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For financial institutions – and the banking sector in particular – the recent economic crisis has had a severe impact on customers’ willingness to enter a dialogue. Communication needs to be relevant and consistent across all touch-points. However, with its long and rich IT history, legacy is a big challenge for the financial sector when trying to implement marketing automation. With a solid roadmap, we overcame this challenge for one of the largest banks in the Netherlands, resulting in an intelligent dialogue with each customer through every channel. A solution where every next best action or offer is calculated with advanced predictive algorithms.
One of the main problems for this bank was having an integrated view of their customers. Integration is not an easy task in a legacy environment that has suffered from many reorganisations, systems and data sources. Customer data is scattered across many channels, touch points and administration. Crystalloids’ system integration consultants helped to install the necessary platforms and software and to build the processes to combine information from all data sources.
After implementing a campaign management solution, we started with an advanced analytics project to optimise campaigns. Using SAS software products (Enterprise Guide, Enterprise Miner and Model Manager), we implemented predictive models to predict customer behaviour. Model scores are used to personalise campaigns, optimise campaign selections, improve the campaign process and of course to select the best channel mix for every campaign. All of this focusses on making the dialogue with customers more relevant and more personal.
Although we were working for a big, multinational bank, we kept project phases small; delivering a usable product after each project phase. Using Scrum for project management, we were able to keep the project moving forward continuously and without any budget overruns. We also prepared and trained the organisation thoroughly with dedicated, combined teams of experienced consultants and end users, enabling users to start working with the solution immediately.
The step toward real-time decision making has been taken and the campaign management is running smoothly. Real-time customer data, the development of interfaces with all touch points and the implementation of real-time scoring for the predictive algorithms is now put in use. The goal is to gradually improve the intelligence of the dialogue with each customer.
Real-time interaction is based on well-defined business rules and the next step will be to implement real-time scoring with predictive algorithms in all channels. Whether the customer interacts with the website, online banking, the service centre or an ATM, the bank’s communication will always be consistent and personal.
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