[aiim16] how regulatory data can set the narrative for an analytics opportunity

How Regulatory Data Can Set the Narra4ve for an Analy4cs

Opportunity

Data Insights and Analy/cs

Jim Surless

Topics of Discussion •  Defining the Need for Regulatory Data

•  What is Regulatory Data? •  Types of Regulatory Data

•  Understanding Data Analy/cs

•  Crea/ng Value from your Regulatory Data •  Use Cases for each type of data

•  Where Do I Start?

•  Summary

•  Ques/ons & answers

Key Objec4ves

•  Translate data insights into business value

•  Knowing where to start and stop with analy/cs

•  How to leverage the data you store to create value for your business and the user communi/es you serve

Data is everywhere …

but is it accurate,

reliable and representa/ve

of your business?

Defining the Need for Regulatory Data

What is Regulatory Data?

•  Data you are required to retain for compliances which yields an abundance of informa/on

•  Your data is your biggest asset – for hindsight, insight and foresight -‐ but it can quickly become a liability

•  Regula/ons across markets require firms to retain data for defined periods of /me in original, un-‐alterable form as evidence

•  Mature records management policies provide for efficient content management – from data crea/on, capture, storage, reten/on to expira/on

What value can you harness from your data

before it expires at end of life?

•  Customer Communica/ons data – structured data documents captured and composed for the purpose of communica/ng with customers

•  Account statements, bills and invoices, leTers, checks,

confirma/ons, explana/ons of benefits, performance reports •  User communi/es are largely customer-‐based

•  Used to communicate informa/on, services, status to a customer

•  Regulated across markets by several agencies – you must keep an unalterable record of what you sent to your customer for compliance

Types of Regulatory Data

Types of Regulatory Data

•  Transac/on Repor/ng data – structured, semi-‐structured or unstructured data feeds that represent transac/ons within a business opera/on •  Log files, transac/on journals, account ledgers, bloTers, data exports

•  User communi/es are largely internal opera/ons

•  Used to run and support a business process

•  Regulated across markets as “books and records”

data, every transac/on within your source systems generates records, feeds and reports – you must keep unalterable evidence of transac/ons

“Analy/cs" is the discipline that applies logic and

mathema/cs to data to provide insights for

making beTer decisions.

Understanding Data Analy4cs

Understanding Data Analy4cs

•  Dependency on human input lessens from descrip/ve to prescrip/ve analysis •  Focus shi\s from grouping data (hindsight) to foresight, predic/on and direc/on •  Value grows from descrip/ve analysis to prescrip/ve analysis …..

predic/ve & prescrip/ve are more difficult but yield greatest value

Customer Communica/ons Data Challenge •  Paper and “sta/c PDF” are one-‐way communica/on channels •  eDelivery no/fica/ons to access data can be two-‐way, but are not always convenient •  15-‐20% e-‐delivery adop/on on average, despite 15 years of promo/on by every firm,

on every envelope across markets •  Consumers are digital in their daily lives, with escala/ng expecta/ons •  Genera/onal shi\

Customer Communica/ons Data Response •  Make every communica/on more valuable – enhance email, build interac/ve docs •  Enable consumers to select the channels of their choosing, while enhancing the

rela/onship through personaliza/on •  Add dynamic content, build off of the regulatory content and drive predic/ve and\or

prescrip/ve behavior

Crea4ng Value from your Regulatory Data

Transforming Communica/ons -‐ New channels and technologies provide opportuni/es to create new experiences for the consumer, customer, end user

Original Document

No4fica4on To the channel and device the customer chooses

Transformed Communica4ons Are now interac/ve and

digital


March Statement

Disparate unconnected informa4on

An integrated Experience

Access to the Embedded regulatory statement

Analy/cs and content that maTer to the recipient

Integrated research tailored for the recipient

Statement A sta/c PDF

Analy4cs Web site content

Research Value Added

Content

Links pulling the client back to the website

A New Way to Think About the Customer Experience


Transac/on Repor/ng Data Challenge •  Paper is voluminous, hard to find specific transac/ons without detailed indexing •  Even with electronic and digital copies of reports online, users spend hours building

complex searches and queries to find what they need Transac/on Repor/ng Data Response •  Convert transac/onal data into strategic decisions •  Analyze data and extract items that match certain criteria •  Iden/fy excep/ons and open items in advance of star/ng the work day •  Through excep/on processing users are alerted to their “to do” lists reducing /me spent on tradi/onal inquiry and research

•  Annota/ons allows for transparency



•  Reduce manual /me-‐consuming processes, allow for the data to make decisions

•  Make consistent decisions based on defined business rules

•  Improve compliance

with policies and oversight

Report Output Data

Automated Workflow Cost Reduc4on Measurement &

Repor4ng

Crea4ng Value from your Regulatory Data •  Analy/c dashboards with drill-‐downs to detail •  Integrated workflow to act on the data shown •  Applying machine-‐learning techniques to iden/fy opportuni/es to improve opera/ons •  Track how well your ac/ons are working to improve opera/onal results

Where Do I Start?

Consult with those that use your data

Observe what they do with your data (or don’t do with your data)

If you build it, they might NOT come Capture trends & paTerns

•  Op/mizes interest, membership, trends, on-‐demand viewership

•  Now produces entertainment content •  1 billion hours of streaming video

watched per month

Where Do I Start?

Shi\ from an Inside-‐Out approach towards an Outside-‐In approach to

build a Outside-‐Out ecosystem of known and unknown (trusted) sources.

Where Do I Start?

Prototype new ideas Fail fast and fail o\en … succeed sooner Gather feedback and insight from trusted par/es

•  Truth be told – ideas don’t always s/ck

•  You always have the

regulatory data – you cannot place a value on that

•  Your consumers will want to

par/cipate in finding useful tools, beTer experiences – people like to be included

•  Don’t underes/mate the value of mul/-‐genera/onal teams

•  Regulatory data is your asset and contains untapped and unlimited value

•  Think differently – create new sources of value for the user communi/es you serve built upon the abundance of data you have

•  Shi\ from Inside-‐Out …. to Outside-‐In … to Outside-‐Out … build an ecosystem of

data, people and processes to capture feedback from those you trust to help harness value from your regulatory data …. include customers, partners, providers as well as associates in your firm who might have fresh, new perspec/ves

•  Observe how people work, how people process informa/on ... listen, think, do •  Explore new applica/ons, products and services … build quick prototypes based upon

your data to gain feedback that will transform your business

Summary

Ques4ons and Answers

Jim Surless Vice President, Product Management Customer Communica/ons, eSolu/ons

[email protected]

(631) 274-‐8120

[aiim16] how regulatory data can set the narrative for an analytics opportunity

Technology