Improving Data Quality to Set Stage for Advanced Analytic Scale and Power
One of the world’s top ten largest banks by total assets sought CustomerMatrix’s help in defining new ways to expand their global footprint and client coverage. The focus of this project was on Global Banking & Client Coverage group which was given the corporate mandate to figure out new ways to deliver faster-than-market growth and improved return.
Phase I of this project began with setting the foundation with enhanced data quality to enable relationship managers and senior management to receive new potential growth opportunities, aligned to key coverage areas and growth pockets.
The Bank’s CRM baseline data was in a less than optimal condition. In the discovery phase of this project analysis indicated that many accounts were missing key information. Other information was duplicative or needed updating. All of these challenges were causing daily challenges and in preventing relationship managers from working, as efficiently as possible, and impaired the ability to do more advanced analytics, customer profiling, and data formatting.
CustomerMatrix was given access to 500 accounts and 50,000 corporate banking relationship contact names and proceeded to match these names to its vast proprietary InfoMatrix™ database of 450 million global contacts and 200 million companies. This scrubbing and data cleansing process which sources data from over 30 separate global database firms pinpointed significant identification of duplicate names, job changes, and changes of address, job titles for the client. First level results were delivered in two weeks for duplicate detection and followed by job and company changes, missing stakeholders, thereafter.
500 accounts have been reviewed for data accuracy and over 100 relationship managers have gained enhanced sales productivity with the results of this project:
- The addition of 6,500 new key stakeholder contact names/information added, to better drive higher level management conversations with economic buyers.
- Identification of 5,000 duplicates found and resolved to 1500 unique ids, to improve and better target market outreach and credibility.
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