Technology Awards 2017 – Best Data Management Solution

Best Data Management Solution

FACTSET

As private banks explore new ways to harness structured and unstructured data sets, the importance of maintaining clean mission-critical data, with sound data piping mechanisms only increases.

Be it artificial intelligence, robo advisory or robotic process automation (RPA), data management and upkeep is fast becoming the baseline for innovative transformation. Add to the mix a continuously evolving regulatory landscape, and private banks today are under no illusion that reliable infrastructure is paramount.

Enter FactSet. With its comprehensive suite of solutions and its ability to meet evolving analytical, risk management and regulatory needs effectively and efficiently, FactSet’s proven tools enable private banks to make sense of their data. Specifically, the provider helps eradicate bottlenecks around data extraction, data analytics, report generation and data delivery, with extensive round-the-clock support.

In addition to ensuring smooth and seamless integration with banks’ front and middle offices, FactSet feeds from and processes datasets provided by over 150 third-party systems, including custodial banking, account management, prime broker and order management systems.

Combining third-party, client and proprietary FactSet data, the vendor’s turnkey data solutions facilitate highly effective and standardised reporting, which helps to maintain the highest levels of data integrity and quality.

In 2017, the firm saw success in its partnership with DBS Wealth Management, reducing the lender’s market data costs by as much as 50%. This came after the Singaporean bank armed more than 300 of its relationship managers with FactSet’s market data solutions. After a successful trial period involving a pilot test and positive feedback, DBS was able to go live with the solution within a month. Most impressively, FactSet was able to convert and train 93% of DBS Wealth Management users before the required launch.

FactSet is Asian Private Banker’s Best Data Management Solution for 2017.

Greg King, SVP, director of wealth management strategy, FactSet

“Banks rely on a mind-boggling array of data and technological processes to get the intelligence they need to make decisions. FactSet is proud to be recognised for making this easier for our clients, seamlessly bringing together client, third party, and FactSet investment-grade content across asset classes on a single platform.”