What Do Birthdays and Data have in Common?
Birthdays are special. While I don’t have huge celebrations each year, I sure do appreciate when someone remembers. An executive, who works for a large bank, believes birthdays are important. During a presentation at a recent MDM 360 Summit, he said,
“We want the ability to wish our customers happy birthday on their special day. Are they using any of our services on their birthday, such as an ATM machine, our mobile app, or did they visit a branch? We want to have that data and more data available about them and their relationship with us to enhance their customer experience”.
This bank has a single, simple purpose – to serve customers well. The core of their ambition is to build a bank known for its consistent, high quality customer service.
Knowing their customers is key to serving them well, building trust and advocacy. This means they need to arm their customer-facing employees with the customer data they need to deliver great service.
With 16 million retail customers, 20 applications with customer data, and 45 million customer records, it isn’t that simple. The executive team realized they needed to bridge their customer data silos and invest in improving the quality of their customer data.
After careful consideration, they chose Informatica MDM, the market-leading multidomain master data management (MDM) technology to master their customer data. Now Informatica MDM strategically manages and securely shares customer data with the business and analytical applications that need it to support every customer interaction. By mastering customer data, they can identify members of a household, influencer relationships and business relationships.
“Our implementation of Informatica MDM supports our bank’s ambition to become No. 1 for customer service, trust and advocacy, it’s helping us bridge our customer data silos, improve the quality of customer data and fuel our business and analytical applications with clean, consistent and connected customer data so we can better engage with customers.”
Since they’ve started using MDM to gain a single view of individual and business customers across their global operations, they have achieved the following results:
• Increased the adoption of their mobile banking app to 12% to 3.3 million,
• Decreased the average time to open an account by 50% to 30 minutes, and
• Reduced commercial bank account opening time by 25%.
These are real, tangible benefits that help the bank achieve their goals, but more importantly, create a better customer experience for their customers.
He ended his presentation with some great advice for embarking on a master data management initiative.
1. Executive sponsorship is important. Work with your business partners and get them engaged.
2. Start small. Many things can and will go wrong. Be adaptable to change.
3. Work as a team. Different organizations must work together. Keep the lines of communication open.
4. Celebrate small successes. This is a long term relationship that requires commitment.
5. And finally, enjoy the journey!
Interested in hearing first hand from customers who are successfully using our industry-leading multidomain master data management solution and learning more about Informatica MDM customer success stories?
Join us for the MDM 360 Summit in New York on February 24, 2016 at the Crowne Plaza Times Square Hotel.
Come network and hear presentations from:
• Hamilton Faris, Chief Data & Analytics Officer, MetLife
• Nicolas E. Lance, Vice President of Retirement Income Strategies, OneAmerica®
• John Bassani, Senior Director, Ethics & Compliance Group, PricewaterhouseCoopers (PwC)
• Terri Mikol, Director, Data Governance Office, UPMC
• Claude Edkins, Senior Vice President & CIO, Leukemia & Lymphoma Society
• BJ Fesq, Chief Architect and Chief Data Officer, CIT Group
• Samson Annamdevula, Senior Manager, Master Data Management, Horizon Blue Cross Blue Shield of New Jersey
• Dipendra Malhotra, Executive Director, Morgan Stanley Wealth Management
• Selwyn Collaco, Senior Director, Enterprise Client Data Management & Strategy, CIBC
• Barbara Latulippe, Chief Data Governance Officer, EMC Corporation
Register for the MDM 360 Summit now! Seats are limited.