1. Managing Customer Data in the Financial
Services Organisation
The CC SingleView Approach
Nov ember 2012
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2. Successful Financial Service Organisations Take a Different
Perspective of Customer Data
To a bank, insurance firm or any financial services institution, accurate and complete data is a
critical success factor directly impacting the organisation’s processes and bottom line.
Comprehensive single view of the customer can help your organization discover opportunities to
service, engage with or cross-sell and up-sell financial services and products relevant to the
customer. On the other hand, given the sensitive nature of the data, inaccuracies or
incompleteness in data can lead to fraudulent activities. Some jurisdictions view privacy
violations occurring from inaccurate customer data as a crime.
Well-developed and maintained customer data will not only lead to higher customer campaign-
ROI, but also play a very important role in tactical and strategic decision making. The most
successful financial services institutions use customer data effectively toward reducing customer
churn and achieving higher profitability per account, per policy, per portfolio etc. They treat
customer data as a key driver of their organizational performance.
To unlock the full value of your relationship, you need to be able to link customer information
from across multiple accounts, policies or investment folios that the individual customer holds.
Additionally, you need to identify relationships that exist from the family or the household of the
customer across lines of business.
It is imperative that Customer Data be assessed for quality and continually nurtured. This
encompasses several stages including integration and standardization of data from disparate
sources, accurate assessment for quality and enrichment based on business operations/
objectives. All these are means to achieving the larger objective of looking at the customer the
right way; the means to Discover the Customer Within your Data™
How does CC SingleView help you achieve this?
CC SingleView is designed to meet several objectives essential to effective management and use
of customer data.
 A one-stop solution for transforming large amounts of data into reliable, de-duplicated
and market oriented data
 A powerful data preparation software that helps you gain a holistic view of your
customers and their portfolios across the organisation
 A marketer's tool that allows you to use simple drag and drop functionality to view
customer or household details without any IT department dependency
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3. CC SingleView delivers value at each step
The CC Singleview incorporates a four step approach to achieving your Customer Data
management objectives.
1 Understand your data
The cornerstone of all business intelligence and analytical tools is standardizing data
from across various functions or sources within the financial services organization. More
often than not, lines of businesses like lending, deposits, credit in a bank and different
channels or product lines (like term, ULIP, Pension Plans etc) in a Life Insurance
company support independent systems used for acquisition or management of customer
relationship data.
It is therefore critical that your organization take a comprehensive view of the data
sources and the comparative data quality analysis. This unearths any gaps that need to
be filled down the line.
CC SingleView helps you…
 Integrate data from multiple sources into a single and easy-to-use platform
 Perform data health/quality analysis and list profiles to understand the gaps in the
data
Benefits:
Receive a full analysis on the quality of customer data in your databases. Understanding
your data is important to realise the pitfalls or the potential value of your data.
Maintaining the integrity of your data is imperative to the financial services institution
and by profiling it, you get the opportunity to identify the gaps and take corrective
action.
2 Transform challenges into opportunities
Gap in the customer data can make the communication impossible or even futile. Every
email, phone call or direct mail is an opportunity to communicate effectively. On the one
hand complete data opens up communication lines. On the other giving due
consideration to customer preference, it is also an opportunity to optimize
communication costs.
CC SingleView supports capability to map geographical information with your financial
institutions locations of business (branches, agent offices etc.), making it possible to
leverage appropriate business locations for your customer engagement initiatives.
CC SingleView helps you…
© 2012 by Customer Centria Page |3

4.  by providing a robust rule manager for identification of invalid/bad data that needs
to be corrected
 Enrichment of customer data using pre-defined libraries into complete and accurate
information
Benefits:
Better and quicker decision-making enabled by clean and rich data . Accurate data and
customer information helps in increasing the efficiency and effectiveness of a campaign.
It also helps in reducing errors and unnecessary spends while performing analytical
modeling and marketing campaigns executions.
Better efficiencies or return on activity/spend; e.g. If the marketing team wants to run a
car loan cross-sell e-mail campaign to the banks salaried account-holder base and the
data check shows only 20% of the customer records contain validated email accounts;
perhaps the channel or mode of communication needs to be mixed/ revised.
3 Identify the right customer
Are you sending the insurance product information to an existing policy holder of the
same product? Or the same credit card offer repeatedly despite recent declines from the
customer? For a customer with a high value investment folio can you target more
relevant or customized offers? e.g offering an exclusive benefits card and refrain from
sending starter-level products? How much is customer contact fatigue impacting C-SAT
and hampering retention? These are all questions that you can avail answers to if you
know you are looking at the right customer. It begins by eliminating duplicate instances
of her identity.
CC SingleView helps achieve this…
 Use fuzzy logic and pre-grouping scenarios to identify potential duplicates in your
data
 Gain deduplicated data and a master record for each customer
Benefits:
Eliminate redundant entries within your data. Reduce multiple customer contact touch
points caused created by duplicate data. A deduplicated system of record provides you
with one single version of the customer, giving you insights into their various
interactions with your organisation.
4 Unify customer data into a single view
CRM systems are rarely integrated in the sense that they unify all relationships of the
customer with your organization. Core Banking Systems capture deposits and advances
information accurately. Bancassurance systems operate independently and remain
© 2012 by Customer Centria Page |4

5. isolated from core back office systems. Even within the insurance firm, the relationships
of the customer with investment based products might remain disconnected from pure
protection or term products.
Many a time, the company might be already contacting several members of the family
without knowing it. Can they be provided a family product that provides multiplier
benefits? Obtaining a 360° View and Household view is where it begins.
 Create a single view of the customer or household using a drag and drop functionality
 Gain a unified view of your customer's portfolio across various lines of business,
CRM, Customer Service and multi-channel engagement (Email, Web, SMS, POS, and
Call Center etc.)
Benefits:
Understand your customer's or household's portfolio to increase up-sell and cross-sell
opportunities. Gain customer behavior insights from the single view to be more relevant
to your customer in terms of the multi-channel service provided (Email, Web, SMS, POS,
and Call Center etc.).
Benefits stack up, progressively
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duplicated view of your customer higher customer opportunities
and customers contact response satisfaction to up-sell,
inconsistency and create fatigue rates through levels across cross-sell,
in your different through all initiatives line of acquire,
integrated perspectives different by businesses by retain by
data leading such as channels by using correct understandin using
to cost household or understandin ed and g their valuable
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campaigns based on preferred customer and history provided by
business mode of data with the single view
requirements contact organisation creation
(KYC)
© 2012 by Customer Centria Page |5

6. The Way Forward
CC SingleView is the first step to enabling and creating a robust customer engagement platform
for any financial services organization.
 Integrate with any campaign management system to provide concise offer management
to the identified customers
 Perform analytical modeling and predictive insights using any analytical tool
 Create highly targeted segments based on individual or household behaviour for select
promotions
 Use lesser but accurate data for analytical and marketing campaigns to receive higher
ROI's
 A holistic view of customers increases brand affinity and company perception
 Constantly monitor and update single view database by adding daily or weekly updates
from multi-channel transactions
© 2012 by Customer Centria.
CC SingleView, CC Loyal , CC Target and CC Decision are trademarks of Customer Centria
© 2012 by Customer Centria Page |6