DISCOVER DCI
For Stockbrokers
Stockbrokers are increasingly reliant on the quality of their data, given its critical impact on the experience of their business generators and the level of service they can deliver to clients.
Poor data is common due to the lack of validation on legacy systems, producing problems that can manifest in multiple areas:
Client Reporting
misleading, inaccurate or out of date policy/plan data being reported
Dealing Errors
from incorrect security set up
Incorrect commission calculations
due to invalid scales linked to the client, manager & counterparties
CASS Breaches
such as miscalculated fees being charged or erroneous regulatory submissions
Inaccurate MI
used for critical and strategic decision making
The consequences of bad data can be significant:
- Damaged client relationships caused by inaccurate communications
- Lost reputation if the above happens at any scale
- Increased staff costs to monitor and resolve data-related issues
- Reduced productivity from continuously allocating valuable resource to address data problems
- Regulatory fines if customer data is misrepresented or regulatory reporting is inaccurate
- Strategic decisions based on poor data can be damaging to both clients and the firm
- Cost of compliance will grow if data issues are ignored
Stockbrokers need to keep a keen eye on how data is acquired, processed and reported to ensure they can run an efficient operation, avoid falling foul of the regulator and maintain customer trust, especially given the widespread use of ageing systems in the industry.
To find out how to avoid these pitfalls
Insights for Stockbrokers
The hidden cost of bad data
Regulatory imperative
Pain points from bad data