Overview

This case study explores how a major financial service company addressed challenges related to customer data management by implementing an MDM solution, resulting in improved data consistency and compliance with regulatory requirements.

Business Requirement and Challenges

The client, a major financial service company, struggled with managing customer data dispersed across multiple sources, leading to difficulties in obtaining a single view of a customer, data incompleteness, and lack of data sharing between core applications.

Our Solution

To address these challenges, we implemented a robust MDM and DGOV solution:

Designed and implemented a centralized data model for party and reference data to ensure data consistency and accuracy.

Implemented robust customer consent management capabilities to adhere to privacy regulations and enhance data governance.

Developed a unified view of customers across all business units, enabling better customer insights and service delivery.

Provided APIs for seamless integration with core systems and compliance with Central Bank regulations.

Planned migration to IDMC in Q4 2024 for enhanced data management capabilities.

Business Outcome

The implementation of the MDM solution resulted in significant improvements:

Achieved a consolidated and accurate view of parties associated with the bank, improving operational efficiency and customer service.

Ensured that every system and report accesses trusted and up-to-date data, reducing errors and improving decision-making.

Achieved full compliance with Central Bank regulations regarding data management and reporting.

This case study highlights how the financial service company successfully implemented an MDM solution to address customer data management challenges, resulting in improved data quality, compliance, and operational efficiency. The outcomes include a unified customer view, trusted data for systems and reports, and adherence to regulatory requirements, setting a benchmark for data management in the financial sector.