Vendia for Banking and Financial Services.pdf
Vendia for Banking and Financial Services
Every financial institution relies on access to accurate, real-time data—yet most organizations don’t actually have it. Instead, data complexity is growing by leaps and bounds as more customer touchpoints, financial products and services, and digital technologies are introduced across multiple channels.
With no choice but to rely on existing IT infrastructures while adding more and more connection points between new and existing operational tools, many financial services organizations lack a sustainable path forward as digital ecosystems grow in both size and complexity.
SOLUTION
A digital infrastructure for end-to-end data automation
Vendia gives financial services organizations an end-to-end solution for seamless data automation across all systems, applications, and clouds in real time. Replacing the need for multiple integration tools and custom development projects, Vendia’s unified data automation platform lets banks and financial institutions integrate, reconcile, analyze, activate, and observe data anywhere it sits across their operational, analytical, and partner ecosystems.
BENEFITS
Synchronizing data across all internal and external business tools in real time, Vendia equips every decision maker, business unit, and financial services partner with the right access to the right data in any system of choice—at all times.
Unified customer experiences with trusted, accurate data
Whether changes happen across the back office or among different business units, subsidiaries, or partners, Vendia keeps data in sync across every system, cloud, and application at all times. Source and destination systems always reflect the latest customer information, delivering an accurate, reconciled view of the truth inside every system of record.
Reduced exposure and risks with built-in compliance and governance
Inside Vendia, an auditable, immutable digital ledger tracks every data and metadata change—instilling consistency and ensuring compliance across all systems and parties. Fine-grained access controls and consent management capabilities further reduce exposure to risks, keeping consumer and financial data protected at all times.
Greater operational efficiencies with seamless workflow automation
With multi-directional data flows and automation across any operational, analytical, and partner tech stack, unsecure data sharing and manual-entry processes are a thing of the past. Increased data accuracy and seamless workflows help decrease costs while improving efficiency across the organization and between strategic business partners.
PLATFORM CAPABILITIES 01
| Action | Description |
|---|---|
| Integrate | Sync data across systems, business units, subsidiaries, and partners in real time. Connect, ingest, and synchronize data across distributed networks of source and destination systems via real-time, bidirectional integrations, unified data modeling, and no-code data transformations. Streamline workflows across operational, analytical, and partner ecosystems with an expansive library of pre-built connectors, as well as simple file-based data sharing. Automate common due diligence activities, minimize default risks, and share relevant data snapshots and audit results with regulatory systems automatically. |
| Reconcile | Make every system of record a source of truth. Reconcile customer data, transactions, documents, and settlements automatically in real time, updating all systems and parties at once. Establish a consistent, unified, and accurate view of data across internal and external systems via built-in consensus protocol. |
| Analyze | Uncover operational insights in real time, any time. Untap rich operational insights and analyses in real time with bidirectional connectivity to advanced analytics, data warehouses, data lakes, and machine-learning tools. |
| Activate | Move effortlessly from insights to outcomes. High-speed decentralized, serverless architecture securely expedites financial services such as loan approvals, payment settlements, and identity verification services. Accelerate confident decision making and timely action with user-friendly dashboard reporting, event-based notifications, and automated alerts. Proactively detect auditable events, accounting discrepancies, compliance gaps, and other data anomalies at the point and time of each transaction. |
| Observe | Gain full visibility and control over data anywhere, everywhere. Gain transparency across all systems, subsidiaries, regions, and partners with end-to-end data transaction lineage. Keep customer data protected at all times via fine-grained access controls, built-in SOC2, GDPR, CCPA, PCI, and open banking compliance, and robust consent management capabilities, such as redaction, masking, and anonymization. Easily demonstrate compliance with an audit-ready digital ledger, unified data interfaces, and detailed reporting. Closely monitor user activity and data usage with a 360-degree view of data, across its lifetime and in line with regulatory requirements. |
USE CASES
Following are five common use cases financial services organizations use Vendia to optimize operational efficiencies, collaborate seamlessly and securely, and reduce compliance risks and exposure:
Data risk management
Reduce third-party risks and unlock cost savings with automated process controls, data governance, and an audit-ready digital ledger.
Continuous audit
Stay ahead of potential issues with proactive audit detection, increased audit coverage, and reduced risks with real-time validation and verification on an ongoing basis.
Insurance and claims reconciliation
Seamlessly and securely exchange consumer data across third-party ecosystems while adhering to regulatory and Consumer Financial Protection Bureau (CFPB) mandates.
Open Banking
Deliver better customer experiences and grow revenue pipelines with synchronized data across insurance/reinsurance sales and cross-insurer claims investigations.
Commercial loan syndication
Drive confident, timely decisions among banks, servicers, and other parties with harmonized data, automated workflows, and seamless intercreditor management.
CUSTOMER STUDY
Resolution Life obtains golden record across partners using Vendia
Challenge
Resolution Life and its partners needed a fast, reliable, affordable, and user-friendly way to securely share data and reduce the occurrence of costly errors.
Solution
Results
30% cost savings.
Vendia empowered Resolution Life and its clients to share data easily and transparently via a trusted ecosystem built on immutability and traceability.
About Vendia
Vendia is the future of collective data intelligence, combining smart APIs, databases, and distributed ledger technology inside a single platform. Vendia’s data automation cloud makes it easy to share data inside and outside of the organization in real time and with full visibility, governance, and control. Companies such as BMW, Delta Airlines, Resolution Life Insurance, and Fannie Mae use Vendia to automate contextual and compliant data flows between any-to-any systems for a harmonized, accurate view of data that unlocks speed, innovation, and cost savings. Learn more about us at Vendia.com and #UnchainYourData with Vendia.