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CASE STUDY
Bridging the Data Gap: A Building Society's Journey to Efficient FSCS Reporting
Learn how the Building Society overcame the data silos problem and integrated the existing customer data to generate 100% error-free FSCS reporting.
Client Background
The client, a UK Building Society utilising a legacy system for FSCS Single Customer View (SCV) reporting, had issues with data accuracy, customer profile creation, and compliance due to disconnected systems, harder onboarding processes, and evolving regulations. When the client approached Macro Global, they acted as a lifeline for Building Society in resolving these challenges efficiently.
Challenges Faced
- Multiple isolated departmental systems led to fragmented customer records and reporting difficulties.
- Ineffective onboarding processes resulted in poor data collection and compromised customer profiles.
- Lack of awareness of regulatory requirements and industry changes put compliance at risk.
Solutions Implemented
- MG consultants implemented a comprehensive data governance framework, built a robust data architecture, integrated SCV Forza platform for data linking, and established automated data cleansing and validation processes through SCV Alliance.
- Conducted a comprehensive assessment of existing onboarding practices and integrated third party data sources (FCA, Royal Mail, Companies House), developing an intuitive digital onboarding interface.
- Established a regulatory monitoring framework with regular updates for staff.
Results Obtained
- Enhanced data quality and accessibility.
- 30% decrease in time spent on regulatory compliance.
- Improved regulatory adherence through enhanced governance.
- Reduced onboarding time and minimised human error risk.
- Enhanced regulatory compliance posture and proactive approach to regulatory changes.