Establish a unified customer data platform and gain control of your valuable information.

Customer data is arguably the most important asset that a financial services firm has. Fully leveraging this information will help you differentiate yourself in the market.

Banks, credit unions and other lenders are inundated with customer data, often flowing in from different source systems and maintained in multiple databases. This can cause significant difficulties when trying to understand the full depth and breadth of your customer relationships, resulting in missed opportunities. Consider:
  • Do you have a good understanding of who your most profitable customers are and why?
  • Are you truly maximizing your existing customer relationships to increase “share of wallet”?
  • Do you know which customers are at the greatest risk of going to a competitor?
  • Are your customer segmentation models simplistic and out of date?
  • Do you understand which customers are at greatest risk for default? 
  • Are you leveraging all of your strengths to attract and acquire new customers?
The Solution: A Centralized Platform to Manage your Data

Combining our deep Advanced Analytics knowledge, financial services industry expertise, and project management experience creating large-scale data infrastructures, West Monroe has developed the Data Insights Platform, an agile and dynamic solution unifying all data related to commercial and retail customers, marketing, sales, credit and compliance to allow you to better understand how these business units interact with each other and impact the customer life cycle.

Data is accessible to and from the designated business areas and processed in a centralized hub, greatly simplifying reporting and providing a “single source of truth,” so that if data is updated in one system it will be reflected everywhere. 

The Data Insights Platform enables:

  • Powerful, customized reporting on every aspect of the business
  • Data validation and security checks throughout the entire customer lifecycle, from acquisition to cross-selling and retention 
  • Customizable business logic, so red flags can be raised if data is not as expected, allowing timely investigation
The modular design of the Data Insights Platform also allows you to easily replace any one system without affecting the rest of the environment. Although every situation is unique, implementing the Platform typically requires only a high-level partnership with your IT department. In most cases, all that is needed to get started is access to databases to be integrated and periodic checks for quality assurance. 

West Monroe’s uncommon blend of industry expertise and technical knowledge will help you access the data you need, when you need it, allowing you to better serve your clients and operate more efficiently.
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