Once data is cleansed and deduplicated, you are dealing not with accounts but with customers. As each customer will have more than one relationship with you, the number of customers would most often be less than the number of accounts.
The implications of this are:
Tremendous reduction in customer contact costs incurred by your call center, mailing & Internet. This reduction in customer contact costs is the most immediately realizable benefit of consolidated data. So you will save on printing of mailers or statutory statements, and mailing related costs. Sending mailers to a household, rather than a customer, further reduces cost. For example, let us assume an account holder base of 1 mn with the number of households being 0.6 mn. The mailer can be sent in a consolidated mode to 0.6 mn households rather than 1 mn account holders, saving approximately (assuming Rs. 8 per mailing) close to 8* 0.4 mn = Rs 3.2 mn/mailing exercise.
Reduction in data storage costs.
Reduction in data querying costs.
Reduction in time taken to generate strategic MIS and ensuring better use of MIS resources.
Save on time required for report generation for various regulatory authorities.
Ease of meeting statutory obligations related to the issuance of TDS certificates. As per the law, all accounts within a branch belonging to the same individual should be consolidated for the purpose of determining his/her TDS (tax deducted at source) liability on the interest earned. The consolidation of account information enables you to comply with this very easily.
Single-view account statement for enhanced customer convenience.
Reduction in customer signature scanning costs. When a bank is migrating to a core-banking application, digitized signatures for every account also have to be stored in the new system. The administrative and operative costs of this scanning operation are quite significant. If the de-duplication exercise is done prior to the core-banking migration, signature scanning can be done for the unique individual base and not for all the accounts, saving huge sums of money for the bank.
The multitude of savings in costs and efforts ensures a positive ROI on your investment into Ixsight solutions.
Ixsight Technologies Pvt. Ltd.
Located at #309,
Shah & Nahar Estate, Dr E Moses Road,Worli,
Mumbai, 400
018
Phone: +91 (22) 2492-9445, Fax:
+91 (22) 2493-0583,
Email: info@ixsight.com, Website:http://www.ixsight.com
