Updated: August 10, 2022 
Introduction
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:
- Diversification is a common practice adopted by organizations; however, the more product there is, the more difficult it becomes to overview them.
- As more products are launched, the regulatory compliance they face is sophisticated as well.
- 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.
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:
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
- Choose a partner that cares about its clients.
- Never compromise on technology experience and domain expertise.
- Check out your development partners’ portfolios, customer testimonials, and references.
- Observe how they approach communication and how much they pay attention to your vision.
- Ask the right questions to help you choose easily.
- The average outsourcing charges in India are $18 – $40, which is way more affordable than in developed countries like the USA, $38 – $63.
- India has a large pool of native-English speakers who’re highly proficient in their work.
- With an Indian outsourcing partner, you can access 24×7 support and specialized IT talent.