, and fraud can be significantly reduced.

Minimize Risk Through Data Matching

In the insurance industry, it is all about minimizing risk! Eliminating risk in their transactions is impossible, however reducing their exposure to risk equates to profit. When you are a global insurance powerhouse, your exposure to risk can be extraordinary. As with many other industries, insurers have found that proper data management will significantly reduce their exposure to risk and increase their bottom line.

Recommended Resources

Fuzzy Matching Makes Reporting a Breeze – Zurich’s Case Study

Data Cleansing Drives Revenue for LAMB Financial

Customer Attrition vs. Customer Retention

Our Customers

Ready To Start Matching Data and Grow Your Business?

During your 30-day trial, you can access DataMatch Enterprise risk-free. The software is user-friendly and easy to install – what you see is what you get! However, we recommend a 30 to 60-minute non-obligatory online consultation with one of our subject matter experts to help you get the most out of your free trial.
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