We just wrapped up a Bank Systems & Technology webcast with Dipendra Malhotra, VP of Client and Account Data at Merrill Lynch and Bill Bradway, a 35-year financial services industry veteran, managing director and founder of Bradway Research.
We focused on a very hot topic—the challenge of increasing revenue by expanding share of wallet and improving customer loyalty by better serving customers’ needs. In many cases, the key challenge that banks face is that their customer data is holding them back.
Benchmark productivity studies show that customer-facing employees typically spend the majority of their time searching for and reconciling customer data from multiple applications. This occurs across the institution in spreadsheets before they can see the full customer relationship with the bank and have a knowledgeable conversation. During this process, they need to deduce whether some customer records are duplicates or are of different customers with similar names. This time-consuming, manual and error-prone approach is a HUGE productivity drain.
This on-demand webcast explains how banks can overcome the barriers of account-centric systems and enable customer-centricity.
Bill talks about the importance of customer-centricity to increase share of wallet with more relevant cross-sell and up-sell offers and improving customer loyalty by aligning service delivery with an accurate measure of customer value.
Dipendra shares how Merrill Lynch is using master data management (MDM) to give customer-facing personnel access to a 360 degree view of customers, their products across the institution and their relationships in and outside of the household. This enables them to have more knowledgeable interactions with their clients, which in turn improves client satisfaction and revenue.
I hope you’ll tune in to the Webcast to size up how MDM can help your bank better leverage its two most valuable assets—its customers and its data.