Capital Market Firms Actively Turning to Regulatory Onboarding and Legal Entity Data Management Technologies

Capital Market Firms Actively Turning toCapital Market Firms Actively Turning to Regulatory Onboarding and Legal Entity Data Management Technologies PR Newswire DUBLIN, Ireland, October 22, 2013 New Aite Group and Fenergo research reveals a compelling need for capital market firms to invest in technologies to address legal entity data management, regulatory demands and elongated onboarding timeframes New research undertaken by analyst firm Aite Group and Fenergo finds that capital market firms are actively moving toward a more centralised client onboarding and legal entity data management framework to provide a single point of access to client data and a consolidated view of a client across the enterprise. The research, which is based on one-to-one interviews with individuals responsible for client data support, client onboarding, or know your customer (KYC) compliance at 10 capital market firms, was conducted by Aite Group during Q3 2013. The findings illustrate that the majority of respondents currently tackle onboarding and KYC separately but are planning to consolidate the gathering of data for both functions under a single team to overcome such challenges as: • A multiplicity of siloed data with many owners but no master and a patchwork of technologies - Data stored in different functional silos, with inconsistent formats and reflecting the end requirements of each function makes sharing across the institution particularly difficult to achieve.