Leading APAC Commercial Bank Enhances Marketing and Customer Service through Implementation of Full MDM Solution in Less Than 5 Months
Challenge: Multiple Data Sources Hindered Superior Marketing and Customer Service
One of the largest commercial banks in the Asia Pacific region (APAC) wanted to expand its range of products and services to both its existing and prospective customers. Although well-known for applying cutting-edge technology to improve service and marketing, the bank realized that its systems couldn’t generate accurate customer and relationship views because its data was housed in multiple, disparate databases, including a Customer Information System (CIS) and a number of data warehouses. Moreover, the data was often incomplete or duplicated.
This made it difficult for the bank to identify and effectively cross-sell to its high-value customers, attract new clients, and broaden its product lines. The bank wanted an enterprise 360° view of “golden profiles” containing all of the organization’s customer and relationship data. This view would provide the quality and consistency necessary to meet the bank’s business goals.
Solution: Implement an Enterprise MDM Solution Tailored to Bank-Specified Parameters
The bank used Innovative’s Synchronos® Enterprise Master Data Management (MDM) platform to rapidly incorporate all of its source data. Using Synchronos’ data quality components, the bank cleansed, linked, and householded more than 220 million individual and corporate records from nine multi-language data sources. These sources feed additional and changed data into the MDM system nightly so that it always contains the most up-to-date and accurate information. And to ensure ongoing data quality, the bank implemented data governance rules that it didn’t have in place before, based on what they learned from Innovative’s up-front analysis and planning efforts.
With Synchronos’ rapid deployment methodology, the bank realized a full-volume, operational MDM system in less than five months – a month ahead of its requested completion date.
Result: Superior Customer Relationship Management via Enterprise-wide 360° Customer View
By partnering with Innovative, the bank’s various data sources are now consolidated into a single, complete, and accurate MDM system, one that allows each department within the bank to view customers based on their specific needs. Customer information can also now be shared via web services across the entire organization, making the management of extended customer-to-customer relationships much easier and marketing and service initiatives far more effective.