Banks today struggle to see a consolidated and seamless view of their customer, given the siloed nature of legacy technology and fractured data ecosystem that exists within banks.
Crucially, banks need the ability to view a 360-degree perspective of the customer in a clear and intuitive way. Seeing the most relevant customer information across multiple business lines in one consolidated dashboard offers banks a cohesive, accurate and consistent source of truth.
With this view in place, it is possible for banks to leverage that information to its full potential to create personalised experiences, reveal important cross sell opportunities, prevent customer loss or churn and improve customer satisfaction.
The connector built to Unified Customer Profile unlocks a large number of improved experiences and productivity for the bank; from enabling customer segmentation and churn-prediction to the ‘life events’ area which provides insight into the customer and their family’s past and future life milestones.
This area can help identify upcoming opportunities, devise personalised offers, and provide a consistent engagement experience. Vault Core’s real-time data feed alongside this 360-degree view of the customer represents a powerful foundation for the bank to manage their customers in one central place, all in real time.
Reduction in customer loss and churn
The integration helps to reduce customer loss and churn through improved customer targeting at key milestones in the customer journey. This is enabled through how Unified Customer Profile provides visibility across all lines of business and gives a singular view of the customer where the bank can easily see a controlled list of a customer’s managed accounts.
The power of the Microsoft Cloud for Financial Services ecosystem
There is huge value to banks through the way in which data from Vault Core is surfaced to the Microsoft data model (Dataverse). This enables a bank to leverage the technology from Microsoft’s other partners, to extend the value of Vault Core with additional solutions to address the industry’s most urgent challenges.
A personalised banking experience for each customer
Our connector to Microsoft proves Vault Core’s interoperability to best-in-class solutions. The cloud-based connector we have developed enhances collaboration, automation, and insights to streamline processes; personalises every customer interaction; improves customer experience, and delivers rich data insights, making each client’s experience with their bank feel unique.
Thought Machine has built an integration service to take account and balance data from Vault Core and transform the data into Azure Event hubs. This triggers a workflow that extracts the integration key and loads the data into the FSI data model.
Once in this data model, the data is loaded into Dataverse. From here, Unified Customer profile provides a 360 degree view of the customer.