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Achieving Seamless Compliance and Customer Insights with a Unified View of Data
India’s largest private sector bank faced a critical challenge. They lacked a single view of customer data across its core banking, lending, and credit card systems. It made following stringent compliance standards and Know Your Customer (KYC) processes a daunting challenge.
After implementing Customer Golden Record, the bank achieved a unified customer view and strengthened risk and compliance practices that led to a 5x increase in business.
Without a unified view, every bank, like our client, struggles to fully comprehend its customers' relationships and exposure. Fragmented customer data across systems causes inefficiencies in the KYC process, which compounds compliance risks.
Legacy systems that most banks use fail to address data discrepancies or provide robust identity resolution, leaving gaps in data quality. Managing and cross-matching millions of records proves overwhelming for these systems.
Since the systems are not scalable, they can't meet the demands of growing operations. Besides the pressing challenge of regulatory requirements and operational efficiency, banks need a solution capable of handling intricate matching parameters for precise customer identification.
A rigorous evaluation and detailed benchmarking process highlighted Customer Golden Record’s superior capabilities. The bank found that Posidex’s speed, accuracy, and ability to handle complex data far surpassed other solutions in the sector.The solution was implemented in phases to minimize disruptions, with bulk deduplication and cluster analysis forming key milestones
A scalable and flexible architecture facilitated swift adoption across the bank’s core systems. The result was a smooth transition from a fragmented system to a robust, unified data management framework.
The bank successfully achieved a single customer view across its three major systems. Besides golden records, the flexibility and scalability made it possible to create single views of new customers by end-of-day, irrespective of data volume.
“This is to certify that a customer database was deduplicated using the PrimeMatch engine of Posidex. Matching rules were formed on different combinations using the name, father name, address, DOB, phone, mobile, voter ID, PAN. The rule engine and the inbuilt data dictionary are configurable and allow us to determine the confidence of matching. We are fully satisfied with the quality of output. The support of Posidex Technologies is commendable.”
-Vice President, IT
To tackle the complexity of managing such a large amount of customer data, a proven solution i.e. Posidex Prime MDM Platform, with a proprietary AI/ML model was used which cut through such large data like a hot knife through butter. Since the volume is unprecedented, the new feature of Horizontal Scalability was implemented
The solution was implemented using an open-source database and cost-effective commodity hardware for production, UAT, and DR. Thus the TCO was remarkably low given such a large volume of data and the demanding computational needs of the project.
With Posidex, the largest bank in India had future-ready systems in place that adapted to evolving regulatory and business demands. We continue to empower their customer-centric banking with sustained savings and enhanced customer experience.
