The Financial Services Compensation Scheme (FSCS) has launched an in-house data lake tool to enhance the efficiency with which it can assess claims, helping to speed up the process for consumers as it expects pension advice and SIPP failures to take up more of its resources.
A data lake is a system of stored data that has no structure. Therefore, the FSCS said, its Resolution Data Lake tool will mean it will no longer have to manually assess every single page or document in a customer's file. The tool searches through the data and highlights keywords within the documents, flagging where they appear. The FSCS claim handlers then review those pages to make sure the findings are accurate. So far, the FSCS said it is seeing not only a reduction in the manual handling time for each claim, but also larger reductions in the overall time a customer waits for a de...
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