Customer Data Management in corporate banking
In 2022 and beyond, a bank’s success will increasingly depend on how well the growing asset of customer data is being managed. When it comes to decision making, both poor data quality and non-availability of data must be pro-actively addressed. First City Monument Banks (FCMB) looked to Bluechip Technologies as a partner to enhance its Customer Data Management using state-of-the-art cloud technologies.
Background:
First City Monument Bank (FCMB) is a member of FCMB Group Plc. Founded in 1982, the bank has a long history of stability and growth and today is one of the leading financial services institutions in Nigeria, with over 10 million customers.
Having successfully developed as a retail and commercial banking-led group, FCMB embarked on a Digital Transformation programme focused on Customer Data Management to continue to deliver exceptional services to its customers.
How did Bluechip help with the digital transformation?
The aim of the project was to implement an end-to-end Data Warehouse and Business Intelligence solution with strong Data Governance on Microsoft Azure to provide the foundation for the bank’s business intelligence and digital banking initiatives.
The objectives included:
- Operationalise data governance policies and bolster regulatory compliance with effective customer data management, including monitoring, enforcement, and reporting.
- Provide a 360-degree customer view to enable marketing campaigns, customise offers and take business decisions quickly with trusted customer information available.
- Introduce Executive Dashboards and Predictive Analytics across Strategic Business Units
- Deliver a robust data platform to drive highly targeted campaigns.
- Empower the business to leverage data for decision-making without dependence on IT.
- Build a robust and scalable enterprise platform data warehouse/ business intelligence platform.
- Integrate Data Governance Master Data Management tool into the Enterprise Data Warehouse and Business Intelligence platform.
Using its Customer Master Data Manager (CMDM) for administering and managing data quality helped Bluechip Technologies establish policies and procedures to drive data quality improvement.
The functionalities included:
- Executive Dashboards are provided across various business units, available anytime, anywhere on any device using Microsoft Power BI.
- Self-Service Business Intelligence delivered across the entire organization and Strategic Business Units.
- Richer Customer Engagement Management.
Find out exactly what this included in the full case study here.
Summary
Bluechip’s Customer Master Data Management solution proved to be the ideal foundation for First City Monument Bank to execute it’s digital transformation vision.
In August 2022, FCMB Group Plc reported impressive growth in earnings, revenue, deposits, loans and asset under management growth in its first half-year financial results for 2022. The Group also recorded a 73.2 percent year-on-year growth in profit before tax and huge growth across all of its business segments, and Gross Revenue was up 34 percent year-on-year.
To read all about the outcomes and improvements of the transformation, click through to the full case study here.r
