MDM for Banking Industry

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1 MDM for Banking Industry Serene Corporation January, Serene Corporation All rights reserved.

2 Business Objectives Increase Customer Profitability Acquire Customers With Better Business Potential Improve TCE (Total Customer Experience) Provide Single View of Customer to Business Units Accurately Track Customer information for improved Auditing capability Execute Steps based on customers behavior over time Identify potential customers worth acquiring for cross sell and up sell opportunities Identify Customers specific needs and interests Improve understanding of the Customer improved decisions Efficient Risk Management & Compliance Conformance Efficient adaptability to Mergers & Acquisitions 2012 Serene Corporation Smart IT, Smart Business All Rights Reserved pg 2

3 Challenges Fragmented customer data across different business units Sharing of customer data across competing Business Units Creating a gold copy and preserving Business Unit specific sensitive Customer information Different processes and techniques for data synchronization leading across multiple heterogeneous systems Ongoing Data Governance with clearly defined roles and responsibilities Conformance to Compliance, Security and Privacy requirements that vary across geographies and changes with time 2012 Serene Corporation Smart IT, Smart Business All Rights Reserved pg 3

4 Business Goals For Banks and Financial Institutions Offer common set of customer data across business units Effectively mine customer data for identifying cross-sell/ upsell opportunities Provide Targeted offers based on customer needs Meet Regulatory Compliance Improved Risk Management 2012 Serene Corporation Smart IT, Smart Business All Rights Reserved pg 4

5 Business Drivers for MDM Enterprise Achieve Higher Revenue, Reduce Cost and Increase Compliance through efficient Data Management Provide answer to often painful Data questions Define an information management strategy Maximise value of products through optimal and robust life cycle management of intellectual property Revenue Highly Reliable Forecasting and Business Intelligence 360 degree views of Data allowing better cross-sell and up-sell Cost Increased Efficiency of Supply Chain Management Improved Decision Making e.g. Stop Drug Projects, Better Campaign Management Reduced Cost of new Initiatives Improved Externalization by centralizing Master Data and Business Rules that can be easily available for subscribing systems and also can be quickly modified Compliance More transparency of Information across the organization Increased compliance with all major industry standards Technology Enable creation of a pool of shared services Create the foundation for the adoption of SOA within the organization Creation of an Enterprise wide skilled pool of Data Experts 2012 Serene Corporation Smart IT, Smart Business All Rights Reserved pg 5

6 Solution Overview Customer Master and Associated Systems Other Systems KYC Distribution Channels CRM and BackOffice Branch Customer Portal Operational Systems Banking Credit Bureau Credit Decisioning Customer Master Credit Cards Wealth Management Fraud Management Insurance Risk and Compliance Business Intelligence Data Warehouse Reporting Analytics Legacy Customer Master 2012 Serene Corporation Smart IT, Smart Business All Rights Reserved pg 6

7 Customer Master Key Entities and Information Customer Master / Customer Information File Ratings, Credit Scores Customer and Household Information Background (demographic, lifestyle characteristic s) Customer Survey Data Customer Master Customer Preferences (Communicat ion, Security) Purchase Behavior Customer to Product Linkages 2012 Serene Corporation Smart IT, Smart Business All Rights Reserved pg 7

8 Solution Architecture KO8 Business Unit Apps Analytical Apps (BI) Retail Bank Business Bank Credit Cards Wealth Mgmt Insurance Others Mktg/ Sales Finance & MFG Service Other G & A Partner Publishing Layer Data Quality Firewall As Captured Master Data Flow Clean Master Data Flow Real-Time and Batch Centralized Services Master Data External Reference Data Reference Data 1 Reference Data 2 Reference Data 3 Reference Data n 2012 Serene Corporation Smart IT, Smart Business All Rights Reserved pg 8

9 Slide 8 KO8 For the Analytical Apps, you'd probably want to choose some that are more banking specific. For example, I would remove MFG and replace with FP&A (Financial Performance and Analysis) or EPM (Enterprise Performance Management). Service could be replaced with Predictive Analytics. Kelle O'Neal, 2/14/2012

10 Scenarios Customer and Product Data Synchronization Customer Master Integration Layer CustomerInformation Customer Customer Relation Customer Product Linkages Customer Product Details KO6 Operational Systems KO7 Core Banking Credit Cards Wealth Management Insurance 2012 Serene Corporation Smart IT, Smart Business All Rights Reserved pg 9

11 Slide 9 KO6 KO7 I would say "Core Banking" rather than just banking because it tends to mean more of their back office systems. Unless of course that is an American term that doesn't resonate elsewhere. Kelle O'Neal, 2/14/2012 I'm not sure if you want "Insurance" since not all banks are also insurance companies. What about Asset Management? Or something about a Product System? Kelle O'Neal, 2/14/2012

12 Scenarios Single Customer View Distribution Channels CRM Branch Customer Portal Intermediary Portal 6 1 Get Single Customer View Integration Layer Get Customer Information Get Customer Product Linkages Get Customer Relationships Get Product Details 4 Customer Master KO4 KO5 Operational Systems Core Banking Credit Cards Wealth Management Insurance 2012 Serene Corporation Smart IT, Smart Business All Rights Reserved pg 10

