CASE STUDY
The Forza and Alliance Advantage: Overcoming FSCS SCV Reporting Challenges in a Multi-System Bank
Discover how Macro Global’s SCV Forza and Alliance streamlined a multi-system bank’s cumbersome FSCS regulatory reporting process.
Client Background
Our client is an established financial institution in the UK, providing a complete suite of banking products and services in personal, corporate, and business segments. Dedicated to serving their multicultural customer base, the bank struggled with meeting its FSCS Single Customer View regulatory reporting requirements.
Challenges Faced
The bank encountered the following key challenges in generating accurate and timely FSCS SCV reports:
- Disparate CBS utilised different definitions and timeframes for account dormancy, resulting in inaccuracies when identifying reportable accounts.
- Merging data from different systems with incompatible APIs, heterogeneous data structures, and inconsistent connectivity was a significant obstacle.
- Dependence on manual extraction, manipulation, and consolidation of data was slow, error-ridden, and challenging to expand.
- There were no central data repository and good business intelligence tools to slow down extensive reporting and audit trail creation.
Solution Implemented
To meet these challenges, the bank collaborated with Macro Global and deployed our holistic SCV all in one solution:
- Macro Global provided an end-to-end solution using SCV Forza and SCV Alliance to automate FSCS SCV reporting and minimise manual intervention.
- Macro Global analysed bank’s data structures, dormancy logic across CBS, and API capabilities and established a secure middleware layer for data exchange.
- SCV Forza automated data extraction from CRM and other sources, enhancing data quality and accuracy.
- Analysed extracted data for missing information and inconsistencies, facilitating data modification, augmentation using internal/external sources, and standardised data by applying regulatory rules and a unified dormancy logic.
- Validated data against third-party tools, identifying discrepancies and resolving anomalies through automated merging, reconciliation, and data aggregation.
- SCV Alliance audited the generated SCV report against over 175 PRA checkpoints and external data providers, ensuring compliance readiness.
- Flagged discrepancies and categorised data anomalies by risk level (high, medium, low) for targeted remediation.
- Compiled a final FSCS-compliant SCV file ready for RegData submission.
Outcomes Achieved
The implementation of Macro Global’s solution delivered significant improvements to bank’s operations:
- Eliminated manual data extraction and ensured reliable data flow.
- Automated the entire SCV reporting lifecycle, minimising errors and freeing up resources.
- Ensured accurate and consistent identification of dormant accounts across all systems.
- Enabled the efficient generation of compliant SCV files within regulatory deadlines.
- Provided a clear audit trail and reduced the risk of non-compliance.
- Facilitated targeted correction of data anomalies based on risk assessment.
