Effective and efficient data management is crucial for success. But financial institutions face numerous, complex challenges when it comes to handling the vast amounts of data they hold across different systems and departments.
Raw Knowledge Managing Director Preya Patel and Adapa Advisory CEO Mark Kerns discuss these challenges and how the Managed Smart Data platform is making waves in the industry when it comes to transforming the way firms handle their data.
Key takeaways:
- The Managed Smart Data platform offers financial institutions a comprehensive solution for common and complex data management challenges.
- The platform creates a single trusted view of data, offering benefits for a wide range of financial institutions including wealth managers, fund accountants, and authorized corporate directors.
- Early meetings between Raw Knowledge, Adapa Advisory and prospects has validated the partnership’s strategic direction, as well as early use cases, for the Managed Smart Data platform.
- Raw Knowledge drove a 400% increase in their weekly reporting capacity using the Managed Smart Data Platform to support the automated delivery of excess reportable income (ERI) data.
Notable quotes:
- Mark Kerns: “It’s very clear that managing data, the challenge, is worse than ever.”
- Preya Patel: “At its core, [our platform] creates a single trusted view of data, something firms can genuinely rely on – both at scale and for reg reporting.”
- Mark Kerns: “Our motivation, in terms of partnering with Raw Knowledge and MSD specifically, is we see the extent of the opportunity in the market, and we see that specific use cases can have a tremendous impact on internal costs but also can have benefits in terms of analytics, the growth of the firm.”
- Preya Patel: “Different organizations are at different stages of the curve in terms of their data management challenges.”
Challenges in Data Management
Financial institutions grapple with immense volumes of diverse data every day. From market data to regulatory documents, the manual handling of this data and the fragmented systems it often sits within can hinder operational efficiency and negatively impact an organisation’s data quality. The Managed Smart Data platform helps streamline data processes and provide businesses with a single trusted view of their disparate data pipelines.
Benefits of the Managed Smart Data Platform for Wealth Managers
The Managed Smart Data platform offers wealth managers the ability to consolidate disparate data sources – including securities master data, corporate actions, and client static data – by breaking down the silos that exist between systems, platforms and pipelines. The platform will automatically reconcile, cleanse and harmonise the data it ingests, helping businesses enhance operational efficiency, reduce manual errors, and unlock deeper insights for informed decision-making.
Use Cases Beyond Wealth Management
While the Managed Smart Data platform benefits wealth managers significantly, its applications extend far beyond the wealth management space. Fund accountants and authorised corporate directors can another segment that could benefit from the diverse capabilities the platform has to offer. These professionals face challenges in managing data from various sources and can leverage the Managed Smart Data platform’s capabilities to automate data handling, improve efficiency, and enhance regulatory reporting.
Data Lineage Capabilities
One of the key features of the Managed Smart Data platform is its data lineage capabilities. This functionality tracks how an organisation’s data changes over time and how it moves across their systems and pipelines. By tracking data in this way, the Managed Smart Data platform helps ensure data transparency and integrity. This aids in water-tight compliance and easier regulatory reporting. Further, by highlighting when data has changed and by whom, the platform enables faster issue resolution and empowers financial institutions to maintain the highest standards in their operations.
Transforming Data Handling with AI
The Managed Smart Data platform leverages AI technology and large language models to extract and normalize data from unstructured documents, such as PDFs. This advanced technology enables efficient data processing, particularly in areas where financial institutions must often turn to manual data extraction such as private market and ESG research and fund documentation. By automating data extraction and processing, MSD simplifies complex data management tasks and helps firms reduce their resource costs.
