Know Your Data. Trust Your Data
Competitive pressures have forced financial services institutions to diversify from offering the traditional singular, proprietary product into a diversified, multi-product, multi-channel financial services enterprise. Now they are augmenting their usual offerings with credit cards, auto finance, small business loans, installment loans, home equity, international credit cards and commercial banking. This expansion presents economies of scale for operational efficiency and increases customer satisfaction and retention.
However, expansion is not always easy. Success depends on a customer-centric view of data across multiple product lines to answer questions such as:
- How many unique customers are there across product lines?
- How do we effectively run cross-sale and up-sale campaigns across different lines of business?
- What is the risk exposure per client?
- How can we collapse multiple customer management applications into a single platform so that we can maintain fewer systems and reduce resources?
- If we acquire a product line to augment our portfolio, how do we merge customer data?
To answer these questions, financial services institutions must transform the view of their data to be customer-centric. Master data management is the vehicle they are using to accomplish this transformation. MDM solutions from Initiate present an accurate, comprehensive view of a customer across lines of businesses and product lines to customer-facing applications, risk-management platforms and back-end analytics tools.
Initiate® MDM solutions enable financial services firms to expand wallet share, increase customer satisfaction, gain operational efficiencies and increase marketing effectiveness.
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