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Managing Customer Data in the Financial Services Organisation
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Managing Customer Data in the Financial Services Organisation






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Managing Customer Data in the Financial Services Organisation Document Transcript

  • 1. Managing Customer Data in the Financial Services Organisation The CC SingleView Approach Nov ember 2012 This is a confidential document. The recipient of this document is bound by standard confidentiality and shall limit disclosure of the information within their own organization or to partners with the need to know and shall not disclose confidential information to any thirdparty. This document may not be reproduced or transmitted in any form or by any means, electronic or mechanical, in part or whole, for any purpose, without our prior written permission.
  • 2. Successful Financial Service Organisations Take a DifferentPerspective of Customer DataTo a bank, insurance firm or any financial services institution, accurate and complete data is acritical success factor directly impacting the organisation’s processes and bottom line.Comprehensive single view of the customer can help your organization discover opportunities toservice, engage with or cross-sell and up-sell financial services and products relevant to thecustomer. On the other hand, given the sensitive nature of the data, inaccuracies orincompleteness in data can lead to fraudulent activities. Some jurisdictions view privacyviolations occurring from inaccurate customer data as a crime.Well-developed and maintained customer data will not only lead to higher customer campaign-ROI, but also play a very important role in tactical and strategic decision making. The mostsuccessful financial services institutions use customer data effectively toward reducing customerchurn and achieving higher profitability per account, per policy, per portfolio etc. They treatcustomer data as a key driver of their organizational performance.To unlock the full value of your relationship, you need to be able to link customer informationfrom across multiple accounts, policies or investment folios that the individual customer holds.Additionally, you need to identify relationships that exist from the family or the household of thecustomer across lines of business.It is imperative that Customer Data be assessed for quality and continually nurtured. Thisencompasses several stages including integration and standardization of data from disparatesources, accurate assessment for quality and enrichment based on business operations/objectives. All these are means to achieving the larger objective of looking at the customer theright way; the means to Discover the Customer Within your Data™How does CC SingleView help you achieve this?CC SingleView is designed to meet several objectives essential to effective management and useof customer data.  A one-stop solution for transforming large amounts of data into reliable, de-duplicated and market oriented data  A powerful data preparation software that helps you gain a holistic view of your customers and their portfolios across the organisation  A marketers tool that allows you to use simple drag and drop functionality to view customer or household details without any IT department dependency© 2012 by Customer Centria Page |2
  • 3. CC SingleView delivers value at each stepThe CC Singleview incorporates a four step approach to achieving your Customer Datamanagement objectives.1 Understand your data The cornerstone of all business intelligence and analytical tools is standardizing data from across various functions or sources within the financial services organization. More often than not, lines of businesses like lending, deposits, credit in a bank and different channels or product lines (like term, ULIP, Pension Plans etc) in a Life Insurance company support independent systems used for acquisition or management of customer relationship data. It is therefore critical that your organization take a comprehensive view of the data sources and the comparative data quality analysis. This unearths any gaps that need to be filled down the line. CC SingleView helps you…  Integrate data from multiple sources into a single and easy-to-use platform  Perform data health/quality analysis and list profiles to understand the gaps in the data Benefits: Receive a full analysis on the quality of customer data in your databases. Understanding your data is important to realise the pitfalls or the potential value of your data. Maintaining the integrity of your data is imperative to the financial services institution and by profiling it, you get the opportunity to identify the gaps and take corrective action.2 Transform challenges into opportunities Gap in the customer data can make the communication impossible or even futile. Every email, phone call or direct mail is an opportunity to communicate effectively. On the one hand complete data opens up communication lines. On the other giving due consideration to customer preference, it is also an opportunity to optimize communication costs. CC SingleView supports capability to map geographical information with your financial institutions locations of business (branches, agent offices etc.), making it possible to leverage appropriate business locations for your customer engagement initiatives. CC SingleView helps you…© 2012 by Customer Centria Page |3
  • 4.  by providing a robust rule manager for identification of invalid/bad data that needs to be corrected  Enrichment of customer data using pre-defined libraries into complete and accurate information Benefits: Better and quicker decision-making enabled by clean and rich data . Accurate data and customer information helps in increasing the efficiency and effectiveness of a campaign. It also helps in reducing errors and unnecessary spends while performing analytical modeling and marketing campaigns executions. Better efficiencies or return on activity/spend; e.g. If the marketing team wants to run a car loan cross-sell e-mail campaign to the banks salaried account-holder base and the data check shows only 20% of the customer records contain validated email accounts; perhaps the channel or mode of communication needs to be mixed/ revised.3 Identify the right customer Are you sending the insurance product information to an existing policy holder of the same product? Or the same credit card offer repeatedly despite recent declines from the customer? For a customer with a high value investment folio can you target more relevant or customized offers? e.g offering an exclusive benefits card and refrain from sending starter-level products? How much is customer contact fatigue impacting C-SAT and hampering retention? These are all questions that you can avail answers to if you know you are looking at the right customer. It begins by eliminating duplicate instances of her identity. CC SingleView helps achieve this…  Use fuzzy logic and pre-grouping scenarios to identify potential duplicates in your data  Gain deduplicated data and a master record for each customer Benefits: Eliminate redundant entries within your data. Reduce multiple customer contact touch points caused created by duplicate data. A deduplicated system of record provides you with one single version of the customer, giving you insights into their various interactions with your organisation.4 Unify customer data into a single view CRM systems are rarely integrated in the sense that they unify all relationships of the customer with your organization. Core Banking Systems capture deposits and advances information accurately. Bancassurance systems operate independently and remain© 2012 by Customer Centria Page |4
  • 5. isolated from core back office systems. Even within the insurance firm, the relationships of the customer with investment based products might remain disconnected from pure protection or term products. Many a time, the company might be already contacting several members of the family without knowing it. Can they be provided a family product that provides multiplier benefits? Obtaining a 360° View and Household view is where it begins.  Create a single view of the customer or household using a drag and drop functionality  Gain a unified view of your customers portfolio across various lines of business, CRM, Customer Service and multi-channel engagement (Email, Web, SMS, POS, and Call Center etc.) Benefits: Understand your customers or households portfolio to increase up-sell and cross-sell opportunities. Gain customer behavior insights from the single view to be more relevant to your customer in terms of the multi-channel service provided (Email, Web, SMS, POS, and Call Center etc.). Benefits stack up, progressivelyRemove Build a single Reduce Achieve Increase Increaseduplicated view of your customer higher customer opportunitiesand customers contact response satisfaction to up-sell,inconsistency and create fatigue rates through levels across cross-sell,in your different through all initiatives line of acquire,integrated perspectives different by businesses by retain bydata leading such as channels by using correct understandin usingto cost household or understandin ed and g their valuableeffective individual g the enriched interactions insightscampaigns based on preferred customer and history provided by business mode of data with the single view requirements contact organisation creation (KYC) © 2012 by Customer Centria Page |5
  • 6. The Way ForwardCC SingleView is the first step to enabling and creating a robust customer engagement platformfor any financial services organization.  Integrate with any campaign management system to provide concise offer management to the identified customers  Perform analytical modeling and predictive insights using any analytical tool  Create highly targeted segments based on individual or household behaviour for select promotions  Use lesser but accurate data for analytical and marketing campaigns to receive higher ROIs  A holistic view of customers increases brand affinity and company perception  Constantly monitor and update single view database by adding daily or weekly updates from multi-channel transactions © 2012 by Customer Centria. CC SingleView, CC Loyal , CC Target and CC Decision are trademarks of Customer Centria© 2012 by Customer Centria Page |6