Handling data from 68 centers with accuracy for a leading asset management company
Building a unique customer database to improve efficiency & compliance
For one of the largest asset management companies, Posidex consolidated its customer database across folios. Besides reducing duplicates, we built a unique, accurate customer repository. With our advanced deduplication and data unification solution, the company efficiently managed millions of records, ensuring seamless customer identification and compliance.
Problem Statement
Solution
Results
The roadblocks to a unified customer database
Like many financial institutions, our client—a top-tier asset management company—faced significant challenges managing its vast customer database. With millions of records and data flowing in from 68 major cities, the company struggled with:
- High Data Volume: The AMC did not have a system that could handle the massive influx of customer data received daily.
- Duplicate Records: The existing solution couldn’t detect data variations, creating redundant customer records.
- Customer Relationship Identification: Without a strong deduplication system in place, assigning a Unique Relationship Number (URN) to customers was a major hurdle
A tailored solution for scalable data deduplication
Inaccurate and duplicate customer records hindered operational efficiency. Worse, it impacted customer service and increased compliance risks. Our automated data solution could handle data in millions daily. It could quickly identify new or old customers and assign a URN accordingly.
- Real-Time Deduplication: Identified whether a customer was new or existing.
- Intelligent Merging Process: Consolidated duplicate records while preserving critical customer information.
- Batch Processing Of Records: The solution performed deduplication and then grouped and merged customer data dynamically.
- Manual Oversight: Any unmatched records were flagged for manual verification, ensuring accuracy and compliance.
The intelligent matching and merging process built a progressively enriched customer profile, ensuring a single source of truth for all customer records.
Transformative results: Operational efficiency and data accuracy
Managing customer data at scale is hard. The matching rules are complex. The data inconsistencies are high. And you have to cross-match multiple addresses. Since these are received from various users across India, each has unique variations in names and address styles. It creates a fragmented database. Implementing Posidex’s technology, the AMC improved data accuracy and operational efficiency.
- Successfully eliminated duplicate records, creating a single, unified customer view
- Improved match quality ensuring that even minor variations in customer data were accurately identified
- The automated and scalable system efficiently processed daily data influx, seamlessly integrating with existing business workflows.
- Strengthened compliance and reduced regulatory risks with precise reporting and accurate customer identification
Success in Their Own Words
"We are using PrimeMatchTM of Posidex Technologies to carry out the one-time de-duplication of our customer database and a process is run on a daily basis for incremental matching. The performance of the software in terms of speed and quality of matches is excellent."
- AVP-IT
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