Advisor360°’s SVP, Chief Technology Officer, Jed Maczuba, speaks to the importance of ensuring consistent information across data classes, including pricing, positioning, and customer profile data.
Chip Kispert: So you have high-quality data, what are the benefits that a customer can draw from that?
Jed Maczuba: So, simply, they actually have consistency and right data. And so I've been focusing on data for many years in my background, so I know the challenges that firms have, and the reality is there's certain data that actually I would say is relatively high quality.
So generally, investment data, when you're talking about prices, positions, because it has to be as portfolios are being valued and reporting is being done on it. So that generally gets a lot of attention at a lot of firms. But there's other classes of data that don't get the attention they deserve, particularly like customer information.
And so part of the value of this is just having what the end users see on the screen be what they think it is, and accurate, but probably more importantly as we're seeing analytics, business intelligence, you know use the AI, machine learning, I'll stay away from that as much as possible, but I'll just call it analytics. As we want to do this, and firms want to do more analytical processing, having that high-quality data is absolutely critical in order to be able to run these routines and generate insights.