May 31, 2016 | Written by: Harvey Gross
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Today’s Post by: Harvey Gross, V.P. World-Wide Sales, Crawford Technologies, Inc.
In my last blog post, we made the case for IBM’s Content Manager on Demand (CMOD) place in the Big Data discussion. Because CMOD is the archive for invoices, bills, statements and other vital business documents that are exact copies of business transactions, the information stored within those documents is true, highly accurate and beyond reproach. Big Data is important but in most cases Good Data is critical.
Let’s see how a major U. S. financial institution took advantage of the information stored within documents archived in CMOD to answer a compliance audit.
Credit card issuers are increasingly under significant regulatory pressure to demonstrate compliance with a variety of new and updated regulations overseen by a number of government agencies, including the Consumer Financial Protection Bureau (CFPB), the Federal Trade Commission and the Office of the Controller of the Currency (OCC). The OCC often requires card-issuing financial institutions, some of which have upwards of 50 million credit card customers, to select a subset of customer accounts for review.
One of the largest retail banks in the world was required to provide legal proof of its compliance with banking regulations by providing a comprehensive analysis of its previous 10 years of customer credit card transactions. The bank decided the best source for information about these transactions were the actual credit card statements, which were archived in an Advanced Function Presentation (AFP) format in an IBM Content Manager OnDemand (CMOD) archive system.
Crawford Technologies supplied software to extract relevant transaction information out of the bank’s customers’ credit card statements from the CMOD archive, and then identified and extracted the required data from the files and output it in the desired XML structure. Once extracted, the selected statement data was pushed through an audit system and analyzed for potential overcharges and over-payments, so that the bank could determine if customers were owed money and needed to be reimbursed. Deploying this solution has allowed this bank to proactively address mistakes it may have made in its credit card charges so that it could (1) deal fairly with any customers who may have been improperly charged; (2) avoid unnecessary legal action; and 3) avoid costly fines for noncompliance.
The CrawfordTech solution provides for high-volume, automated extraction of data from statements, invoices, bills and other business documents archived in CMOD without user intervention. The bank can easily access subsets of card customers, including those offered specific promotions or cards issued to active-duty service members and full-time college students, where special rates and benefits apply.
The bank is able to leverage the CrawfordTech solution to unify its Enterprise Data/ Print-stream sources into a common “Big Data” format that can then be queried to deliver better insights and reporting on consumer activity and charges that would be nearly impossible to achieve from the numerous sources of information that currently exist. This helps to dramatically collapse time-to-business outcomes and reduce IT expenses.
The bank’s success in dealing with the audit requirement reinforces the observation that CMOD itself is the original Big Data source and the fact that while Big Data is important, having Good Data and Trusted Data is critical. CrawfordTech solutions and deep experience in data extraction and transformation fuel cognitive analytics solutions with the trusted source of validated big data residing in CMOD archival and retrieval systems and beyond. For more on CMOD, join us at one of the CMOD workshops happening in a city near you. You can register here.