| |DECEMBER 20218DATA MANAGEMENT FOR FINANCIAL SERVICESBy Raghavendra (Raghu) Chinhalli, VP, Digital Transformation & Solutions Delivery Services, Ocwen Financial Solutions Pvt. Ltd.Ocwen Financial Corporation (NYSE: OCN) is a leading non-bank mortgage servicer and originator providing solutions through its primary brands, PHH Mortgage and Liberty Reverse Mortgage. PHH Mortgage is one of the largest servicers in the country, focused on delivering a variety of servicing and lending programs. Liberty is one of the nation's largest reverse mortgage lenders dedicated to education and providing loans that help customers meet their personal and financial needs. Ocwen and its subsidiaries are committed to helping homeowners and delivering exceptional service and value to customers, clients and investors. ata is the new oil. This statement in itself elevates the Data (Management) office to one of strategic significance. Financial Services has certain pecu-liarities similar to if not more than comparable industries like a few key highlights listed below:a) Is a highly regulated industry which has multi-ple layers of compliance, legal & regulatory require-ments to risk manageComply at all costs the Federal (US) / National and State regulations: Builda conducive organization-alstructure with three lines of defense i.e. operational business risk management, risk& compliance & In-ternal Audit. These departments are empowered with easy to use cross-functional data that is appropriately labelled for self-service & automated queries to vali-date data across data silos. b) Has data privacy protection as a non-negotiable requirementFormal top down centralized Privacy program: At theheart of the Privacy program would be the Data Classification which would further support the data tenets of a sound Privacy program such as collection, storage, processing, retention, & disclosure of data. c) Ensures data security throughout the data jour-ney within & outside the organizationSound encryption, user access, backup& restore pol-icies: Data variety i.e. structured, unstructured needs to be dealt with from a information security lens to ensure high levels of data security to prevent theft, un-authorized access, corruption throughout the lifecycle of the data.d) Has customer journeys that are getting simpli-fied with omni-channel platforms; these real time in-teractions mean low tolerance to data integrity issuesTight coupling of Data Management to Custom-er Experience programs: Data leaders need to be key stakeholders in Enterprise Architecture designs thus ensuring robust solutioning to critical client interac-tions via portal, mobile, text, chat & voice channels. Semantic data layers with common API / middleware is a key enabler to a more simplified, standardized & consistent customer experience.e) Requires Analytics as a prime differentiator in the revenue model thus demanding cross-functional DExpert Opinion
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