Leveraging Big Data to Drive Bank Customer Engagement and Loyalty
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Presentation at Marketforce 'Future of Retail Banking 2012' in London, UK.
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Leveraging Big Data to Drive Bank Customer Engagement and Loyalty
- 1. Leveraging Big Data to Drive Customer Engagement and Loyalty The Future of Retail Banking 2012 28th November, 2012 Jim Marous @MarketforceRB #RBconf
- 2. Surrounded by ‘Big Data’? THE FINANCIALBRAND.COM London Heathrow Yesterday November 22 Monday @MarketforceRB #RBconf 2
- 3. What is Big Data? TERABYTES BATCH STRUCTURED RECORDS NEAR TIME UNSTRUCTURED TRANSACTIONS REAL TIME BOTH STREAM @MarketforceRB #RBconf
- 4. Big Data Already at Work • Amazon recommends products customers are likely to buy • Netflix recommends the next movie their customer would like to see with repeated success • Pandora describes its service as “personalized radio that plays music you’ll love.” • LinkedIn identifies, “people you may know”, with extremely high accuracy @MarketforceRB #RBconf 4
- 5. Big Data Opportunity For Banks • Banks have customer demographic, financial, and transaction insight that provides a wealth of insight • Big data is already being used with risk and fraud monitoring successfully • Banks can reach sophistication in targeting that no other industry can achieve • Better targeting ensures a better response as well as optimization of the marketing investment @MarketforceRB #RBconf 5
- 6. Big Data Challenge For Banks • Consumers have transient relationships with multiple banks • Banks no longer monopolize a consumer’s financial transactions thanks for PayPal, Amazon, Google, etc. • Social profile becoming as important for view of preferences, buying patterns and networks • Not all data is stored and far less is analyzed • Lack of unified customer view and sharing across enterprise • Privacy regulations @MarketforceRB #RBconf 6
- 7. Bank Marketers Are Multitaskers @MarketforceRB #RBconf 7
- 8. CMO Alignment With C-Suite @MarketforceRB #RBconf 8
- 9. CMO Alignment With C-Suite @MarketforceRB #RBconf 9
- 10. Creating A Full Customer Profile @MarketforceRB #RBconf 10
- 11. Big Data For Engagement & Loyalty • Acquisition: Propensity models based on customer and prospect insight • Engagement: Behavior and transaction driven promotions with geo-locational opportunities • Social Graph Analysis: Customers with most social ‘clout’ • Sentiment Analysis: Brand and product sentiment • Cross-Selling: Recommendation engine for next best product, product propensity, etc. • Customer Experience Analysis: Across channels • Customer LTV: Current and potential value analysis • Churn Analysis: Event triggers and attrition patterns @MarketforceRB #RBconf 11
- 12. The ‘Learning Relationship’ @MarketforceRB #RBconf 12
- 13. Digital Retargeting @MarketforceRB #RBconf 13
- 14. Personalized Email Offers @MarketforceRB #RBconf 14
- 15. PFM Transactions Drive Offers @MarketforceRB #RBconf 15
- 16. Discover Redemption Reward Recommendations @MarketforceRB #RBconf 16
- 17. American Express/Foursquare 17 @MarketforceRB #RBconf
- 18. Non-Financial Loyalty Offers @MarketforceRB #RBconf 18
- 19. Chase Community Giving @MarketforceRB #RBconf 19
- 20. Amex Small Business Saturday @MarketforceRB #RBconf 20
- 21. Movenbank Cred Score @MarketforceRB #RBconf 21
- 22. CBA Augmented Reality Mortgage App @MarketforceRB #RBconf 22
- 23. Big Data Crowdsourcing Engagement Fidor Bank First Direct Bank @MarketforceRB #RBconf 23
- 24. Big Data Maturity Curve Russell Ackoff, "From Data to Wisdom" @MarketforceRB #RBconf 24
- 25. New Data Paradigm • Benefits. Most consumers are willing to share their personal data, given sufficient awareness on the benefits of digital identity applications and the implications for data collection and usage. • Responsibility. Personal data needs to be recognized as a highly valuable asset, requiring an adequately high level of security, and a limitation to the least sensitive data for the targeted use. • Transparency. By being open and clear about their data processes, organizations effectively mitigate confidence risks and attract more informed customers to their platforms and applications. • Control. Individuals' preferences regarding data sharing differ widely. Easy-to-use options and controls allow individuals to adapt their sharing to their specific needs. @MarketforceRB #RBconf 25
- 26. MAKE SURE YOU NEED A BIG DATA SOLUTION Review volume, velocity and variety needs @MarketforceRB #RBconf
- 27. USE MORE DIVERSE DATA NOT JUST MORE DATA Combining multiple data sources can yield the most interesting insights @MarketforceRB #RBconf
- 28. DATA DOESN’T HAVE AN EXPIRATION DATE Keep data longer than you would think you would need to @MarketforceRB #RBconf
- 29. EXPECT DATA TO GROW EXPONENTIALLY Adding mobile and geo-locational data expands the amount of insight significantly @MarketforceRB #RBconf
- 30. DON’T MISTAKE REPORTS FOR INSIGHT Ask if the data is yielding meaningful insights that affect the success of the business @MarketforceRB #RBconf
- 31. DATA BECOMES MORE VALUABLE THE MORE PEOPLE WHO USE IT Broaden access across the organization @MarketforceRB #RBconf
- 32. SOLVE SMALL DATA ISSUES FIRST Eliminate internal data silos before tackling the larger issue of big data @MarketforceRB #RBconf
- 33. Big Data Staged Execution Novantas, 2012 @MarketforceRB #RBconf
- 34. Jim Marous SVP, Corporate Development New Control Cleveland, Ohio 1-216-218-4257 @jimmarous BANK MARKETING STRATEGY WWW.JIMMAROUS.BLOGSPOT.COM @MarketforceRB #RBconf 34