EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients.
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EY Cloud Data IQ
EY Cloud Data IQ is a cloud-based data analytics platform, supported by a managed service. It provides a thin layer of automated data governance – helping asset management firms integrate data from legacy platforms, drive digital transformation and move from insight to action.
What EY can do for you
Data in its raw state is like an uncut diamond. It needs to be processed and polished before its true value can be realized.
EY Cloud Data IQ is designed to do exactly that. A subscription-based data analytics platform created specifically for wealth and asset management firms, it supports companies to reap the benefits of data to better serve investors, regulators and markets.
A flexible, scalable way to access the latest data analytics
The EY Cloud Data IQ platform is hosted in the cloud and supported by an EY managed service. It uses advanced visualizations and Artificial Intelligence (AI) to provide companies with a real-time, integrated view of customers’ interactions, intuitive client reporting, and detailed management information.
The platform combines structured and unstructured data — such as social media activity, and audio and video streams — into one reliable and transparent resource. Companies gain the ability to build an information-led operating model, to provide seamless customer experiences, deliver robust regulatory reporting, and protect themselves from cyber risk.
Because EY Cloud Data IQ is a subscription service, there are no barriers to entry, such as investment commitments or the need to hire the right skills. As a company’s requirements fluctuate, capacity can be added or reduced on demand and at low cost. The system is compatible with all leading asset-management technology platforms.
Treat data as an asset, not a liability
Wealth and asset management firms know data is potentially a major asset – one of the most important they possess. But most are failing to extract its value.
This is for a variety of reasons. Each customer may have many different touchpoints with the organization, which are not tracked holistically. Functions may not share data with each other. Departments may handle data inconsistently, or rely on time-consuming and error-prone manual processes.
Data and analytics underpin all the new technologies that are transforming asset management, and the industry is now reaching an inflection point which will see a bifurcation between the digital haves and have-nots. Today’s laggards could quickly lose territory, while the digital winner takes it all. Yet many asset managers are still at the beginning of their digital transformation journey.
According to our report, The science of winning in financial services:
- 85% of leading financial services firms say that data is their most valuable strategic asset but only 16% consider themselves ‘excellent’ at extracting value from their data
- Just 54% of asset managers are using ‘big data’ facilities
While banks already know the role that data and analytics play in their businesses, asset managers have been slower to see data as an asset. There is now a huge opportunity to gain a competitive edge by deploying advanced analytics.
Data as a differentiator
For those wealth and asset management firms prepared to seize the opportunity, data can become a significant differentiator.
Subscribers to EY Cloud Data IQ make a step change: from using data in a piecemeal fashion to a strategic approach where data underpins everything from product development to governance.
Companies gain the ability to develop more personalized services and spark meaningful goal-based conversations with their customers. They become more agile and able to respond swiftly to change. Complexity and inefficiency are reduced, which in turn cuts costs and lowers operational risk.
The benefits that flow from the strategic use of data can make the difference between success and failure in today’s ultra-competitive global market.