Customer Data Integration Solutions For Financial Services Firms
Customer data integration leads to improved customer intelligence which enables financial service firms to gain a more complete and timely measure of the value of customer relationships across lines of business. However, a measure of the value of customer relationships that relies exclusively upon traditional, internal sources of customer data may not reflect their true value. New sources of customer data from social, mobile, and cloud based sources may more accurately reflect the underlying relationship value.
Leveraging these new sources of customer data in combination with traditional sources can lead to increased profitability through improved customer analysis, enhanced customer interaction, better customer feedback, and more effective customer relationship management.
4DIQ's customer data integration solutions leverage new and traditional sources of customer data and add value by helping to improve customer segmentation, provide a more complete view of multiple customer dimensions, and enable more timely delivery of customer data. The benefits of 4DIQ’s customer data integration help financial firms to better capitalize all their sources of customer data by enabling them to improve their marketing mix analysis, optimize marketing operations, and perform more accurate analysis of marketing performance.
Customer Data Integration Leads to Improved Customer Intelligence
Banks, insurance and securities firms, lenders, and other financial institutions struggle with leveraging existing systems that do not share information with each other very well. This problem only worsens when business processes change and new systems are added to meet evolving requirements. A key challenge of integrating these diversified and distributed systems into a coherent, efficient infrastructure is creating a comprehensive view of the customer.
A comprehensive view of the customer answers critical business questions such as:
- What are the most profitable opportunities for growth?
- Which marketing actions will have the greatest impact?
- What activities will have the maximum impact across lines of business?
Fortunately, 4DIQ has significant experience in overcoming the comprehensive customer view challenge for companies in the financial services industry. 4DIQ data integration solutions for financial services deliver a unified view of data across an entire organization, from both internal and external sources, maximizing the value of customer information. These solutions streamline business processes, promote efficiency, meet compliance demands, strengthen relationships with customers, and reduce operational costs.
New Sources of Customer Data
The Financial Services industry is in the midst of revolutionary new technology trends with the emergence of social, mobile, and cloud computing. These emerging trends require businesses to innovate and bridge the gap between new technologies that offer opportunities for growth and the maintenance of legacy system. Financial Services organizations that bridge this gap will be able to capitalize on these changes through more effective customer intelligence and position themselves for future success, enabling them to gain a competitive advantage.
Social Media like blogs, Facebook, Google+, LinkedIn, and Twitter have grown increasingly popular as consumers are increasingly turning to these new channels for information and advice. Financial Services organizations that harness the power of social media can learn more about their customers, foster longlasting relationships with their customers, and reach out to their customers. Effective use of social media means leveraging additional communication channels so that companies can listen and relate to their community.
4DIQ data integration solutions empower Financial Services organizations to proactively engage customers using social media for product development and innovation, sales and marketing activities, public relations campaigns, and customer service initiatives. Financial Services organizations can gain a competitive edge by tapping in to these new social media channels.
Customer interaction via mobile devices like smartphones and tablets plays an increasingly important new role as more consumers are turning to the convenience of these devices for their financial service needs. Financial Services organizations that are taking advantage of the ubiquitous nature of mobile devices have access to an important channel to reach and engage customers at home, work, or on-thego. Mobile devices streamline and simplify access, allowing customers to quickly connect to a variety of financial services.
4DIQ data integration solutions enable Financial Services organizations to get right information into the hands of the customer by bringing data together from different applications and systems. Financial Services organizations can leverage mobile devices as extensions of existing financial services delivery.
Cloud computing is fast evolving into a commercially viable alternative for businesses seeking additional value in technology. Financial Services organizations that are abandoning their servers in favor of the cloud are reducing IT costs and freeing up more time for customer service. Cloud computing offers the benefits of scalability, flexibility, accessibility, and fast implementation.
4DIQ data integration solutions allow Financial Services organizations to reap the benefits of cloud computing by integrating cloud services with legacy infrastructure. The cloud naturally supports mobility, enabling internal resources to access email, software, and databases remotely. Financial Services organizations can utilize cloud computing to increase productivity and customer focus without negatively impacting the bottom line.
Leveraging New Sources of Customer Data
Attempts to leverage customer information for increased profitability have relied upon integration of customer data from a mix of operational systems. These systems were designed to support specific business functions, not to work together seamlessly. While the objective is to increase profitability through better customer intelligence, the reliance upon operational systems has often had the opposite effect. Dispersed, disconnected operational systems typically require manual integration processes which are complex and inefficient, frustrating attempts to leverage customer information for increased profitability.
4DIQ data integration solutions support strategy and planning by improving four critical customer intelligence functions:
- Customer analysis,
- Customer interaction,
- Customer feedback, and
- Customer relationship management
4DIQ enables Financial Services organizations to successfully increase their return on customer relationships by creating a comprehensive picture of the customer with current information from all internal and external sources customer information. 4DIQ data integration solutions can provide access to an integrated, 360-degree view of the customer allowing companies to integrate customer intelligence into their evolving business strategy and planning.
