Raiffeisen Bank has partnered with Ataccama to implement a major upgrade to its Master Data Management (MDM) system to strengthen regulatory compliance and improve customer data accuracy.
Partnering with Ataccama, the bank developed an MDM hub to serve as a single, reliable source of data to integrate over 5.7 million consolidated records across 20 systems.
The project focused on meeting GDPR compliance requirements by providing a unified view of customer data, reducing duplicates and ensuring customer information is accurate and accessible across systems.
Roman Tobisek, Data Management Leader at Raiffeisen Bank said “Over the past few years, MDM played a crucial role in handling client portfolio acquisitions, effectively increasing the number of clients almost threefold. It helped a lot by ensuring that data was accurate and consolidated within the acquisition projects.”
Beyond compliance, Raiffeisen Bank uses MDM to proactively manage data quality, issuing alerts on potential data issues to both front-office teams and customers to improve customer satisfaction and prevent inaccurate data entry.
Over the course of its partnership with Ataccama, the bank consolidated customer portfolios of three banks. They gradually moved from one-off tactical portfolio consolidations to strategic MDM working in batch and online modes.
Looking ahead, Raiffeisen Bank is committed to exploring artificial intelligence to keep up with existing trends: “The future is in AI, as we can no longer manage the amount of data that keeps coming into our systems at a greater speed than ever.”