Background
Shawbrook is a specialist savings and lending bank, offering personal loans, residential and commercial mortgages, business finance, and savings products. With over 425,000 active customers, Shawbrook provides highly personalized, practical lending and savings products to individuals, businesses, and real estate investors.
Challenge
As a bank, Shawbrook must adhere to Financial Crimeregulation and perform Customer Due Diligence on its clients with the aim of assessing the potential risks that they pose to the company. As part of this process, it's important that the data is available in a standard structure to allow them to report consistently.
The challenge lies in data collection for reporting, due to the complex and various ways of onboarding customers. WhileShawbrook’s goal is to identify a customer across the bank through a single identifier, the differing workstreams, data sources, and processes make it difficult to create a single customer view.
Recognizing this challenge and realizing that it could limit their ability to effectively report on Customer Due Diligence, Shawbrook set out to find a solution with a matching engine, as finding duplicates in their data was key to success.
Solution
Shawbrook went to the market looking for solutions comparing features like deduplication and matching, eventually leading them to Experian. Experian’s ApertureData Studio, an intelligent data quality platform, enabled the bank to streamline data collection and operations, identify data quality differences, and map a single identifier to each customer.
By consolidating the customer data into Aperture DataStudio, Shawbrook was able to standardize, dedupe, format, and enrich their data in one tool, creating efficiencies in reporting and providing a better understanding of their customers.
This consolidated view of each customer has also enabledShawbrook to effectively report on Customer Due Diligence. By identifying each customer across the bank in a single identifier and through capturing key data from multiple sources, the bank was able to create customer profiles to approach Customer Due Diligence reporting more efficiently through a single identifier.
Results
Shawbrook implemented Aperture Data Studio to create a consistent customer record for all source systems linked through a single identifier, but they are benefiting from so much more.
- Single customer view: The bank now has a clear view of who their customers are, visibility into customers across business lines, and insight into risks like fraud that could lead to incompliance and more
- Compliance regulations: Experian was able to helpShawbrook build a profile of their customers across the bank to better approach business decisions and regulatory reporting on financial crime.
- Time to value: Aperture Data Studio was easy to integrate into the infrastructure.
- Operational efficiency: Adding this tool has created a seamless process to a previously siloed workflow.
- Better customer insight: The tool gives them further potential to enrich customer data for better line of sight to digital journeys, product portfolio growth, and opportunities for revenue growth.
Looking ahead
Today, Shawbrook can confidently carry out Customer DueDiligence reporting with a complete and singular view of their customers. And, in the future, they are looking to utilize Experian Aperture Data Studio features for the critical data element work and new features like issue management to enable their data quality stewards.
Further, after working with Experian, the team atShawbrook believes they haven’t tapped into the full potential of their data yet. As they leverage Aperture DataStudio, the team continues to find new opportunities where they could invest in data to empower their business and customers.