The Benefits of 4DIQ’s Customer Data Integration Solution
As new sources of customer data become available every day, the acquisition and integration of data to support timely and accurate customer analysis will increasingly extend beyond the integration of existing systems. 4DIQ's data integration solutions can combine existing sources of customer data with new, emerging sources to enable financial service firms to better capitalize on customer data through:
- Improved customer segmentation
- Dynamic, in-memory creation of multiple customer dimensions
- The elimination of the need to build and maintain expensive data warehouses
- More timely delivery of customer data directly to decision makers via dashboards and reports
Data integration that supports timely and accurate segmentation of customers allows Financial Services firms to focus on the customers who matter most. Businesses are better equipped to identify profitable customer segments across lines of business. In addition, timely and accurate customer segmentation provides more effective one-to-one marketing efforts.
Traditional methods of data integration to support customer segmentation relied upon the creation of data warehouses to support the production of multi-dimensional reports. 4DIQ’s data integration technology enables fast, in memory creation of dimensional data. This is not only less expensive than traditional data warehouse approaches but, in many cases, more powerful and flexible.
Capitalizing on New Sources of Customer Data
Capitalizing on new sources of customer data requires timely integration to gain accurate insight into the profitability of customer relationships across lines of business. This accurate insight is manifest through improved marketing mix analysis, optimized marketing operations, and more accurate analysis of marketing performance.
Improved Marketing Mix Analysis
4DIQ's data integration solutions increase the accuracy and effectiveness of your marketing mix analysis through:
- 4DIQ’s Configure-Not-Code™ service delivery for rapid integration and processing of new data sources
- Configurable workflows that support robust data scrubbing and cleansing
- Customizable data integration workflows that incorporate advanced data analysis capabilities including descriptive and predictive statistics
- Workflows that use transformations, rules, events, and analytic functions to push required data to reports and scorecards for use by decision makers
Data integration solutions from 4DIQ enable businesses to more accurately and effectively utilize existing and new sources of marketing data. In addition, higher data quality improves forecast accuracy and can lower the risk of committing resources to the wrong marketing mix. More accurate and effective data integration can therefore increase competitive advantage through faster, more responsive, and better targeted marketing mix analysis.
Optimized Marketing Operations
The ability to rapidly integrate heterogeneous sources of data helps executives and managers to optimize marketing operations. Traditional approaches to accessing and integrating data required to support marketing operations are costly and time consuming. 4DIQ's innovative data integration solutions impact marketing operations by enabling:
- Rapid access to data from multiple heterogeneous sources for comprehensive, customized reporting
- The ability to deliver timely, accurate data to custom or pre-built marketing dashboards
- The creation and management of custom marketing data integration workflows to support meaningful metrics and KPIs
- The linking of data integration workflows to the performance specific campaigns and related opportunities
Data integration solutions from 4DIQ can help to optimize marketing operations in a number of ways. Our solutions enable the rapid, cost-effective reuse of existing data sources, assets, and resources; In addition, our data integration solutions allow faster creation, deployment, and rapid feedback on the performance of marketing campaigns. Finally, 4DIQ data integration solutions provide better tracking of ROI by strengthening the links between campaigns and opportunities.
Accurate Analysis of Marketing Performance
Marketing performance analysis is enhanced by 4DIQ's data integration solution which allows:
- The rapid integration and aggregation of data to support dynamic metrics and KPIs tied to specific business strategies and goals
- The creation of customized, in-memory, multi-dimensional data aggregations for rapid analysis of customer and marketing data
- The fast creation of custom workflows to integrate cost and revenue data across lines-of-business
This improves the alignment of strategies and goals with campaigns and opportunities. Increases the ability to measure and analyze marketing effectiveness and optimizes resource allocation.
Improved Customer Relationship Management (CRM)
CRM software like Salesforce, Microsoft Dynamics CRM, Redtail CRM, and Junxure will be a key differentiator for successful businesses as objectives expand from retention to growth. Financial Services organizations that are creating a complete picture of the customer will deliver excellent customer service while selling additional product and services. CRM software continues to improve with new social networking capabilities, better analytical tools, increased automation, and lower-cost solutions. The realities of cloud computing, the accessibility of mobile devices, and the impact of social media are all positively affecting the CRM landscape.
4DIQ data integration solutions provide Financial Services organizations with an integrated view of the customer, by connecting customer information from disparate sources with the CRM system. Financial Services organizations can maximize not only their CRM investment, but also their relationships with each customer.
Conclusion and Summary
Financial Services organizations need to solve the problems created by the explosion of customer information and demands, in an environment where both resources and budgets are constrained. Businesses that overcome their customer integration challenges stand a much greater chance of creating opportunities to sell new products and services to customers, and surpass the competition.
4DIQ replaces business-as-usual integration solutions with a new and fundamentally different approach. Managed Data Integration Services from 4DIQ provide cost-effective end-to-end data integration for Financial Services organizations, allowing them to streamline processes, improve the customer experience, and save money all with greater security and visibility.