New business insights developed for ABFSG; as it expands Teradata Enterprise Data Warehouse (EDW) project to better support customer-centricity and vision.
ABFSG selected the Teradata Data Warehouse platform and revamped the Teradata Financial Services Data Model (FSDM) implementation. This follows their earlier commissioning of the Teradata Data Warehouse solution to help produce reports and provide information for all sales, marketing, and customer-service-related business units for its life insurance and asset management business, Birla Sun Life Insurance Company and Birla Sun Life Asset Management Company in 2009.
As ABFSG’s business and corporate ambitions grew, especially with the omni-channel operations generating significantly more data, ABFSG faced challenges in bringing together all relevant data from nine different companies and delivering actionable analytics and management information systems (MIS) reports from a single place. This led them to evaluate analytics solution providers and the organization realized that a Teradata solution expansion would give them the ability and agility to increase competences and capabilities, providing quicker turnaround and informed insights for better decision-making.
According to the press release, the Teradata solution will enable ABFSG to create a single source for data and insights for its entire business, across multiple group companies. The solution will help ABFSG to gain a better understanding of customers across the financial services businesses and help provide better, more relevant and timely service to their end customers.
Highlighting this, G. V. Gopalakrishnan, COO – Financial Services, Aditya Birla Group said “”We were looking for a technology partner with proven expertise, an understanding of our business, and one that offered solutions that could be scaled up to meet future demand. Teradata has proven to be the best fit and we are certain that they are future ready. ABFSG recently established a central analytics team to handle risk analytics and we are planning to leverage the platform to do all the data mining and other advanced analytics on the Teradata solution. We have in fact started doing some analytics related proof of concepts which, when live, will help serve real-time analytics enabling us to acquire more customers and reach new segments of customers. The upgrade has more than lived up to our expectation because processing time has now come down by 30-40%.”
Teradata’s FSDM provided ABFSG with an enterprise-wide blueprint for their data and a structure to help manage their information as well as get a single-source view of transactional, financial and risk management data. In terms of results, maximizing customer value through democratization of data across different departments and functions and then executing it has been a major differentiator at ABFSG. This has helped deliver cost savings, including improved consolidated reporting, reduced external audit fees, improved product pricing and improved campaign ROI. Additionally, IVR and customer-care call-centre operations are two areas where ABFSG has used web services to leverage Teradata. The solution has helped their team members to make more accurate calculations and decisions, said the release.
Commenting on this, Sunil Jose, Managing Director, Teradata India, said “It is indeed a pleasure to be working with a customer like ABFSG who is completely focused on providing better services and experiences for their customers. ABFSG chose our solutions as they consider them to be the best in the market in terms of not only technology and functions but also with regard to return on investments. Adopting Teradata solutions has helped them understand their business data better, paving the way for further business expansion along with enhanced customer engagement.”
