September 19, 2023
Chat with our CEO and Co-Founder, Steven Smith, about the tech innovations that have changed the game for companies that frequently transfer large data sets.
Q: Steve, you’ve spent your career solving problems for companies that experience major challenges when they move large datasets around. What makes data transfers such a sticky pain point?
A. There are segments in nearly every industry where moving, boarding, or transacting on data is critical to business operations.
You may be a major hospital system that has to securely transfer medical records between federated systems. Or you might trade on marketing data to help ecommerce giants target customers in their advertising. Most of my experience comes from the financial sector, where thousands of loans are bought and sold every day, often without the original borrower knowing!
When these transactions start adding up, and must be performed regularly, opportunities for data corruption abound.
Manual reviews of data slow down transfers and introduce potential for human error. Unvalidated data slips through the cracks, affecting downstream processes. And there’s the ever-present risk of violating a regulation or requirement that materially affects the deal.
Inaccurate or missing fields—what we call “bad data”—can be detrimental for the receiving party.
For loan servicers in the mortgage industry, the logistics of transferring data once it’s been bought or sold is often the last thing the executives are thinking about. It’s not uncommon for companies to reach the deadline of a transfer only to realize they haven’t thoroughly mapped or reviewed all the data.
Inaccurate or missing fields—what we call “bad data”—can be detrimental for the receiving party. Reputational damage, compliance risk, and the lost deal volume when transfers are slow can make significant negative impacts to their business.
But there’s the opportunity!
In a world where transferring data is sluggish and unreliable, those companies that can execute transfers quickly and accurately can create a sharp competitive advantage.
Q. How can businesses turn this thorn in their side into a revenue-generator?
A. Companies are adopting new technologies at a rapid pace. Generative AI, cloud-computing, digital service offerings—these innovations are changing the face of business. They also rely on quality data.
With every new software or service, the amount of data running through your ecosystem explodes. We’re talking petabytes of data that has to be sorted, validated, and then moved—either to another system or a third party.
Doing that effectively can move mountains at the bottom line. A proactive strategy reduces costs and increases revenue opportunities.
Look back at the mortgage industry. Servicers typically follow regulatory guidelines and validate their data by testing a small sample of loans, often a mere 10 percent of data fields. The same risks still apply—human error, time-waste, reputational risk, etc. Now, imagine if they could test every data field in every loan every day. That gives them 100% confidence in the data their buying or selling. Then, give them the power to do that automatically and repeatably. They’re selling more loans, with provable quality, while liberating their QC teams to add value in other areas.
“With automated data validation technology, months of labor turns into weeks, or even seconds.”
With automated data validation technology, months of labor turns into days, or even seconds. Foggy visibility into potential risk becomes clear and actionable. More volume goes through, and more business gets done. Cash flow gets unlocked. Investors get big smiles.
Q. How does BaseCap make data transfers easier?
A. It’s ease. It’s speed. And most importantly, it’s accuracy.
Our platform has perfected the automated validation process, allowing customers to verify 100% of their data continuously, at every step of the transfer process. Moreover, we provide a single view where anyone at the company can understand, modify, and report on the transfer.
In other words, BaseCap eliminates the guess work, human error, and risk that are all too common in data transfers.
BaseCap eliminates the guess work, human error, and risk that are all too common in data transfers.
And as you use the product more and create repeatable processes, the platform can even reduce transfer time to seconds by leveraging auto-mapping and transfer histories.
There’s so much more I can say about the platform, so I encourage readers to sign up for a demo and speak with our expert account executives to dive into this new paradigm in data transfers. You can even conduct your own transfer in our self-serve demo environment.