In our previous blog entry, we discussed reference-based consumer master data management and how it can help you get a clear view of your retail banking customer despite name and address variances. As a result, you might be asking, “Why can’t I just try matching on my own? After all, I know that Jon is short for Jonathan. I know that Jane Doe at 123 Main Street and Jane O’Reilly at 123 Main Street is probably the same person and the difference in last name is because of marriage/divorce.”
Are you sure?
Maybe Jane O’Reilly just purchased the house at 123 Main Street from Jane Doe. Maybe Jon Doe is the son of Jonathan Doe. These nuances can drastically affect your interaction with your customer – whether that is marketing a new DDA solution, customer support, or credit/risk decisions. How can you make the next best action at the right time if you don’t know who you are talking to?
That is why the source of reference-based keying is vital. The master-identity list or person-master file needs to be sourced with data that is both accurate and current. Because of those two requirements, we find a product based on credit-file data is the most reliable. A credit file is one of the most accurate sources for identity information available, and it is routinely updated so that changes (such as marriage and divorce) can be accurately included.
Getting a 360 degree view of your customer is important, but only if that view is correct. If you are having problems with disparate databases and multiple customer identities, using reference-based consumer keying based on credit data is the most accurate and current way to bring that view into focus.
How do you tie your customer data together?
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