Improving Compliance, Collaboration And Customer Service In Banking And Financial Services With IBM Product Master

Navdeep Garg
Banking

Introduction

bfsi

The global COVID-19 outbreak has severely affected the banking industry, so much so that major BFSI (banking and financial services industry) branches were shut down. This raised a common question in everyone’s mind; are all these branches really needed?

The question is viable as BFSI has invested heavily in technology, accounting to almost double of some major industries. Although the way customers interact with companies has changed drastically, some of the most prevalent challenges persist within the domain.

Here are some of them:

  1. Diversification is a common practice adopted by organizations; however, the more product there is, the more difficult it becomes to overview them.
  2. As more products are launched, the regulatory compliance they face is sophisticated as well.
  3. The products are consumed for different purposes like savings, mortgage, checking, annuities, retirement savings, etc. With all this, it becomes difficult for ensuring the customers and the business focus on a customer-centred view on every product.

Even with technology surging rapidly, how do these challenges pertain to haunt the industry? With the progression of technology, the complexity of data has also increased, leading to the ultimate challenge; providing the right services to the ideal public at the best time.

compilance

How IBM Product Master Delivers Hits the 5 Cs of Data

The Product Master, previously named IBM InfoSphere Master Data Management Collaborative Edition, is a highly reliable MDM (Master Data Management) and PIM (Product Information Management.) It has been around for years, aiding numerous industries ranging from banking, healthcare, government, manufacturing, and retail.

IBM Product Master helps an organization with its three primary functions:

  • Gathering different types of information about the product like marketing, investment banking, and product development.
  • Verifying the gathered data is latest, consistent, and correct, complete, and based on the business’ data shapes, data compliance, and rules.
  • Offering the information correctly and quickly for employees and consumers in the ideal format fulfilling every need.

The Product Master acts as the one-stop solution for every BFSI company for delivering the “universal truth” on-demand, making sure the data asked is:

5-Cs

Real-Life Use Case of BFSI

United Kingdom Bank

A reliable bank in the UK relies on the services of IBM for helping them with the tech of Open Banking. The tech is an initiative for driving innovation within the banking industry and garnering new customers. It is akin to the renowned PSD2 initiative originated in Europe.

With the aid of Product Master, the institution easily complies with the latest Open Banking regulations without having to prepare separate data and reports.

Additionally, the process automation improves collaboration in the organization, facilitating efficiency, eradicating sub-optimal productivity caused by displacement and disarray during COVID-19.

While businesses worldwide try to achieve enhanced productivity, the Product Master ensures the institution gets the latest info catered to them in a silver platter.

Multi-National Financial Institution

One more MNC financial institution integrates IBM Master for managing their lifecycle of banking and trading their sheets’ reconciliation. The platform facilitates easy management of sophisticated industrial needs.

Moreover, it also helps share the data throughout the enterprise and the consumer base. This enhances the CX (customer experience) while also benefitting the EX (employee experience) unlocking new margin and revenue prospects for marketers via smooth trading and customer support services.

Helping BSFI’s Digitization

Cloud Infrastructure

The platform is cloud-ready decreasing the time-value conversion, enhancing efficacy, and facilitating smooth cloud migration.

Quality

A robust UI-based engine simplifies the creation and maintenance process of data without any prior scripting or coding experience.

Flexibility

A flexible data model makes sure the institution captures upstream data within any workable format, especially when the firm grows via acquisition.

Security

The platform follows the GDPR guidelines reducing unnecessary risks via powerful permission features.

In-Built ML and AI

The platform incorporates IBM Watson for scanning data, integrating AI for reducing errors and risks associated with the process.

Speed

The Product Master helps speed up the product delivery process with organizations launching their products substantially quicker than the general approach.

Scalability

Your growth prospects expand exponentially with the Product Master regardless of your business scale and operations.

Frequently Asked Questions

Our testing processes place a high priority on data security. To ensure the security of sensitive information, we adhere to a number of protocols, including the anonymization, encryption, and control of access to data. During testing, we use secure environments and data that mimic real-world scenarios without exposing sensitive information. We adhere to best practices for data protection and comply with industry standards and regulations including GDPR and HIPAA. As part of our security testing process, we employ a variety of tools and methodologies to identify and rectify security vulnerabilities.

To ensure the quality and reliability of your software solutions, we employ a comprehensive range of testing methodologies and cutting-edge tools. Our testing approach includes:

  • Manual Testing: We use structured test cases to identify usability, functionality, and design issues.
  • Automated Testing: Automated testing streamlines processes, improves efficiency, and ensures consistency.
  • Unit Testing: JUnit, NUnit, and PyUnit are unit testing frameworks we use to validate the functionality of code units.
  • Integration Testing: We verify the seamless interaction of various system components using tools such as Selenium, Appium, and Postman.
  • Performance Testing: To assess system responsiveness and scalability, we employ tools like JMeter, LoadRunner, and Gatling.
  • Security Testing: Our security testing includes vulnerability assessments and penetration testing using tools like OWASP ZAP and Nessus.
  • User Acceptance Testing (UAT): We collaborate closely with your team to ensure that the software aligns with your end-users’ expectations.

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We adhere rigorously to project timelines and deadlines at our software development company. To ensure on-time delivery, we use meticulous project management, agile methodologies, and clear communication. Depending on the scope, complexity, and your specific requirements, we conduct a comprehensive analysis and planning phase. Our project managers then track progress continuously using agile frameworks. We maintain regular status updates and transparent communication channels. Whenever changes need to be made, we let you know promptly while keeping you updated.

We specialize in a wide range of technologies and programming languages, including but not limited to Blockchain, .Net, JavaScript, C#, Ruby, PHP, Wordpress. Our expertise covers web development frameworks like React, Angular, and Vue.js, as well as mobile app development for React Native, Flutter, iOS and Android. We also have experience with cloud platforms such as AWS, Azure, and Google Cloud, and are proficient in database systems like MySQL, PostgreSQL, MongoDB, and more. Additionally, we are well-versed in DevOps tools and practices to ensure seamless deployment and ongoing maintenance of the software we develop.

Our company offers a wide range of development services, including:

  • Web Development: We specialize in creating custom websites, web applications, e-commerce platforms, and content management systems.
  • Mobile App Development: We develop mobile apps for iOS and Android platforms, from concept to deployment.
  • Software Development: Our software development services cover desktop applications, business software, and cloud-based solutions.
  • Blockchain Development: We have expertise in blockchain technology, including smart contract development and decentralized application (DApp) creation.
  • IoT Development: Our Internet of Things (IoT) development services encompass connecting physical devices to the digital world.

Navdeep Garg
Article written by

Navdeep Garg

I'm founder and CEO of Revinfotech Inc. I traits in leadership and brilliant practitioner in the Financial Services and FinTech. I helped ban in connecting to the FinTech ecosystem through payment acceptance in blockchain as a service and even help i... read more

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