Data may be the new oil but only if it is recorded, stored, and utilised correctly.
We have already seen the difficulties caused by sub-optimal data standards in relation to tracker mortgages and non-performing loan sales. In the former case, the institutions involved have encountered severe difficulties in getting to grips with the problem and identifying affected customers. In the latter it has made loan books difficult to value and negatively impacted the value achieved at sale.
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Why Grant Thornton?
The Grant Thornton Data Analytics team delivers expert solutions to these issues for clients across the banking and financial services sector. Our team understands client needs and is capable of taking large volumes of data, cleansing it, and presenting it as clear management information, which is then back-flushed into the client’s source system.
The proprietary tools developed by the team take in the data, use sophisticated algorithms to identify errors and missing information, and overwrite records in the correct form. The process is expedited by the ability to allow multiple users access datasets simultaneously.
Our clients include Irish Institutions, Funds and European Banks. These solutions also add value by enabling the speedy sale of loan books at optimum valuations.