Increased Business Profitability
Being a central repository of all data, an MDM solution addresses the key objective of promoting revenue and margin. MDM helps in identifying the specific needs of customers to better cater to those customers, and aids in customizing services to drive new customer demands. MDM enables marketing teams to optimize cross-sell, up-sell, and product bundling offers, thus helping banks increase customer acquisition, increase revenue per customer, decrease costs to acquire and retain, reduce customer attrition, and improve product sales.
Compliance Risks Eradicated
MDM allows organizations to understand and mitigate compliance risks by helping organizations manage data quality, centrally. Every MDM solution in the market comes decked with features, which enable organizations to identify and eradicate any data quality issues. This effectively ensures clean and accurate data is consistently sent to audit teams to reduce, and even remove regulatory fines.
Conclusion
A well-defined MDM strategy, compounded with reference data management and improved data governance processes, establishes a holistic view of the customer, thereby constructing robust relationships leading to healthier business.
Many financial companies have enabled a single customer view across online and offline channels, improving the lead conversion rate by over 100%. Mastech InfoTrellis’s Master Data Management solutions can help achieve this in an optimal time frame. Learn more