Customer is always the king. But while in traditional brick and mortar businesses, there was only one entry point – through the storefront; today as businesses operate online stores, the customer can come in from anywhere, at any time. With globalisation and delivery channels improving, customer expectations are also growing enormously. However, the underlying principle even in these changed times – of serving the customer to his satisfaction – remains unchanged.
Another important business need is to not just wait for the customer to walk in or find the business online through search, but for businesses to seek customers out and offer services tailored to their personal preferences. To enable this, data aggregation, management and analysis have become critical. Master Data Management solutions aid businesses in understanding customer needs, preferences and reward them with products and solutions.
The implementation of MDM in two banks reveals how, with MDM, they were able to:
- Ensure that customer service was consistent across mediums, whether online, onsite, or by mobile phone
- Identify and manage credit risks by connecting customers in meaningful hierarchies
- Customise products and services based on customer preferences
- Support compliance to various regulations such as ‘Know Your Customer’, anti-money laundering statutes and privacy requirements
- Quickly ensure systems rationalization after mergers and acquisitions
Some of the indirect benefits experienced by businesses are elimination of potential losses due to better hierarchy management; optimisation of marketing effectiveness by delivering targeted rewards programs and up-sell/cross-sell offers; increase the speed of new product introductions; and identify new business opportunities.
Know how MDM can help you improve your customer satisfaction. Let us know your thoughts in the comments section below.