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What are the benefits of adopting MDM?

Adopting MDM allows financial institutions to:
 Improve risk management and regulatory compliance by ensuring corporate risk and compliance teams have access to the latest and most accurate counterparty and legal entity data from internal systems and external data providers, accurately define the legal hierarchy relationships between them, and relate them to your securities instruments to manage risk correctly and comply with BCBS 239, MiFID II, CCAR, and other risk related regulations.

 Drive more effective campaigns by delivering Sales and Marketing teams comprehensive views of their customers, relationships with outstanding and current accounts, other customers/prospects, and employees. More importantly, feel confident that when critical information changes in any system that MDM identifies that change, updates the existing record, and synchronizes it back to other systems that require that updated record in real-time.

 Support an Omni-channel customer experience by ensuring new system and application investments have access to the most accurate and comprehensive information accessible to customers regardless of touchpoint all in real-time.

 Expedite post-M&A requirements by onboarding, rationalizing, and delivering customer, product, employee, and other critical business data to support consolidated financial reporting, risk management, cross-sell marketing campaigns, and other post-M&A business needs.

How do you choose the right MDM solution?
Not all MDM solutions are the same. Given these market trends, it is important to look at the following capabilities when investing in an MDM platform including:

1. Universal Data Access: The solution you choose should have the ability to access this data from disparate systems, govern, update, and share the latest trusted record back and forth from any system, application, on-premise, or in the cloud. Given the sheer number of systems in today’s financial services company, being locked out of your data is a show stopper.

2. Built in Data Governance: Look for a solution that allows business users to collaborate with data stewards and IT to access, govern, and share comprehensive master (e.g. customer, product, employee, counterparties, securities instrument) data. In addition, look for a solution that provides flexibility in your governance process through configurable workflows and business process orchestration.

3. Business Rules based Relationships: Look for a solution that allows you to create business rules to define the relationships between each domain for greater insight and value.

4. Built to grow with your business needs: You may start with a single domain (e.g. Customers) however look for a solution that can manage multiple domains in a single solution.

5. Proven success and adoption: Experience and success go without saying. It is important to look for a solution that has adoption in the market. Don’t rely on fancy marketing verbiage and a savvy sales person. Look for evidence of adoption.

 

Nowadays MDM is very important for any business may be it’s a small business or big business.The industry needs MDM guys, people with knowledge on MDM have huge demand so what are you waiting for just learn it and earn it. Tek classes providing the best MDM online and classroom training in the industry with real time experts and case studies. For more details go through this link. Informatica MDM Training

June 8, 2017

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