David McGough, CEO and President
Today, the global banking space touts solutions and ideas with BI, machine learning, AI, and Blockchain that enhance interactions and business decision making. While the best buzzwords are in play, the question that continues to saddle CIOs is “How to identify the exact requirements in the data landscape.” In tandem, the growing reliance on electronic data and emerging fintech have presented major concerns regarding security and resilience. To address these challenges, for over 35 years Digital Matrix Systems (DMS) has provided comprehensive risk management solutions that enable financial institutions to leverage the power of data and make better-informed business decisions. Having over 700 clients across multiple verticals, DMS is dedicated to offer data access, advanced analytics, scoring models, comprehensive consulting services and strategic solutions to the banking and financial services industry. “We are committed to building easy integrations across the enterprise, making each client’s journey through their consumer’s risk lifecycle simple and more profitable,” explains David McGough, CEO and President of Digital Matrix Systems.
McGough believes in the fact that “Knowledge is power and timing is everything.” To provide clients with the right data at the right time, DMS facilitates access to a hub of over 40 key data sources known as Data Access Point. This centralized location enables banks and lending institutions to manage data access and perform analytics. Data Access Point also acts as an interface between multiple lines of business, loan origination systems, and external data sources. With the help of a centralized data repository, banks can perform analytics that can be shared across the enterprise, at any point in the customer lifecycle. To improve data-driven decision making, DMS is continually reviewing new data sources to help clients quantify the value data brings to their business.
The current financial services environment presents multiple challenges that include increasing regulatory requirements, intensive competition, security risks, information management, and more. DMS adopts PCI DSS 3.2 standards, to overcome the challenges and keep up the highest level of internal security for its clients. The DMS solution is also embedded with machine learning technology that helps edge security services to ensure rapid response to new threats.
We are committed to build easy integrations across the enterprise, making each client’s journey all through the consumer risk lifecycle simple and more profitable
Further, DMS also facilitates highly customized credit decision service to support manual underwriting efforts and credit line increase programs for banks, lenders, and creditors. DMS is geared up to lead the charge in automated underwriting and decision making. Working with dozens of loan and policy origination systems, DMS enables their clients to migrate to and from these systems when needed without having to change out all of their custom risk management and underwriting criteria. DMS also standardizes and normalizes data from multiple sources to reduce extract-transform-load efforts and simplify coding.
Backed by its diligent team, DMS has the ability to remain vendor neutral and that is what sets them apart from the crowd. “Our concentrated strategy on data management makes it easier for our team to stay current with the ever-changing data and analytics world and remain focused on delivering best-in-class data management solutions,” states McGough.
Along the path of product expansion, DMS is en route to rollout DMS TestLab. With this new tool, clients will have the ability to build test records, create exclusions, and transform the test reports into different types of format. In terms of geographical expansion, DMS is primed to extend their footprint outside of North America. “Our goal from the beginning is to enable the business to work more quickly and reduce the load on the already overburdened IT staff,” concludes McGough.