Source: Initiate Systems
Initiate Systems, a leader in master data management solutions (MDM), announced today the availability of Initiate for Banking, a customer data management solution designed for retail banks.
Initiate for Banking enables matching and linking of a customer's records across all banking systems, lines of business, touchpoints, external lists and data feeds.
Using Initiate for Banking, banks can master valuable data to serve and market to customers more intelligently, help reduce loan write-offs through improved risk management, and better support regulatory compliance such as Office of Foreign Asset Control (OFAC) and privacy requirements. The solution can help banks deliver a tailored and consistent banking experience, regardless of where a customer interacts.
Retail banks typically have fragmented and inconsistent customer data spread across many systems, making it difficult to understand the true value of their customers, their contact or marketing preferences and the risks associated with making credit and collection decisions. Initiate for Banking helps banks achieve a single, complete view of customers to gain insight into the total value, profitability and risk profile.
"Banks need visibility to their customers' financial network so that they can proactively sell and respond to changing product needs, comply with industry regulations and manage risk," said Sean Cassidy, vice president of product management, Initiate Systems. "Initiate for Banking provides a trusted and unified view of customers so that banks can make the best strategic and tactical business decisions."
Initiate for Banking is based on Initiate Master Data Service technology - a comprehensive master data platform that provides identity matching and management, data modeling, information quality management, data sharing, relationship and hierarchy management and multi-lingual, integration and synchronization capabilities. Working transparently behind existing line of business systems and applications, the technology provides more confidence in the accuracy and integrity of a bank's customer data, and can help banks become more customer-centric.