Overview

A multinational financial institution operating across multiple regions faced data fragmentation issues due to multiple disconnected legacy systems. With client information spread across different platforms, the organization struggled with inconsistent data, slow turnaround times, and high operational and compliance costs. This lack of data unification also created compliance risks, as regulatory reporting became more complex and error-prone.

A Unified Client Master Data Solution was implemented, which provided a centralized, automated approach to client data management. The solution eliminated silos, improved data integrity, and accelerated client interactions, ensuring financial operations were more efficient and regulatory-ready.

Coreium - Financial Services

the Challenge

  • Data Silos: Client information was stored across multiple systems, leading to duplication and inconsistencies.
  • High Operational Costs: Manual reconciliation and verification processes were time-consuming and resource-intensive.
  • Compliance Risks: Inconsistent KYC information leading to compliance issues and risks. Regulatory reporting was complex due to
    discrepancies in client records.
  • Slow Business Turnaround: Client onboarding and static data updates were delayed, affecting service quality.

the Solution

To overcome these challenges, the financial institution implemented a Client Master Data (CMD) platform, transforming the way client data was managed. The solution centralized and consolidated all client information, creating a single source of truth that eliminated inconsistencies and ensured data integrity across all departments.

By automating data validation, the platform significantly reduced errors, enhancing accuracy and compliance. Seamless integration with multiple systems enabled real-time data synchronization, ensuring smooth and efficient operations. Additionally, the platform introduced real-time updates, accelerating client onboarding and reducing delays in data modifications. This modernization effort not only streamlined workflows but also enhanced operational efficiency, allowing the institution to scale while maintaining data accuracy and compliance.

the Result

40% reduction in operational costs by eliminating manual processes.​

50% faster client onboarding, enhancing business agility​

Improved regulatory compliance, reducing audit risks and fines.​​

Enhanced client experience, with quicker responses and more accurate data.​

conclusion

By adopting the Client Master Data (CMD) platform, the financial institution transformed its data management strategy, eliminating inefficiencies and reducing operational overhead. With a centralized, automated, and integrated approach, the organization streamlined workflows, ensured regulatory compliance, and minimized risks associated with data inconsistencies.

This shift not only lowered costs and improved turnaround times but also enhanced client experiences by providing faster, more reliable service. By establishing a single source of truth, the institution ensured data integrity, enabling accurate, consistent, and secure client information across all systems. As a result, the institution is now better positioned for growth, with a scalable, future-ready data foundation that supports ongoing innovation while maintaining the highest standards of accuracy and security.