Implementation and optimisation of a master data management tool to provide a single view of customer
Bank wide - across all divisions
Adaptable and Scalable Solutioning
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
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.
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
Data and systems analysis
Data and systems architecture
Business process analysis, design and optimisation
Explore the trending topics across the banking and insurance industries