Customer and Financial Product Master Data Management

CASE STUDY

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Our Client

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A financial services holding company offering services from checking and savings accounts, credit services including home mortgages, auto loans, business loans and credit cards, to investing and wealth management (all available to both individuals and companies).

The Challenge at Hand

This financial organization faced a significant challenge in establishing a unified and reliable system of truth for its customer and product data across a landscape scattered with various transactional and decision support systems. The need for a commercially available Master Data Management (MDM) solution became paramount to achieve a comprehensive view of both product information and a consolidated view of the enterprise’s customer data. The Semarchy xDM platform was selected as the MDM product of choice.

Innovative Solutions Unleashed

As a premier Semarchy partner and one with extensive data integration experience, D3Clarity was chosen as the implementation partner for their skill set with Semarchy xDM and xDI. Implementation involved the establishment of a central repository for product information, line of business consolidation, and enterprise customer system of record. The ultimate goal was to construct a consolidated record view, underpinned by a single enterprise identifier, composed of data seamlessly sourced from multiple systems. Crucially, the MDM solution would maintain lineage, enabling the organization to trace data back to its originating source systems, preserving the integrity and accuracy of the information throughout its journey.

Transformative Results Achieved

In pursuit of the financial organization’s vision for a high-quality MDM system that would establish a centralized view of Customers, Products, and Line of Business, a comprehensive approach was implemented. This endeavor leveraged Semarchy’s cutting-edge xDM platform to centralize crucial customer, product, and LOB information from identified sources. Integration was seamlessly achieved using Semarchy xDI as the bridge between Semarchy xDM and Salesforce, ensuring efficient data flow.

One of the pivotal aspects of this project was the implementation of golden record management, which harmoniously amalgamated data from disparate sources for customer/account, product, and LOB, harnessing the most reliable data elements from their respective systems of records. Data Stewards played a vital role in conflict resolution and account hierarchy management to align with the business requirements.

A thorough Discovery phase spanning three weeks was conducted to define and understand the MDM requirements within the organization’s framework, laying the foundation for critical decisions regarding initial configuration and overall project impact. The agile approach was embraced, with data profiling, modeling, match rule application, and testing occurring in each sprint. Feedback was solicited and incorporated, ensuring continuous improvement. As modeling phases concluded, data sources seamlessly transitioned into a workflow and user interface development cycle, advancing through successive sprints.

The MDM system emerged as a powerful tool, facilitating the seamless onboarding and offboarding of disparate systems while preserving the integrity of golden records. To fortify the MDM process, robust data governance mechanisms were implemented, encompassing matching, survivorship, and business validation rules, closely monitored and enhanced by dedicated Data Stewards. This comprehensive approach met and exceeded the organization’s goal of establishing a high-quality MDM system, redefining how they manage and leverage critical data assets.

DELIVERABLES	BUSINESS VALUE
Centrally managed customer solution	Ease the on-boarding and off-boarding of systems more seamlessly by having a unified identifier outside each source system.
Consistent enterprise data model created and mapped to source systems	Visibility into the complex customer relationships (B2B, B2C, C2C) that is compatible with Salesforce relationships, thus making the Salesforce data more trusted.
MDM Installation Runbook	MDM Installation Runbook
Data Model Attribute Specifications Workbook	Outlines the agreed-upon attributes needed to identify a unique customer, product and LOB and the validation rules needed for each attribute for historical review.
Centrally managed financial product data via MDM	Enable governance around product data.