Do you really know your customers?
Your business has been growing at a steady rate. Your sales reps are able to close deals and you’re pretty much satisfied with the way things are running.
But are you certain this growth will prevail year on year?
With more and more competitors entering the market, delivering a customized and consistent experience to your customer is the only solution to retaining them.
You ask how?
The technology landscape at most growing NBFCs comprises of a system developed in-house on a database (like Oracle) for handling processes like Customer Onboarding, Loan Disbursement and Money Transfer while other process like HR and Finance are managed on ERP.
With the proliferation of data from multiple sources such as social media, mobile application usage and clickstream data, it has become imperative to integrate internal channels with external sources to get a 720 degree view of the customer, and allow it to delve into each customer’s interaction sequences, needs and current life events to serve them better and benefit from actionable insights in their operations.
This whole story, from its beginning to its end, illustrates what can be done when a bank or NBFC has comprehensive visibility into their full relationship with their customers. Too many companies have increased costs from flying blind in seemingly routine, every day customer interactions.
Treating all customers as equal doesn’t work so businesses have a choice:
Take control of the problem or leave these decisions to simple chance?
Data is your biggest asset, leverage it.
After the complete implementation, the MDM can be leveraged in a variety of ways to drive its value and maximise the RoI:
– Achieve better, faster analytics and insights by identifying conflicting or redundant customer information across enterprise applications in less time
– Reduce the time and effort needed for data stewardship by improving the accuracy of automated merging processes – Accelerate ROI from growth-based initiatives like mergers and acquisitions by making it easier to integrate master data from new sources
– Simplify and automate accurate regulatory compliance reporting with more trusted visibility into business-critical master data
Get in touch with us at email@example.com to brainstorm on how to start your MDM journey.