At online brokerage Scottrade, customer service is No. 1 on the firm’s list of five core values. Building upon it, Scottrade implemented an underlying Master Data Management (MDM) solution and subsequent Customer Relationship Management (CRM) system in 2010 as a toolkit to help associates deliver the best service to customers. Launching this new CRM system, named Compass, to Scottrade’s operations department, National Service Center and more than 500 nationwide branch offices required the dedicated leadership of the firm’s IT department.

The first step in Compass’ implementation was the biggest challenge – mastering customer data. Scottrade started by forming a data governance committee to streamline processes for identifying MDM business rules. To resolve the challenge of integrating multiple source systems containing information about leads and various types of accounts, data stewards identified the system of record for individual pieces of data that would ultimately build a single customer record. Then, Scottrade’s MDM solution parsed that data (once unfielded), cleansed and standardized it, matched it against other source systems to ensure up-to-date information, and weighted the content of each field and source to determine the most accurate customer record. After customer data was mastered, it was leveraged in Compass.

Compass uses the MDM solution and other system information to automate and initiate customer engagement across Scottrade’s 500+ branches. As Scottrade’s customer dashboard, Compass provides a 360-degree view of the customer – an understanding only previously obtained by manually searching for information in multiple systems, which may have resulted in incomplete or inaccurate information due to human error.

Also in the past, lack of automation produced minimal assurance that regular customer follow-ups occurred. Today, Compass routinely generates associates’ assignments and keeps a history of lead and customer follow-up interactions, including e-mail, phone and written correspondence. A clearer picture of customer discussions ensures higher-valued customer engagement and increased lead conversion.

Compass also includes Computer Telephony Integration, which automatically displays a customer’s unique record when a customer calls or is transferred internally. Associates now have quicker access to a wider breadth of information, enabling more relevant and proactive responses to customers, ultimately resulting in more active and satisfied customers.

Compass data is further leveraged by: 1. improving Scottrade’s anti-money laundering system, 2. providing information to the data warehouse to meet reporting and analytic needs, and 3. pre-populating customer information during the online application process for Scottrade’s new bank, which will be introduced to customers this year.

Associates use Compass daily to better serve customers and build better relationships with them. Whether welcoming a new customer or capturing information about future opportunities with Scottrade services, Compass ensures associates enhance customers’ experiences. Since Compass’ implementation, 56 percent more branches reached Scottrade's 900 Club recognition, which acknowledges branches excelling in customer service according to third-party, quarterly, customer satisfaction surveys.

Compass brings together information from different sources and makes sense of it. Scottrade’s IT associates built the tool to help all associates understand each customer’s unique relationship with the firm and deliver the exceptional service and support investors expect from Scottrade.