gather360
For FSS Reporting

Change how you gather your FSS data and ensure its compliant for FSS reporting.

Gather 360 is an easy-to-implement SaaS tool, that solves one of the most urgent data problems facing banks today – the need for the quality and accuracy of customer data to be validated, consistent, aggregated, certified.

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Thomas Russell
Published on Jul 28, 2020

The notion of a single customer view or enterprise view is nothing new, but the current climate makes it imperative for banks to fully understand; who their customers are to ensure responsible lending and to limit their own exposure to risk, now and in the future.

More than that, creating an enterprise view of a customer that is a readily accessible, aggregated, consistent summary of a customer’s product relationships with the bank, combined with essential customer data, such as credit information provides operational cost savings, better customer understanding, collections improvements and more targeted marketing.

Requirement

Under the Depositor Protection Rules, FSCS is required to pay out compensation within 15 business days of the default of a deposit taker. A key element in meeting this obligation is the requirement on deposit takers to be able to provide a single customer view to FSCS within 24 hours.

Challenges

  • Customer data is often stored in multiple databases and formats, with varying levels of accuracy. Frequently data is not complete.
  • As customers’ lives change, sometimes the same customer will have different identities within the bank’s systems.Mergers and acquisitions create challenges with legacy infrastructures and IT platforms. Even simply buying a small loan-book can create issues with verifying and merging customer data.

Solution

  1. Access the data they need - Gather 360 enables data gathering from different sources and systems across the bank, including legacy infrastructures, multiple databases and diverse IT platforms as well as data from external providers; in different formats; financial & non-financial
  2. Create a standard database or format - Gather 360 sends data requests to the selected data sources, stipulating the clear and structured format required, ensuring the request can be understood and confirmed. Gather 360 identifies critical errors, provides warnings on data-quality and relays these to the data-sources for correction.
  3. Enrich their customer data - Gather 360 can enrich customer records with additional information, eg. contact information from external sources, credit information or information from social media.
  4. Certify data accuracy - Once the data requests are returned, validated, consolidated and transformed, customer data is certified accurate, ready for reporting, sharing, analysis or to power other systems & tools.
  5. Automate data gathering - Gather 360 will automate the process, providing real-time customer data in the required format.
  6. Audit the data trail - Gather 360 provides a full data gathering & validation audit trail against each line of data

Unlike most data tools, gather 360 is designed for business users, not the IT team. It's easy to configure & deploy via a web-portal and comes with a bespoke dashboard.

Gather 360 is secure. It’s hosted on Azure cloud, but it can also reside within the bank’s infrastructure.

Here’s how gather 360 works

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