If you mention master data management (MDM) to sales, marketing or customer service personnel in a bank, their eyes might glaze over. After all, MDM sounds like something for the IT folks to worry about—not something that can help customer-facing staff and managers do their jobs better.
But show them this new online demo on the business benefits of MDM, and you’d get a different reaction … quite possibly, “When can we have this up and running?”
This six-minute business-focused demo, Customer Centricity in Financial Services, gives you a step-by-step look at how sales, marketing and customer service in the banking industry can use Informatica MDM and Informatica Data Quality, to get a single view of each customer (also known as the single customer view), including which products and services they are using, and customer relationships (also known as house-holding). This information helps customer-facing employees improve customer acquisition and retention by identifying relevant cross-sell and up-sell opportunities to increase customer share of wallet, and by delivering better customer service because they have visibility into a customer’s full relationship with the bank. (And, it helps IT maximize the value of their customer relationship management (CRM) investment). This demo shows how easy it is to create three levels of customer views:
1) Single customer view: Creating golden records by reconciling names, addresses, emails, phone numbers, and other data from disparate sources for a single view of a customer.
2) 360-degree customer view: Expanding the single customer view to include the customer’s products across lines of business (checking, mortgage, IRA, car loan, etc.)
3) Extended customer view: Expanding the 360-degree customer view to reflect the customer’s network of people, business, and product relationships and help customer teams pursue long-term, multigenerational value.
As it is, too many sales, marketing and service delivery personnel in financial services spend too much valuable time piecing together fragments of customer information from data stored in disconnected applications. In fact, it’s not uncommon for those staffers to spend 70 percent of their time on manual data-gathering into spreadsheets—and just 30 percent on customer engagement.
Meanwhile, the pressure is on banks and other institutions to build the bottom line. Increasing customer share of wallet by capitalizing on cross-sell opportunities and increasing customer retention and customer loyalty through improved customer satisfaction are key to that objective, but it’s hard to do if sales, marketing and customer service are looking at a kaleidoscope of customer information.
Start managing your customers—and your customer data—as a strategic asset. Our new demo, hosted by Informatica MDM Solution Architect Curl Pearlman, has been getting some great reviews. I hope you’ll new online demo, and please feel free to leave feedback in the Comments section below.