Mark Hookey, CEO
Given the need for agility in the way data is consumed, organizations require uncluttered means to gain access to a broad spectrum of data sources. Many a time, it is only after companies have invested immense efforts and resources into gathering data that they realize how futile it turns out to be in meeting their business objectives. In the financial services space, strict compliance mandates and sensitivity of data has made it even more challenging to access data. As such, despite the proliferation of exciting, emerging data sources, accessing data has become increasingly expensive from an information security perspective, especially as the data itself tends to be fragmented and difficult to comprehend. New York-based DemystData, with their purpose-built SaaS offering for enterprise data management, addresses these predicaments.
Similar to the way minerals are extracted and purified from ores, DemystData renders raw data– from third-party providers including traditional and non-traditional sources such as credit bureaus, marketing providers, government repositories, and digital sources to name a few— into standardized formats that can be readily deployed for processes including KYC, marketing, underwriting or even fraud detection. DemystData’s innovative enterprise platform for external data helps companies to funnel, mobilize and harness all types of data in real time while simultaneously enabling them to adhere to the evolving compliance and security mandates that govern the data cataloging process.
“Compliance is built in as a primary feature into the DemystData platform. The metadata storage and reporting of the who, what, when and why of data access of the platform is used by clients’ information security and compliance groups for their internal data governance,” mentions Mark Hookey, CEO at DemystData.
Compliance is built in as a primary feature into the DemystData platform
The robustness of the DemystData platform is such that many financial entities leverage the platform to for the automation of their backend processes. Companies can test the range of data in secure sandbox environments to zero in and identify the strategic implementations of the data. Furthermore, the DemystData platform comes bundled with API tools that help integrate processed data into client’s workf lows. Another core competency of DemystData lies in the company’s partnership with the majority of data outlets. Hookey relates his company’s stance as a retailer of data; one who—unlike the wholesalers in the space—can offer tailored materials. From next-gen solutions of analytical consulting firms to integrated AI dashboards and tools, DemystData’s platform syncs smoothly with other offerings in the market.
Today, some of the largest banks and insurers in the world leverage the Demyst platform. This is indicative of the company’s expertise in the ever increasingly crucial niche of external data consolidation and access. One such client, National Australia Bank, needed a platform to access external data for small business loan. Instead of investing huge amounts of time, money and effort to build a platform from scratch, the financial behemoth leveraged Demyst and was able to go from concept to live tool in four months. Moreover, they were able eliminate management of individual and disjointed contracts.
Having executed over 9000 data studies and processed over a billion data transactions of data, the company claims to have mobilized more third-party data for financial service providers than its competitors. For entities in the financial services space, coming up with a centralized data catalog to reduce the cost of data access and its subsequent streamlining purpose has never been easier than partnering with DemystData. With a strong presence in the US and APAC markets, the company plans to assert its foothold in the European markets as well.