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Solutions for The Banking Sector
Overview
Credit risk can be regarded as an inherent component of the banking business. The introduction of customized banking products and services has made the task of judging the risk impact of credit decisions all the more challenging and time consuming.
Some of the critical challenges are:
- Compliance requirements
In order to improve credit risk monitoring and measurement so that capital requirements of banks are more in line with the nature of risks, they are being exposed to new accords. The BASEL Committee on Banking Supervision proposed the New BASEL II Accord in 1999 which will replace the existing Accord of 1988.
- Data quality issues:
The data collection and management tasks present the single greatest BASEL II challenge. For the first time, banks are required to pull data together from disparate financial systems, risk systems and manual processes, each processing proprietary databases with minimal levels of standardization.
- Customer de-duplication issues:
Banks will require consistent obligor identifiers across products and internal business units, most of which might be on disparate systems with different naming conventions.
- Data consolidation issues:
Under BASEL II guidelines for Credit Risk, banks will be required to consolidate data from multiple products and units into consistent aggregate exposure amounts by obligor (for wholesale exposures) or by consistent credit relevant characteristics such as current payment status, past payment history, amount and type of collateral.
- Infrastructure Planning:
Banks will need to plan and provision for the infrastructure (hardware, software, processing requirements etc) and people (training, business process change, etc) related changes.
Posidex Technology Solution
The technology developed by Posidex is precisely the kind of technologies to help organizations conduct search despite the error, variation, and duplication delivering the highest possible reliability when searching, matching, screening, or grouping data based on names, addresses, descriptions, date of birth and other parameters of identification. Though several parameters are taken into consideration for matching records, the innovative search technology will look for variations of all these parameters thereby virtually leaving any chances of missing any record. In the process it is also targeted to keep the false positives to the barest minimum. This is achieved through a series of steps for organization of data, carrying out analysis based on content of each and every record and a built in mechanism to explore a number of pre worked out combinations of search. The main strengths lie in its revolutionary approach of matching and querying resulting in unlimited scalable, unmatched speed and accuracy over any existing similar product not only in India but perhaps in the world. Separate modules are available for data scrubbing, standardization. Posidex Technologies applies its own logic for address matching, data exchange, data cleaning & standardization, name and address matching integrate to form the enterprise version for data ware housing needs.
Results
Our client saw immediate results from the deployment of our products and solutions
- Meeting the BASEL II compliance requirements
- Detecting significant number of duplicate records, which would not have been able to discover using earlier solution.
- Processing bulk dedupe of millions of records consistently and periodically which was hitherto not considered possible was achieved with our solution with unimaginable speed and accuracy.
- Consolidating disparate databases and ability to view 360 degree profiling all in one page.
- Matching based on complex requirements of several parameter combinations is achieved.
- Providing instant online response to deal with multiple loan applications of the same customer.
Saving Time
Thanks to Posidex technologies, Banks need no more waste hours or days on meeting their matching and deduplication requirements. Banks benefit in saving time on querying on large databases and complex matching requests. With easily customizable solution, plug and play architecture, our product can be quickly deployed with minimal or no change in their existing user interfaces. With successful cleaning and deduplication of databases and providing a single view of the customer, our product helps streamline the operations our clients by maintaining the most accurate data available, eliminating the need for personnel to sort through multiple addresses or phone numbers for a single contact.
Saving Money, Directly & Indirectly
There is no need to emphasize that bad information has a negative effect on the entire credit processing. With the help of our product the accuracy of the matching process increases significantly and the banks can easily deal with inaccurate names and address. Every accurate result against the defaulter's list potentially saves the bank from unnecessary exposure result in colossal indirect saving. By removing duplicate information and maintain single customer contact, Banks can now effectively target the customer for all their information management which contribute to direct savings.
Return on Investment
Our clients realize the immediate return of investment on the deployment of our product. That they have replaced the existing matching solutions bundled up with the native core banking applications like Finnacle™, FinOne™, SAS™ with our product speaks volumes on the capability of the product in terms of value addition to their core applications. With repeat orders from the same clients , our clients are deploying our PDQS product suite across various departments as well as targeting enterprise level dedupe keeping in view of the ability of our product to handle very large databases efficiently. By partnering with Posidex our clients gains competitive edge over their rivals.
For more details, refer to Benefits of Posidex products and solutions |
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