BFSI Industry Challenges

In most Financial Industries, business executives agree that data is a critical underpinning of nearly any initiative focused on employees, customers, products, suppliers, and other CEO priorities. The leading challenges faced by such organizations include:

  • Enhancing Customer Experience
  • Operational Efficiency
  • Cost Reduction
  • Governing the Data

With the introduction of innovative schemes like PMJDY and so on Banks and Insurance companies have access to huge amount of data that sits in disparate applications. Several operational hours are spent trying to regularize customer’s data in terms of cleaning, de-duplicating, enriching and then creating the golden record. Nevertheless, these are still subject to data challenges such as:

  • loss of revenue due missed opportunity of cross-sell / up-sell
  • Inconsistent data across LOB
  • Duplicate customer records

Alpharithm’s SiNGL delivers unique, trusted versions of critical data assets.

SiNGL – What is it ?

This solution has been developed as a singular framework that caters to multiple verticals including Financial. It encompasses simplified processes for Data de-duplication, Cleansing and Enrichment. It becomes organizations only trusted Central Repository for all Customers related data. It has been designed to provide golden records for your operational, strategic and regulatory reporting needs.

SiNGL – features:

  • Creates a single, consolidated view of customer information
  • Retains customers – gains visibility into a client’s total portfolio value
  • Meets compliances and regulatory requirements
  • Centrally manages reference data including code tables
  • Pre-packaged web services that can be used to seamlessly integrate the solution with existing business processes and technical architectures

SiNGL – benefits:

  • Improved customer engagement
  • More accurately targeted marketing incentives
  • Ability to make optimum strategic decision making
  • Achieve operational cost savings

SiNGL – functions:

  • Manage duplicates – central Customer hub delivers a single view of Customer information
  • Increased transparency in Customer activities
  • Enabled New Customer on-boarding work flow – to validate and prevent further duplicates
  • Reduced operational expenditure
  • Meet internal and external audit compliance

SiNGL – competitive advantages:

  • A robust platform to build a scalable solution
  • Tested solution with successful implementation
  • Easy deployment
  • Quick Time to Implement (Faster ROI)

SiNGL is offered to Clients in the following two models:

On Premises Model

  • SiNGL is hosted in the client’s secured data-centre (Hardware provisioned by client)
  • The pricing includes the cost of the solution, services and support
  • The Services will be performed every month/quarter (or at the agreed frequency)t

Hosted Model

  • SiNGL is hosted in Alpharithm’s secured data-centre and managed by Alpharithm
  • Concerns (if any) around data security is handled by the built -in security software. The client is notified of any breach via auto alerts.
  • The pricing includes the cost of the solution, hardware, services and support*
  • The services will be performed every month/quarter (or at the agreed frequency)

* Hardware support is not included in the offering above.