Modern financial institutions possess a lot of data that come from various (mobile) applications and devices. Information about products and services, data showing the purchase history of customers, customer information, financial transaction data, marketing information and much more. This overwhelming abundance of data offers valuable opportunities, but also creates challenges and problems when information is inconsistent or fragmented and therefore handled incorrectly.
If you add the increasingly strict laws and regulations that financial institutions have to deal with to the information management mix, it becomes clear that the contamination of data is an ever-lurking threat to organisational continuity.
Master data management (MDM) is all about finding and maintaining data in an efficient manner. Adequately designed MDM tools ensure that your master data (information about customers, products, locations and suppliers) are uniform in all environments. MDM focuses on the core of your business processes and on the relationships between various sub-processes.
Appronto helps you to match, clean and enrich data. The information is then forwarded to subscribed systems, so that all information remains neatly in sync. MDM occupies a prominent place on the agenda of many organisations, which is a good thing!
Nowadays, pretty much every organisation works with a network of various systems. This often leads to the scattering of valuable master data. The result is that multiple (potentially inconsistent) versions of the same master data end up in different parts of a company’s operations. For example, an incorrect address in a certain place in your information ecosystem can lead to orders ending up at the wrong address. Or think of a wrong name that makes you count certain customers twice.
These types of errors almost always force you to spend a lot of valuable time solving problems. This is not only a big waste of hours and money, but also a major source of annoyance among employees and customers. Therefore, good MDM (almost) always has a positive effect on customer satisfaction, so managing your master data in a proper fashion is of the utmost importance.