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A US-based Credit Union
September 20th, 2024 WRITTEN BY Fresh Gravity Tags: data management, Financial Services
Fresh Gravity implemented a centralized Member Hub across five independent lines of business providing the foundation for member-specific personalized experience management to counter the business challenge of decreased market share driven by an aging member population. Improvements to the process and data resulted in singular profiles of customers, improved data quality and faster synchronization of updated customer data across the different business units and improved customer experience across the platform.
Problem
In a competitive and increasingly commoditized industry, the client faced decreasing market share and an aging customer population. The client offered a variety of products and services but did not have a clear view or understanding of each customer across the organization. It needed to improve customer experience, identify cross selling opportunities and gain higher profitable business from its customers.
Solution
Fresh Gravity developed a Data Governance (DG) implementation strategy and initiated an enterprise-wide DG program to ensure consistency and data quality across the organization.
We implemented the Person Master MDM program that brought together customer data from several siloed functional areas to create a singular profile of a person from across all lines of business. This consolidated and de-duplicated view of each individual from their 1.2M active members and associated members, permitted the client to better understand each customer and their needs, improve services and customer experience, and identify marketing
opportunities.
Impact
Person mastering was core to customer-centric services and hyper-personalization. Marketing outreach was improved with reduced duplicated mailings and permitting targeted emails. Personalization efforts benefited from identifying next-best-action and timely offerings during customer interactions.
Regulatory compliance was also improved by having accurate data on all the individuals, products, and services utilized by each individual and helped improve fraud management efforts.
