This is our story of co-creating an analytics-led Master Data Management (MDM) solution to drive a 360-degree customer view for a leading US bank.
As we know…
Banks tend to house customer data across multiple systems. However, most of these systems work in silos, preventing banks from gaining a unified customer view. This has several repercussions – from creating various profiles of the same customer to targeting unintended recipients with communication and promotional campaigns to missing out on upselling and cross-selling opportunities. Banks also run the risk of incurring penalties and facing irreversible reputational damage. An integrated data management solution becomes inevitable in a scenario like this.
The challenge for the client was…
To achieve a single aggregated view of customer data across various Lines of Business (LOB) and applications. The bank required a ‘golden record’ of high-quality data points to serve customers in a more personalized, friction-free way while also improving data governance.
The bank wanted a ‘single source of truth’ for its customer data, leading to accurate insights, reduced data redundancy, improved upselling / cross-selling and enhanced collaboration between business units. It also wanted to avoid communication errors, e.g., sending payment reminders to the wrong recipients and upsetting loyal customers. The module was expected to support compliance-related reporting as well.
As the consulting partner…
We leveraged Analytics Consult, a key pillar of WNS Analytics (our data, analytics and AI practice), to provide advisory services to the client. We helped the client identify the right technologies and define the end-to-end architecture for the MDM solution.
As the co-creation partner…
With Analytics NxT, another critical pillar of WNS Analytics, we combined best practices, and proprietary frameworks and accelerators to implement an analytics-led MDM solution. The solution integrated customer data residing across various disparate systems. It acted as a single repository, cleansing and providing a ‘golden record’ with relevant, latest and high-quality data points for each customer.
Key aspects of our MDM solution included:
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Proprietary accelerators such as data profiling tools, data matching and merging algorithms, and knowledge graphs enabling quick delivery and better accuracy
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Custom user interface for data stewards to manage system failures and conflicts
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Robust data governance practice with an added layer of security to ensure the highest data standards
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Data security and entitlement framework to provide the right access to the right users
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Metadata repository for quick reference of data elements and documentation
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Data consumption layer with application programming interfaces for MDM consumers
Data-led insights from a single, authentic repository…
Enabled the bank to improve customer experience significantly. Authorized users across LOBs could drive targeted growth through personalization. Other benefits included:
Potential benefits included a 50 percent reduction in risk incidents and a 10 percent increase in upselling and cross-selling opportunities. Moreover, our flexible engagement model allowed the bank to fine-tune the solution on the fly.
About WNS Analytics:
WNS is a digital-led business transformation and services company with 60,513 professionals across 64 delivery centers worldwide, including facilities in 13 countries. WNS combines deep industry knowledge with technology, analytics and process expertise to co-create innovative, digitally led transformational solutions with over 600 clients across various industries. WNS Analytics is the Data, Analytics and AI practice of WNS that enables business decision intelligence for clients by combining Artificial Intelligence (AI) and Human Intelligence (HI). We cater to 250+ global companies including Fortune 100 and Fortune Global 500 organizations. WNS Analytics is a robust practice of 6,500+ Domain, Data, Analytics and AI experts with proprietary AI-led assets and innovative technologies. We enable businesses to make transformative decisions backed by data-led intelligence, ensuring differentiated outcomes. WNS Analytics is an end-to-end Consulting-to-Implementation partner delivering business goals for clients with an integrated ecosystem of co-creation labs, strategic partnerships and outcomes-based engagement models.
To know more, visit https://www.wns.com/capabilities/analytics