Discovery Data Blog
The Discovery Data FRAME Method for Comprehensive Financial Services Industry Data Quality + Accuracy
July 16, 2021
Did you know that 90% of all data is unstructured? Without processes in place to organize, analyze, and make data points actionable, rich information sources can be ineffective.
Here's the good news:
Our trademarked Discovery Data FRAME method makes structured, high-quality information accessible on firms and professionals in the financial services and insurance industries. This data is crucial to improving the lead generation and talent recruitment processes.
Here's a deep dive into what makes this framework so unique.
- What Discovery Data FRAME stands for
- How each of the five steps in Discovery Data FRAME help provide you with the best, most relevant data
The Discovery Data FRAME Method for Data Quality + Data Accuracy
The Discovery Data FRAME method is a trademarked framework that separates Discovery Data from other data providers. We use it to gather the most up-to-date, highest data quality for our customers.
FRAME stands for:
- Fuel: Collecting, aligning, and connecting millions of data points
- Refine: Filtering the data through a stringent verification process
- Analyze: Data analysts, machine learning technology, and artificial intelligence probe the data for gaps
- Magnify: The information is augmented with additional predictive data and evolved into actionable datasets
- Execute: Discovery Data makes our data available through our products and services
Here's a comprehensive look at what each of these five steps means and how they work together to bring you the best data possible.
Fuel: Gathering Pertinent Data from Respected Sources
The F in the Discovery Data FRAME methodology stands for fuel. It represents how Discovery Data gathers millions of pertinent data points from highly respected sources.
So, where does the data come from exactly?
Here's an overview:
- Federal regulators like the SEC, FDIC, OCC, and FFIEC
- State securities regulators like the Secretary of State and the Bureau of Securities
- State insurance commissions like the Department of Insurance and NAIC's State Based Systems
- Public domain sources like the websites of financial services companies and reps
- Commercial vendors like media and data partners, email and address validation, and do not call registry
Discovery Data's data process is the best in the industry because we use such comprehensive sources.
Refine: Cleansing and Reviewing Data
The second part of the Discovery Data FRAME methodology is to refine. After Discovery Data collects data from esteemed sources, we run the data through a strict verification and cleansing process. The data is validated, certified, monitored, and matched for accuracy.
What does this mean for you?
The database is full of useful data, rather than outdated contact details. If an advisor moves firms, Discovery Data knows about it—and so will you. Sharing up-to-date, accurate information is of utmost importance to Discovery Data.
Analyze: One of the Most Important Steps of the Data Quality Lifecycle
After Discovery Data refines data, the next step of the data process is to analyze it. We use artificial intelligence, machine learning technology, and data analysts to look for gaps in the raw data.
The Discovery Data team collects data daily, making our database the most accurate of all the data providers in our industry. We put safeguards into place and conduct ongoing maintenance to ensure that the data is always correct.
How does the analysis step of the Discovery Data FRAME process help you?
With up-to-date data, you won't have to waste time sending emails that bounce back or calling disconnected numbers. Instead, you can focus your outreach efforts on high-quality leads.
Magnify: Making the Data Actionable
The penultimate step in our framework for providing high data quality is to magnify the data. Discovery Data augments our raw database with additional predictive data to create actionable datasets.
Millions of data points can be overwhelming. The magnify process makes Discovery Data's products easy to use and more powerful. Thanks to segmentation capabilities, you can filter to find exactly whom you're looking for.
For example, you could search for financial advisors with a specific license who have been in the industry for 20 years. Queries like this let you target the right people.
Execute: Delivering High-Quality Data to Clients
The E in Discovery Data FRAME stands for execute. It represents the products through which Discovery Data delivers data to clients.
As a data provider, we offer a range of products and services that help professionals in the financial services and insurance industries maximize data for their recruiting, sales, and marketing needs.
Here's an overview of our products:
MarketPro is a cutting-edge market intelligence platform with the tools to surface clear opportunities and trends. This product can help you segment Discovery Data's database so that you can find whom you're looking for.
MarketPro even includes business and personal phone numbers and email addresses for leads.
Discovery Data's MarketLink solution suite offers CRM (customer relationship management) integration and data cleansing and enrichment services to uplevel your platforms. These services ensure that you always have the latest data.
MarketLink integrates with Salesforce and other top CRMs.
Whereas MarketPro is a contemporary look at the financial services and insurance industries, MarketSage is a historical database with insights from the last decade. You can use this product to forecast trends and make strategic decisions.
MarketSage also includes access to trend reports created by dedicated analysts with Discovery Data's data.
MarketReach is your strategic partner delivering data-driven insights, marketing impact, and revenue growth. Think of it as your outsourced marketing team.
MarketReach includes marketing management from conception to execution to optimization. Services include content creation, email campaign coding, and analytics reporting.
Wrapping Up: The Discovery Data FRAME Method is Revolutionizing Data Provider Services
Discovery Data is a leader when it comes to being a high-quality data provider for the financial services and insurance industries. Thanks to our Discovery Data FRAME methodology, Discovery Data can provide our clients with the most accurate information possible.
Discovery Data Resources:
Discovery Data FRAME: Our Unique Approach to Ensure Accurate and Actionable Data
Datasets: Financial Services, Insurance, Diversity & Inclusion, Intent Signals, Interests & Lifestyle