13 Slide 10 KO4 KO5 I'm not sure if you want "Insurance" since not all banks are also Insurance companies. What about Asset Management? Or something about a Product system? Kelle O'Neal, 2/14/2012 I would say "Core Banking" rather than just Banking because it tends to mean more of the Back Office systems. Unless of course Core Banking is more of an American term. Kelle O'Neal, 2/14/2012

14 MDM Strategy Aware Business Concern Completeness Accuracy Security IT Concern Scalability Assess Business Readiness Vision Scope Establish Data Governance Roadmap Program Plan Gap Analysis IT Readiness Document business rules for Data Quality Outcome Executive Sponsorship Clear MDM Vision Success Criteria Stakeholder Identification and Accountability Risks, Dependencies and Constraints Workable Project Plan Data Governance Organization established along with the first set of foundational Deliverables Data Quality Rules for Cleansing, Standardizing and Deduplication formed with governance rules for updating and modifying the same Serene Corporation Smart IT, Smart Business All Rights Reserved pg 11

15 Benefits Consumer banks can ensure a consistent customer experience, whether online, onsite, or by mobile phone Understanding the 360-degree view of Customer as an individual and/or part of an Organization leading to improved customer handling Commercial lenders can connect clients into meaningful hierarchies, to better identify and manage credit risks Wealth management organizations can craft targeted product bundles and promotional offers to meet the needs of priority customer segments Financial institutions can support compliance with Know Your Customer requirements, anti-money laundering statutes, privacy requirements and other regulations Bank holding companies can speed systems rationalization projects after mergers and acquisitions Reduced data management costs reduces time and effort to collect and report on data from different systems 2012 Serene Corporation Smart IT, Smart Business All Rights Reserved pg 12

16 Case Study : Banking and Financial Services Provider Multi-Platform Implementation with OCH, DRM, and CRMOD National Australia Bank Client National Australia Bank is a financial services organisation with over 40,000 employees and 1,800 branches and service centresacross Australia, Asia Pacific, the UK and USA. NAB provides high quality bankingand financial services, and relationships built on the principles of comprehensive financial guidance and advice. NAB is one of the top-20 banks in the World, and consists of numerousbrands with offeringsacross Business, Consumer, and Wholesale Banking, Wealth Management, and Insurance. Client s challenge The client faced significant issues with customer satisfaction, compliance and risk management, and customer retention due to numerous disparate systems and processes for managing customer information. Key issues included: Varying levels of customer satisfaction Employee frustration at the wide variety and complexity of systems and processes Difficulty in acting on opportunities due to integration costs Aging and outdated risk and finance control systems Inadequate customer information and insight reporting Lackofcompetitiveness dueto poor understanding of customers and lack of a single source of truth. Many manual processes with rekeying of data and errors. The Solution Serenewas part of a large project team implementing a wide variety of integrated Oracle platforms to replace outdated, stagnant, and costly legacy technology. Oracle Customer Hub was deployed as the customer master data management solution, creating a future single source of truth and enabling customer 360 views Customeronline registration and origination processes were tied into the MDM hub to help prevent the creation of duplicate data and improve overall data quality The CRM On Demand platform was leveraged to create a consolidated Banker Workbench which serves as the single, central point for customer servicing Fusion Middleware and AIA framework was deployed to create robust integrations Extensive integrationto legacy and downstream systems along with MDM and data quality tools ensures that master data is as accurate and reliable as possible, and that up-to-date information is available to all systems and down-stream processes Result Dataquality is vastly improved and duplicate data has been reduced significantly, which, along with standardisedprocesses and a unified platform, enables to fully understand their customers and deliver consistent, high quality customer service. Enhanced businessagility and competitiveness as a result of better operational and management visibility,further enabling adaptation and market competitiveness Ability to cross-sell and up-sell through improved understanding of banking clients Better employee effectiveness and satisfaction through simple processes & platform Ability to meet or exceed compliance, fraud reporting, and risk management requirements and goals 2012 Serene Corporation Smart IT, Smart Business All Rights Reserved pg 13

17 Suggested Technology Customer Master Informatica(Siperian) Oracle Customer Hub (UCM) Data Quality Engine Informatica Data Quality Trillium DataFlux Datanomics Data Governance and Business Glossary Collibra IBM Infosphere Business Glossary 2012 Serene Corporation Smart IT, Smart Business All Rights Reserved pg 14

18 Why Serene? TRACK RECORD PROCESS EXPERTISE o Recognized Boutique Player o 100+ Successful Engagements o Value Added Services through Strategic Partnerships o Customer Centric Delivery Model o Collaborative & Result-Oriented o Qualitative & Quantitative Checkpoints o Strong Emphasis on Quality, Experience, and Expertise o Niche in specialty areas o Culture of Meeting Expectations 2012 Serene Corporation Smart IT, Smart Business All Rights Reserved pg 15

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