Situation
Whilst non-critical to daily operations, Schroders realized the benefit that the business would receive from investing in a data management platform to improve their start-of-day investment data.
Problems such as siloed data, duplication issues, and inflexibility meant the company were struggling to move up the data maturity curve. Schroders therefore looked to Experian Data Quality's Professional Services department for help in order to fix these issues going forward.
Solution
After working with Experian Data Quality's Professional Services, Schroders agreed to use Experian Pandora's solution which was chosen for its adaptability, ease of implementation, and affordability. With a user-friendly interface, the team at Schroders found it easy to use from early on in the process and were using it to almost its full potential within a few months of launching.
Pandora helped Schroders to identify and quantify the exact causes of errors and failures in passing data between teams and operational systems – a key component of financial services – enabling operations teams to move from firefighting to first eliminating quick wins and then moving on to more profound underlying problems. Along with the cost savings, the tools helped to yield much more, including better compliance and risk management.
Results
Schroders has seen fewer errors, less duplication, and a happier, more positive working environment.
One of the key benefits Schroders have seen from using Pandora, is that many of the problems identified by data management systems are those that would not be obvious using existing manual techniques, due to the capability of the tool to process significantly high quantities of data. Not only that, but Pandora then allows operations teams to present cases to management with strong data backed arguments, where further investment or significant change is required.
Experian Pandora's speed has also meant that the investment operations team is now able to target those problems much more quickly, reducing the impact due to the volumes of data that can be loaded in short time frames – ideal for the start of the day, when timing is essential.
Finally, these results from Experian Pandora have all yielded a significant morale-boosting effect, a perhaps a too-often-underrated reward from improved processes within the financial services industry that Schroders is particularly proud of.
