Tag Archives: customer data
Data Management: Banks Playing With Fire
The banking sector has been through the mill over the past couple of years. Yet as the sector works through the aftermath of the economic turmoil and seeks to innovate with customer service initiatives, many are taking big risks over potential loss of customer data.
Why? Well because adequate safeguards may not be in place to protect confidential data during the testing and development of new web-based services and applications. Worse though, keeping bank accounts secure is not the only risk they’re running – many may not be meeting the data privacy standards required by the regulators. (more…)
Are Line Of Business (LOB) Executives Involved In MDM Or Is It Mostly An IT Initiative?
In recent conversations, I’ve been asked whether line of business executives are getting involved in master data management (MDM), or whether MDM is still mostly an IT initiative.
Attract & Retain Customers with Informatica Customer Centricity Solution (with MDM at the core)
From our experience at Informatica, the business is absolutely involved! In fact, it’s often a high-impact business event that triggers the alarm that a company needs MDM and data quality to deliver trusted and complete data. Many times, the root cause of these business problems is inconsistent, incomplete and duplicated customer data. Two examples:
1) An $8 billion technology manufacturer implemented Informatica MDM after its IT team couldn’t quickly and accurately respond to an executive’s request for a list of the company’s top 400 B2B customers. It took IT six weeks to assemble the information because it was scattered across applications, and many large customers had complex hierarchies with multiple subsidiaries that all had to be reconciled by hand. Next step, focus on the next 400 customers. (more…)
Are You Building The Right Foundation For CRM 2.0? Bridge Your Data Silos With MDM
Improving your company’s ability to attract and retain customers requires that you take your customer relationship management (CRM) system to the next level of effectiveness—regardless of whether it’s a Software-as-a-Service (SaaS) application like salesforce.com or on-premise such as Siebel CRM or a custom-built application. (more…)
MDM-Embarking on CRM 2.0? Then You Know It’s All About The Data
Arguably the top lesson of CRM 1.0 was simply this—data matters. Though CRM 1.0 promised to deliver a 360-degree customer view, untold numbers of multimillion-dollar CRM systems fell short of expectations because they failed to address the incomplete, incorrect, inconsistent and duplicate data that proliferated across the enterprise.
Acquire & Retain Customers with Trusted & Complete Customer Data
Now companies are moving to CRM 2.0, in many cases to the cloud with salesforce.com or another software as a service (SaaS) provider. And this time, determined to get the data right, many businesses are looking to master data management (MDM) and data quality to generate a true 360-degree customer view. (more…)
MDM In Action: A New Demo On Customer Account & Channel Partner Management
One of the hottest areas of master data management (MDM) is using high quality master data to drive revenue by supporting sales and channel operations. Informatica customers have racked up some terrific successes using MDM to generate a single, reliable view of customer and account information—and here’s a key reason why.
Acquire & Retain Customers with Trusted & Complete Customer Data
With Informatica MDM and Informatica Data Quality, sales and channel personnel gain hands-on control of customer data, product data and channel partner data and the relationships between this data. Those customer-facing teams no longer need to spend most of their time hunting for information in the CRM system, SFA system, billing system, partner management and other systems and reconciling it in spreadsheets. And they don’t need to wait on IT to round up and deliver the data they need right away.
If you’re wondering how this works, check out our six-minute how-to demo on MDM for customer account and channel partner management. This new demo offers a practical, step-by-step walk-through of how a sales, marketing and channel operations personnel can evolve from trying to sort through the clutter of contradictory data from multiple systems to leveraging a single, actionable customer account data set that powers a 360-degree customer view in their CRM system so they can improve customer acquisition and retention.
How Banks Can Use MDM To Increase Customer Share of Wallet
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.
Acquire & Retain Customers with Trusted & Complete Customer Data
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. (more…)
Executives Share Powerful MDM Customer Success Stories @ Informatica World
Our customer executives delivered some inspiring presentations at our recent Informatica World conference on how master data management (MDM) is enabling strategic business imperatives such as increasing revenue by making more relevant cross-sell offers, improving regulatory compliance with more effective reporting, and streamlining key business processes such as order-to-cash to improve the customer experience. A big thank you to all the presenters for sharing their stories!
These innovative companies are using MDM to better leverage their business-critical data about customers, products, channel partners, suppliers, employees and so on to do two things: 1) enable strategic imperatives or 2) solve pressing business problems. If you were at Informatica World this year, but were unable to attend these MDM customer sessions, you can get access to the presentations online by searching for these titles. (more…)
Bank Systems & Technology Webinar On Maximizing Customer Value With MDM
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. (more…)
MDM Customer Success Stories @ Informatica World
Are you planning to attend Informatica World 2010 next week?
If so, I invite you to hear these breakout session presentations from our master data management (MDM) customers, including:
- Johnson & Johnson’s Charles Bloodworth, IT Director, Medical Devices & Diagnostics;
- Merrill Lynch’s Sal Caruso, Director, Client & Account Data;
- St. Jude Medical’s Mike Striefel, Senior Manager, Enterprise Information Delivery, and
- GlaxoSmithKline’s Nipun Bhonsle, Manager, Strategy, Architecture & Information. (more…)
The Win-Win Of Enabling Customer Centricity with MDM
One of the world’s largest financial services providers assessed the workload and productivity of its 16,000 financial advisors, and the results were not pretty. This Fortune 50 firm found that its customer-facing representatives were spending:
- 70% of their time searching for and reconciling data on customers and products
- 30% of their time on revenue-generating activities, such as cross-sell and up-sell
That’s a pretty poor ratio, and it hurt the bottom line with subpar productivity and lost revenue opportunities. Unfortunately, it’s not uncommon in financial services and other industries. And experience has shown that whatever you think your company’s ratio is, the reality is probably worse.
Attract and Retain Customers with Trusted and Complete Data
But it’s also a solvable problem, as you can find in our new white paper, “Get on the Fast Track to Maximizing Customer Value.”
For this financial services firm, the root cause of the problem was that business-critical data about customers, their products and services was spread across account-centric system silos, which prevented them from gaining a customer-centric view. Financial advisors were unable to readily identify which clients had which products. Without that insight, they couldn’t effectively cross-sell and up-sell the right products to the right customers. So they were forced to spend excessive time manually pulling information from all these separate systems into a spreadsheet.
To make matters worse, advisors couldn’t accurately measure each client’s value to the institution. The firm couldn’t tailor service levels to customer profitability, meaning that expensive services might be provided to customers of marginal profitability—while high-value customers didn’t receive the attention they deserved.