Digital Client Experience: Single View of Customer

Solution 

• Implementation and optimisation of a master data management tool to provide a single view of customer

Business area 

• Customer Experience 

• Bank wide - across all divisions

Skill sets

• SQL

• JSON

• XML

Themes 

• Process Optimisation

• Business Specification

• Adaptable and Scalable Solutioning

Insights 

• A clear understanding of complexities and pain points should be identified before choosing a vendor

• The vendor should be able to demonstrate solutioning of these complex problems so that the business need is met with the product

• Significant attention should be paid to the operating and support model – handover should begin from day one of development

Overview 

A large corporate, institutional and investment bank embarked on a client centric transformation strategy that was aimed at providing a consistent, personalised and contextual digital experience. The initiative aimed to deliver a seamless and first-class client experience throughout the client value chain from prospecting, client onboarding, product sales and maintenance.

Monocle assisted in the implementation of one of the building blocks - the client master data management tool - in order to consolidate various customer data and views that existed across the bank. Monocle created automated workflows to manage client onboarding and maintenance of client data across the various client systems thereby removing duplicated manual processes. This required Monocle to design and build various integrations between systems and a 3rd party verification service as well as address any data quality issues that were uncovered.

Monocle’s efforts to house data in one centralised database enabled the decommissioning of several now-redundant systems.

Results

• Consolidated client data interfaces into a single client platform

• Increased effectiveness and efficiency of internal processes and client experiences

• Effective 3rd party data sourcing which reduced verification from physical documents

Key skills required 

• Data and systems analysis

• Data and systems architecture

• Business process analysis, design and optimisation