Category Archive
Financial Services

When you think of customer satisfaction, do you immediately think of data? Georgia’s Own Credit Union does…

…and their results have been tremendous! At Datawatch, we’re always amazed by the variety of innovative ways our customers use data to advance critical business initiatives (download the full case study here for all the details). Often organizations get entrenched using data for operational reporting only, yet one customer (Georgia’s Own Credit Union) thought outside the box to optimize their data analytics to address a critical business initiative: customer satisfaction. The Challenge We can all…

8 Signs That You Need Financial Reporting Help

Do your month-end and quarter-end closing activities feel like they take a year to complete? Do you wish your annual reports were like the Olympics and only came around every four years?  Do you find yourself suddenly in need of a “sick day” when forecasting time rolls around? If any of these questions resonate with a painful sting, it might be time to do something to optimize and streamline your financial reporting processes. The biggest…

Negative Joins are a Positive for Identifying Tax Fraud

Tax fraud and tax evasion cost the government billions of dollars in lost revenue each year. In 2016, Fortune Magazine reported that annual tax evasion averaged $458 billion between 2008-2010. The same article predicted that audit specialists would be able to “recover about $52 billion of that lost revenue, resulting in a net tax gap of $406 billion annually.”[1] Tax fraud can be the result of individuals and businesses underreporting their earnings, or when…

PDF Data Extraction Made Easy

In a world where the amount of data and complexity of sources is rapidly growing and expanding, it is becoming more essential for data to be easily organized for analysis. This process typically includes manually converting data from one raw form into another format to allow for more convenient consumption and organization of the data. This manual process of data extraction, especially from PDF reports, is an arduous task for business users in every industry.

Cutting Reconciliation Time from Hours to Minutes

In as many as 80% of cases, financial institutions run on self-built systems — often pre-internet era systems designed for 9 to 5 branch banking and patched up over time to meet changing technology and customer needs. This has left them with major issues, according to Core Banking Software Solutions, including the ability to achieve accurate and timely reconciliation. Reconciling general ledger accounts is essential for ensuring that all banking transactions match the…

Getting High Yield Results from Credit Union Data: Part Two

Many credit unions are turning to self-service data prep solutions not only to ensure timely and accurate management of all critical data, but also to maintain and enhance member services that will give them a competitive edge.

Getting High Yield Results from Credit Union Data: Part One

Self-service data prep solutions are used by many credit unions throughout the United States to facilitate data-driven decisions, without the pain or cost of data warehousing initiatives. This is accomplished by offering a self-service solution for business users to access data directly from a myriad of transactional and operational reports used by credit unions.

The Need for Self-Service Data Prep Adds Up in the Financial Sector

In the eight years since the financial crisis of 2008 was felt around the world, a number of regulations have been enacted in an effort to mitigate risk. While market volatility remains, and there is still a focus on risk management, cost reduction and reporting, there’s also a growing emphasis on core investment activities. For organizations to remain competitive, they must do more with big data. The problem is, they aren’t.

Self-service Data Prep Pays Dividends for Credit Unions

With the help of self-service data prep solutions, credit unions are now able to gain business intelligence from data generated by the reports that run their business.