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  • 1.  MDM solution in finance domain

    Founding Member
    Posted 11-15-2021 00:00

    Hello Team,

    We are implementing a MDM solution in finance domain. One of the requirements is to manage 'Householding' based on individual's financial accountability.

    We need some assistance on the following items. 

    • Technical configuration
    • Best practices
    • Lessons learned

    Any intel that you could offer would be greatly appreciated.



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    Ashish Rawat
    Fresh Gravity
    Bangalore
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  • 2.  RE: MDM solution in finance domain

    Reltio Employee
    Posted 11-15-2021 19:49
    Hi Ashish,



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    Gino Fortunato
    Senior Solution Engineer
    Reltio
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    Original Message


  • 3.  RE: MDM solution in finance domain

    Posted 11-16-2021 09:26
    Hi Ashish, 
    You probably have already considered this, but in today's world that is increasingly characterized by virtual relationships, the physical address may not necessarily represent the most accurate or appropriate HH relationship for your business objective. In many cases you have family members spread across various addresses yet still operate financially as a single HH in a specific context (e.g. family members sharing Spotify or Apple Music accounts). Reltio's flexible model offers a lot of latitude in supporting how you wish to model the HH. Eg. you could establish a HH entity type and then link individuals to it. Or simply establish a HH attribute on an individual entity type, then populate it with a unique value, i.e. a key synthesized and managed by a process you could develop which can trigger in r/t as needed. There are a variety of approaches in this area.

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    Curt Pearlman
    Next Phase Solutions and Services, Inc
    Baltimore MD
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    Original Message


  • 4.  RE: MDM solution in finance domain

    Reltio Partner
    Posted 11-18-2021 21:46
    First, I'll recommend you get a good 3rd-party source for 'financial relationships', such as Experian.  Next, you might consider additional sources unique to the client, such as common or shared accounts mentioned above, if they're privy to such information.  Cable and streaming services would fall in this category.  Travel agents and industries use traveling together, but need some kind of context other than just families; so they'll ask the reason for the grouping to help identify a family unit apart 

    Then, consider a use-case driven criteria specific to the business.  For example, (auto) insurance companies have a specific status code around a dependent 'away at college full-time'.  They might have an annual or semi-annual follow-up to confirm this status.  This would possibly lead to the opposite case of householding--the removal of an individual from the household. 

    Consider another kind of grouping for any special cases in the client's industry.  For example, also from the (healthcare) insurance industry has the Obama-care requirement to allow an otherwise non-dependent to remain on a parent's policy to age 25.

    Finally, there's never a better way to know with certainty than asking directly.  The above results should just be considered 'candidate members'.  In any direct communication with the customer or in their self-service account UI, share some partially masked data and ask if they should be added and then have an open solicitation for them to add (or remove) others.

    HTH,
    Lynn
    Capgemini 
    MDM and Integration Architect

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    Thomas Lusk
    Capgemini
    Irving TX
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    Original Message


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