For enabling the single view of the customer data across different products from different lines of business. This would involve the creation of single master repository of the customer data from the data sources and a one time services of deduplication and clustering of the customer records. Subsequently the incremental daily additions are handled through end of the day process.
While, In most of the cases, the daily customer additions happen at the end of the day during the EOD process, a need is increasingly being felt to know the exposure of the customer in the realtime ie, as soon as a customer record is created in the system, the same should be available to all the querying systems. The above business requirement is met by Realtime Customer Exposure solution.
While the single view of the customer gives a real time unified view of the customer across the silo databases, it still suggests that the master information of the customer is recorded individually across all the silo systems and the changes to the master information in one system is not reflected across other systems. Golden Record is that record of the customer which reflects the unique values across all the parameters related to the identity information. To create the golden record, the entire customer data base has to be deduplicated and clustered or grouped based on the matching and grouping parameters. Merging is the process of consolidating all the records of the same customer in the confident cluster. The rules of merging will vary from organization to organization and depends upon the importance / reliability on the parameters of the participating systems.
Apart from the customer details, financial agencies have also to perform the due diligence of the asset (very important for immovable property) being financed to check if the same is earlier mortgaged to them, the solution for which can be met by Asset Matching solution.