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Master Data Management Transforms Customer Experience for a Leading Bank This is our story of co-creating an analytics-led Master Data Management (MDM) solution to drive a 360-degree customer view for a leading US bank.
As we know… Banks tend to house customer data across multiple systems. However, most of these systems work in silos, preventing banks from gaining a unified customer view. This has several repercussions – from creating various profiles of the same customer to targeting unintended recipients with communication and promotional campaigns to missing out on upselling and cross-selling opportunities. Banks also run the risk of incurring penalties and facing irreversible reputational damage. An integrated data management solution becomes inevitable in a scenario like this. The challenge for our client was… To achieve a single aggregated view of customer data across various Lines of Business (LOB) and applications. The bank required a ‘golden record’ of high-quality data points to serve customers in a more personalized, friction-free way while also improving data governance. The bank wanted a ‘single source of truth’ for its customer data, leading to accurate insights, reduced data redundancy, improved upselling / cross-selling and enhanced collaboration between business units. It also wanted to avoid communication errors, e.g., sending payment reminders to the wrong recipients and upsetting loyal customers. The module was expected to support compliance-related reporting as well. As the consulting partner… We leveraged Triange Consult, a key pillar of WNS Triange (our data, analytics and AI practice), to provide advisory services to the client. We helped the client identify the right technologies and define the end-to-end architecture for the MDM solution. As the co-creation partner… With Triange NxT, another critical pillar of WNS Triange, we combined best practices, and proprietary frameworks and accelerators to implement an analytics-led MDM solution. The solution integrated customer data residing across various disparate systems. It acted as a single repository, cleansing and providing a ‘golden record’ with relevant, latest and high-quality data points for each customer. Key aspects of our MDM solution included: ■ Proprietary accelerators such as data profiling tools, data matching and merging algorithms, and knowledge graphs enabling quick delivery and better accuracy ■ Custom user interface for data stewards to manage system failures and conflicts ■ Robust data governance practice with an added layer of security to ensure the highest data standards ■ Data security and entitlement framework to provide the right access to the right users ■ Metadata repository for quick reference of data elements and documentation ■ Data consumption layer with application programming interfaces for MDM consumers wns.com 01
Data-led insights from a single, authentic repository… Enabled the bank to improve customer experience significantly. Authorized users across LOBs could drive targeted growth through personalization. Other benefits included: ■ 95 percent increase in data quality scores by reducing duplicates and data anomalies ■Higher returns on analytics investment ■Robust data governance Potential benefits included a 50 percent reduction in risk incidents and a 10 percent increase in upselling and cross-selling opportunities. Moreover, our flexible engagement model allowed the bank to fine-tune the solution on the fly. wns.com 02
WNS (Holdings) Limited (NYSE: WNS) is a leading Business Process Manage- ment (BPM) company. WNS combines deep industry knowledge with technol- ogy, analytics, and process expertise to co-create innovative, digitally led transformational solutions with over 400 clients across various industries. WNS delivers an entire spectrum of BPM solutions including industry-specific offerings, customer experience services, finance and accounting, human resources, procurement, and research and analytics to re-imagine the digital future of businesses. As of September 30, 2022, WNS had 57,503 professionals across 60 delivery centers worldwide including facilities in Canada, China, Costa Rica, India, the Philippines, Poland, Romania, South Africa, Spain, Sri Lanka, Turkey, the United Kingdom, and the United States. WNS Triange (formerly WNS Research and Analytics practice) powers business growth and innovation for 120+ global companies with data, analytics and Artificial Intelligence (AI). Driven by a specialized team of over 4000 analysts, data scientists and domain experts, WNS Triange helps translate data into actionable insights for impactful decision-making. Built on the pillars of consulting (Triange Consult), future-ready platforms (Triange NxT), and domain and technology (Triange CoE), WNS Triange seamlessly blends strategy, industry-specific nuances, AI and Machine Learning (ML) operations, and intelligent cloud platforms. Driving a futuristic edge are WNS Triange’s modular cloud-based platforms and solutions leveraging advanced AI and ML to provide end-to-end integration and processing of data to actionable insights. WNS Triange leverages the combined strength of WNS’ domain expertise, co-creation labs, strategic partnerships and outcome-based engagement models. www.wns.com Follow us on: © Copyright 2022 WNS (Holdings) Ltd. All rights reserved