Published on March 4, 2014
Know Me Customer Insights into Action Westpac Banking Corporation ABN 33 007 457 141.
Why is it all about the Customer Anyway? There is only one boss. The customer. And she can fire everybody in the company from the chairman on down, simply by spending her money somewhere else. Sam Walton
Being all about the Customer is key to Winning
It is the Customer’s Expectation
Three Key Dynamics in Play – Traditional Data 1. Our Data sources are growing fast Transactional data, cards buying data, A Westpac Credit card is used Every 5 seconds
Three Key Dynamics in Play – New Data 1. Our Data sources are growing fast Transactional data, cards buying data, Online click stream data, Mobile location data, Social utterances…… Westpac brands are searched for online
Three Key Dynamics in Play
Three Key Dynamics in Play
Three Key Dynamics in Play
Data we collect informs our understanding of the customer… Debit Card Application data Credit Card BPay/Periodical Payments Branch & Banker Internet Banking & Internet usage 10 Phone Banking & Mobile Internet
Three Key Dynamics in Play 2. Customer Interactions are growing even faster Branch visits, Calls into contact centre, Direct marketing, ATMs, Logging in to online banking, mobile and tablet banking Customers use their mobile for banking Twice a week Once a day if Money Meter
More opportunities to provide our insights across a growing number of Customer Interactions 2011 2012 2013 2014 No. Customer interactions p/mth = 80 million Customer interactions p/mth = 4M No. Customer interactions p/mth = 48 million No. Customer interactions p/mth = 60 million 12 2015 No. Customer interactions p/mth = 100 million
Three Key Dynamics in Play 3. We have lots to talk to customers about Broad range of products and service
Service Needs driven by our customers’ life-stages and moments of truths Life-Stage Needs Drivers Moments of Truth
Joining the Dots between the Data and Interactions is the Customer Centric Decision
Our ambition is to turn Marketing into a Service We want our Customers to feel like we Know Them and we are looking out for them Recognise my loyalty Know my Business with you Provide me with Guidance Reward me for my Business Make it Easy for me to do Business Delight Me Reminder your credit card is due Travel insurance is included in your card Help move your direct debits to your new card You are using an ATM where you incur fees your local Westpac ATM is …. Top up your super before end of FY Congratulations on paying off your home 16
So Why do we Need Capability To take the Program to Scale and Speed To have a Next Best Offer against a majority of our customers To have an Next Best Offer against a majority of interactions Branch, Contact Centre, Online, Mobile, Tablet and ATM So Customers feel like there is something relevant for them when they engage
With Quantity still need Quality Finding the sweet spot of targeting with volume 75% conversion on 100 leads is not sustainable 1% conversion on 100K leads is not a good customer experience Acceptance rate on Next Best Offers in Westpac Contact Centres and Branches > 40%
Even better we get high acceptance rate and a lift in customer advocacy
KnowMe Ecosystem integrates Online & Offline Targeted One to one Offers Customer Offline Transaction Data Transaction Credit Card Credit Risk BT Merchant Customer Online Behavioural Data Online Banking Public Website Social Bank Tellers Inbound NBO Bank Branch Leads Data Warehouse Customer Marketing Datamart Call Centre Inbound NBO Central Customer Decisioning SAS MA SAS RTDM CQM Compass Call Centre Outbound Direct Comms EdM and SMS Online & Mobile NBOs Online Test & Target In Place To Be Delivered NBOs in Social
KnowMe – Thinking Big
KnowMe – Creating Bonds 22
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