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Resolving 150M+ identities for one enterprise-wide view in a leading investment services company

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Background

The cost to maintain legacy MDM solutions (e.g., Master Data Management, Customer Data Integration, matching engines embedded in various applications like CRM and analytics) continues to grow.  

Staying relevant and driving growth in a digital-first world requires an evolved focus on customer-centric strategies, digital transformation, and regulatory compliance innovations. And staying in business requires personalized offerings across banking, lending, and investment services, as well as regulatory compliance such as CCPA, KYC, and AML.  

Large financial services companies successfully use Verato at mission critical scale.  Verato provides the leading identity data management platform designed to deliver best in-class matching accuracy across identities. Verato enables financial services companies to delivery an incremental ROI, starting with Auto Steward on top of an existing solutions, which streamlines data stewardship tasks, all the way to replacing an existing solution with the full Verato Universal Identity platform. 

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1.2 Million false negatives resolved

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2M fragmented Identities unified from legacy MDM

Challenge

Two MDM solutions led to a need to align and integrate fragmented customer, beneficiary, member and prospect identity info

With two existing MDM solutions in place, one Verato customer wanted a way to modernize its MDM solutions and integrate directly with Snowflake®, its trusted source for the customer dimension. It needed to align and integrate fragmented customer, beneficiary, member and prospect identity info in a single solution with scalable architecture. Current challenges presented as:  

  • Fragmented portfolios: it was fragmented across multiple lines of business, lacking a complete portfolio view. Identity resolution was a constant struggle.  
  • Unreliable data for decision-making: executive teams couldn’t trust the person dimension in the Data Warehouse and insight into customer behavior, market trends, and operational efficiency was unreliable resulting in poor decision-making and risk management.  
  • Customer experience chaos: the customer digital experience was not user-friendly.  
  • Fragmented data thwarting retention: fragmented and stale customer data dulled efforts to be proactive and retain assets during transfer events (e.g., changing employer, wealth transfer).  
  • Existing solutions failing: its existing MDM solutions couldn’t meet expectations for accuracy, performance, and integration. 

Solution

Improved accuracy, performance, and scalability with the Verato platform

Verato Auto Steward initially augmented and then replaced their current MDM solutions as the improved accuracy, performance, and scalability of the Verato platform was undeniable. 

  • Mastered all identity types in one place, with one enterprise ID.  
  • Allowed lower quality noncustomer data to match to customer data while preserving the customer match quality. 
  • Avoided the large number of false negative or “singletons.”  
  • Avoided false positives in customer data.  
  • Improved data quality and reduce the burden on data integrity team.  
  • Exposed the inter-relationships of different stages of the journey.  
  • Implemented householding across all customer and noncustomer data.  

Results

A scalable architecture to achieve a single enterprise-wide view of the customer journey

Partnering with Verato, the firm modernized its MDM solutions with a scalable architecture to achieve a single enterprise-wide view of the customer journey. 

Improved customer experience: Improved cross-channel experiences by offering tailored products, proactive support, and user-friendly digital interfaces 

Trust in decision making: Elevated executive decision-making with a trusted customer dimension for analytics in Snowflake® 

Improved customer retention: Customer retention during transfer events drastically improved, with 90% of beneficiary assets retained 

Download Case Study

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