Knowing who your customers are, what products or services they have or do not have, and how they are related to other customers across all lines of business is critical to becoming more customer centric. At the same time, customer expectations are changing, competitors are becoming fiercer, and employees need the right information at their fingertips to cross-sell new products and provide the best customer experience in today’s market via omni-channel marketing.
Traditional business silos, ongoing mergers and acquisitions and antiquated customer information systems continue to cause companies to struggle in connecting relationships with customers, employees, and business partners. Customers’ past investments in analytic applications and business intelligence software provided some information about customers, account relationships, and account status. However, such systems were not designed to monitor, manage, govern, and master the latest and most trusted information across all systems—from customer- facing channels, to CRM, to marketing, and to front-office trading systems across all lines of business. Only a customer-centric data management platform can do all this.