Hexanika’s advanced data management and reporting solutions help financial services firms adapt to changing environments. The big data software provides a competitive advantage for companies by guiding them to make crucial, data-driven decisions to improve business process and performance.
HEXANIKA has developed an innovative end-to-end software that automates regulatory compliance using AI. It enables financial institutions to address data management and reporting challenges. Some proven benefits include 100% data lineage and 40% cost savings.
PRODUCTS & SERVICES:
SmartJoin: An intelligent and self-learning software platform to address regulatory data sourcing.
SmartReg: Regulatory reporting.
Services: DRaaS (Data Readiness-as-a-Service) and RaaS (Reporting-as-a-Service) to scale Hexanika's products through GTM partnerships. Hexanika’s Software Platform streamlines the process of data ingestion, analytics, and reporting. The platform leverages machine learning algorithm, simplifies data governance process, and generates timely reports to be submitted to regulators in the correct format.
It uses semantic, heuristic, and machine learning logic for integrating, consolidating, aggregating as well as managing structured or unstructured data from disparate sources.
PRODUCTS & SERVICES:
The product benefits the banks overall but will significantly impact the following departments:
Regulatory Compliance and Reporting: Easy creation and application of rules to generate reports in regulatory mandated formats with the ability of reusability and end to end traceability of data. Automation of the process using Artificial Intelligence also significantly helps bring down time and resources required for this function.
Data Management: Improved data lineage and data sourcing, analytics and ability to generate reports with complete traceability.
Finance, Revenue and Operations: Significant time and resource savings that result in bringing down the overall cost of reporting with automation to simplify the process.
Technology: Software is easy to deploy and agnostic of platform or architecture enabling easy usability and flexibility. Also makes financial institutions ready to BCBS 239 compliance requirements.
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TOP PROBLEM SOLVED:
Data Level Challenges:
-Data Sourcing Issues
-Data Linkage Issues
-Inaccuracy of Data
-Regulators require transaction level data
-Lack of data lineage
-High Cost of Compliance
-Low Budget for Maintenance
-Frequent updates and complex regulatory requirements
The Big problem & its impact:
~$80 billion is spent on governance, risk and compliance, and the market is only expected to grow, reaching $120 billion by 2020. Financial institutions in the US alone have paid more than $160 billion in fines for non-compliance.