Informatica Launches IDMC for Financial Services

Image credit: iStockphoto/nespix

Enterprise cloud data management leader Informatica launched the Intelligent Data Management Cloud (IDMC) for Financial Services, an integrated end-to-end cloud-native solution boosting the data life cycle. 

IDMC is a platform that features data discovery, ingestion, data sharing and democratization, application integration, single views, and business 360 application, governance, and privacy. In addition, cloud solutions serve as a platform providing financial services companies access to relevant business data. 

As per Grand View Research Inc.’s report, the APAC master data management market for financial services is forecasted to reach USD3.49 billion by 2028. The research also predicts the market to expand at a CAGR of 13.4% from 2021 to 2028.

Industry-leading customers RBC Wealth Management, Bank of Montreal, City National Bank, and Freddie Mac have indicated an interest in using IDMC for their operations. 

“Having the right data at RBC Wealth to grow our business, service our client needs, and manage the business with operational excellence is critical for our employees, customers, and shareholders,” said Greg Beltzer, head of technology at RBC Wealth.
He added that Informatica has been a long-time partner providing industry-proven solutions to help them get clean, valid, and valuable data in the systems used daily for its clients, relationship managers, marketing, and customer service organizations. 

Critical capabilities of IDMC include: 

  • Improving customer experience through access and delivery of clean, trusted, and valid data between the systems that support customer engagement and interaction across any channel, device, or business unit. 

  • Business development by helping marketing and sales teams identify new cross-sell opportunities for existing customers, drive revenue streams, and improve customer retention.  

  • Compliance with industry regulations from CCAR, BCBS 239, BSA/AML in banking to NAIC statutes in the United States in insurance without delay. 

  • Strengthen risk management for banks, financial services, and insurance organizations by accessing high-quality data to identify, measure, manage and monitor risk across the enterprise for ongoing credit, market, operational, and liquidity risk management needs. 

  • Increasing business agility in responding to time-sensitive business opportunities and competitive threats, identifying real-time risk exposures, and addressing customer service requests are beneficial for business service optimization.

In addition, Informatica's IDMC supports industry data standards such as ACORD, FIX, FpML, NACHA, SWIFT, LEI, DTCC, and Bloomberg. It also gives industry-specific extensions and data format support to UNIFI (ISO 20022), ACORD XML, FIXML, and MISMO. 

Moreover, IDMC supplies advanced metadata scanners for extracting lineage, technical, business, operational, and handling metadata from more than 50K systems and applications such as BI, Data Science, CRM, and ERP.

Image credit: iStockphoto/nespix