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
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.