Mike Healy, ISI EVP of Data Quality, to Speak at BBA Single Customer View Seminar

LONDON, Sept. 21 /PRNewswire/ -- Innovative Systems, Inc. (ISI), a leading provider of data quality, customer data integration, business intelligence support and regulatory compliance solutions worldwide, today announced that Mike Healy, Executive Vice President, Data Quality EMEA, will provide a presentation on "Dealing with the Operational Aspects of the Single Customer View: Obstacles, Strategies and Delivering SCV in Weeks, Not Years" at the British Bankers' Association's Single Customer View Seminar (SCV) to be held on the 24th September 2010 at Pinners Hall, London.

The seminar is being offered to assist financial institutions facing the 31 January 2011 deadline for compliance with the FSA's EU Deposit Guarantee Scheme Directive (DGSD). The DGSD requires each deposit-taking organisation with more than 5,000 depositors to provide a "Single Customer View Report" detailing the identity of each deposit holder, the aggregate value of their deposits with the organisation, and the total compensation that they are due. This report must be submitted to the Financial Services Compensation Scheme (FSCS) in electronic form at least every year.

The purpose of the DGSD is to ensure that all deposit holders will be reimbursed up to 50,000 pounds sterling in the event their institution fails. The SCV Report is intended to provide the FSCS with the information required to issue the depositors' reimbursement payments within a week of an institution's default. In the case of joint deposit holders, the guarantee payment will be split equally, in most cases.

Establishing a qualified SCV prior to the deadline poses a variety of challenges to financial institutions, especially those that do not already have a sophisticated customer data quality regime in place. Even those that do have one or more existing customer-centric databases will have difficult decisions to make regarding which data to use and whether adjustments must be made in order to meet the FSCS accuracy standards. In addition, in most cases, building a qualified SCV database will require performing a data migration, a very complex project that has historically been subject to frequent delays and cost overruns.

"Complying with the DGSD is going to force many UK financial institutions to make major changes to the way they collect and maintain customer data in a very short period of time," Healy said. "I plan to give them an idea of the practical aspects of some of the dilemmas they will face, the impact of their choices and decisions, and how they can avoid some common pitfalls to make the project a successful one."

In his presentation, Healy will discuss some of the obstacles to building an SCV, such as defining the accuracy level required of the database and understanding the problems of undermatching and overmatching, and he will address key decisions that must be made in determining what customer data will be used as the source for the SCV. He will explain why the data migration is the most dangerous step in building most databases and how to de-risk the project so that a successful migration is achieved on the first try.  www.innovativesystems.com.

SOURCE Innovative Systems, Inc.