Customer data and account set up is one of the most critical and important things in the banking industry. Collecting appropriate data and documenting relationships appropriately is what drives customer service and ongoing cross-sell efforts. Many banks today find that the effort to clean up customer data and duplicate records can be overwhelming, time consuming and monotonous. They’ll often times ask ‘Where do we even start?’. Peak can help! We have helped banks tackle their data concerns by not only cleaning up old information but also creating standards to assist the bank moving forward.
Where to start? The best way to move the bank forward collectively is to get all appropriate parties involved. From loan teams to deposit teams and the front line, it is important to get everyone on the same page. Peak Consulting will share industry best practices and lead your teams in a full discussion on what standards should be moving forward for customer name and address records. We will also analyze your current account setup to understand how things have been documented in the past and come to an agreement on how they should be set up moving forward. We will review all account types set up on the system and discuss relationships, account type codes, teller alerts, account titles, mailing names, tax reporting information and any other fields that would need to be addressed as part of new account set up. The goal is to create the best standards for your internal teams, customer online banking and any ancillary software. After analysis and discussion, Peak will document the new standards agreed upon to be used for employee training and communication.
Now that new standards have been developed it’s time to move to phase 2! Phase 2 can be broken down into two separate parts. The first part is communicating with internal team members what the new standards are and provide updated procedures and training materials so that the new standards can be implemented successfully. The second part is creating a project plan for tackling data cleanup. We will work with your Business Analytics expert to pull and sort the data that will need to be addressed; identifying what needs to be cleaned up and what the clean-up entails. If your bank has access to an RPA (Robotic Process Automation) software, we can also identify within the project plan what data can be cleaned up via RPA and what data would need to be manually reviewed internally. Often times RPA can complete around 70% of your data cleanup, saving your team a large amount of time and effort.
Don’t have a Business Analytics or RPA expert? Our team can provide training in these areas to not only assist with name and address clean up but to be used far into the future as well! Contact Brandy at firstname.lastname@example.org to schedule a discovery call today!