Changing customer behavior – whether individuals or corporations – compels banking companies to rethink their products and services.
The requirements of digital transformation and the development of ever deeper probing regulatory compliance are moving financial services organizations to implement tighter, and more transparent, business controls around information.
Consequently, IT leaders and architects are getting involved in initiatives to allow better access to accurate data sources that are trusted and insightful.
Successfully implementing digital transformation and managing risk and compliance hinges on your master data governance.
Access to reliable and insightful information can support better and automated decision making.
Financial institutions are evolving their analytics platforms to leverage AI and ever larger and complex data sources to improve decision making.
But the success of any data science project increasingly depends on the quality and coherence of the information being ingested.
Master data management is your approach to create a single source of accurate, high-quality data. This is your starting point for making insightful, data-driven decisions.
Understanding the relationship between the bank and its customers across multiple lines of businesses and touchpoints has never been more important.
Knowing your customers and their relationships is key to:
Having access to a single source of customer data that is gathered from many sources, validated, enriched and prepared for distribution enables you to employ a unified customer view and use trusted information that is fit for purpose.
How Master Data Management (MDM) makes entity analytics more insightful and immediately actionable.
Meeting evolving customer needs requires support of fintech partners and open banking initiatives, such as the EU’s Payment Service Directive, PSD2. Sources of trusted reference data also enable you to engage customers with new touchpoints and services such as bots, automated origination and financial health analysis.
And, enabled by master data governance, your trusted data sources empower you to collaborate on the definition and distribution of offers that are more customer-centric, personalized and transparent.
The growing size and complexity of data makes it a challenge to keep up with the latest compliance regulations.
The bank’s mission critical data must be transparent to facilitate auditable compliance and reporting whether it’s to:
Data transparency is needed to:
MDM gives you the ability to control the accountability and transparency that is required of your master data in support of your compliance initiatives.
Lack of a unified product information management (PIM) process hampers compliance reporting. Creating transparency in your product data improves the ability to automate compliance reporting and underpin data-driven decision making. MDM can help you to implement and manage:
The market for alternative financial service providers - i.e., not traditional banks and insurance companies - is expanding. Now is the right time for retailers to develop opportunities to engage with their customers by building their own financial products and services.
Multiple solutions on a single integrated platform – delivered on-premises or in the cloud – built for your organization’s unique objectives and needs.
MDM delivers reliable customer data that tells you exactly who you’re targeting in your marketing and enables you to develop personalized products.
MDM provides a reliable data foundation for improving CRM, ERP, marketing automation and other essential business systems.
MDM helps you develop and launch new products through user-friendly automation and streamlined processes.
MDM ensures you understand customer identities and know how personal data is collected and used.
Customer experience, time-to-market and your ability to compete depend on the quality and availability of your data. An MDM solution capable of managing data across domains, on one platform, enables you to drive new digital initiatives and put your data to work where you need it most to ensure your success.