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Discover the importance of moving from data visualization to more actionable insights that can help you engage your customers in new ways and offer more compelling products and services in order to strengthen your relationship with your customers.
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Go Beyond Pretty Graphs –Gaining Actionable Customer Insights from Your Bank’s Big DataNGDATA Webinar – October 22nd 2014
Steven NoelsCTO, NGDATA
2Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission
Key Takeaways
▪Steps to successfully gain actionable insights from your Big Data
▪How to apply Customer DNA to better engage your customers and increase their value
▪Case studies of top banks that are increasing their customer satisfaction by using actionable, real-time insights
3Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission
With so much data available, analysis is often time-consuming—making it hard to be agile, let alone proactive.
4Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission
Customer Experience Customer spamming is doing more damage than good
Company& Customer
Activity
CustomerCRM
Systems
CustomerWeb & Mobile
Customer Channel Campaigns
CustomerService Desk
Social Data
Website &online apps
Mobile App Server
SMS
Broadcast
Offers
direct mail
ATM
web
Agent, IVR
mobile
chat
Relevance?Awareness?
Value?Timing?Clarity?
5Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission
Main Challenges to Customer Centricity
MultipleCustomerDefinitions
No central view of the customer
Lack of relevant messaging to customers which can lead to low engagement
MarketingPressure
Large organizations are marketing to the same database in different ways and times
Inconsistent cadence and messaging damages trust and credibility
Over-marketing to customers can lead to decreased engagement and increased churn
Too manydashboards – little insights
Batched analysis can lead to missed opportunities to present offers and messaging in a timely manner.
Missed opportunity to impact loyalty and lowers ROI.
6Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission
Not Just Big Data Graphs…
Enterprises are NOT looking for new presentations of their data anymore, but for RESULTS and for solutions and people to achieve them
7Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission
Which additional offers can I recommend to a customer based on their recent behavior and spending or savings habits?
Answering the Tough Questions…
Which of my most valuable customers is most likely to churn away? And provide me with enough advance notice to go & fix this!
What is the best channel to connect with my customer, and when?
What products can I cross- or up-sell to gain a more solid, long lasting customer relationship, for greater engagement and value?
8Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission
Google NowThe Leading Example
real-time
context-aware
hyper-personal
connect the dots
9Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission
Get to Know Your Customers
Preferences
Affinities
Context
Behavior
CUSTOMER DNA
10Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission
What is Customer DNA?
▪ an organized collection of 1000s of predefined descriptive metrics
▪ calculated in real time
▪ by a configuration-based calculation engine
▪ organized per identified customer
▪ based on a variety of data sources, both interaction- and fact-based
▪ using a variety of predefined calculation, prediction or retrieval methods
▪ providing actionable data for marketing & customer-centric applications
11Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission
Customer DNA is Based on Interaction Dataand factual data (customer facts, contract info …)
12Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission
Customer DNA
www
STB
Mobile
Network
App Phone
Call Centre
CDR
Shop
POS
Personalization
Acquisition
Journey
ARPU / CLTV
Marketing
Advertising
Churn
Fraud
www
STB
Mobile
Network
App Phone
Call Centre
Shop
POS
CDR
Personalization
Acquisition
Journey
ARPU / CLTV
Marketing
Advertising
Churn
Fraud
Towards a New Architecture
13Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission
Customer DNA Enables You To…
Overcome “Analysis Paralysis”
Proactively Engage with Customers
Cope with plethora of data
14Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission
Customer DNA Enables You To…
Analysis
Action ability3 V’s
15Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission
Apply Data-Driven Applications
Data-driven applications act on any volume of real-time data to actively guide and optimize business processes based on continuously growing insights on customer behavior, intent and preferences.
16Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission
Applied to Subscription-based BusinessesCustomer Lifetime Value (Inbound, Outbound, Risk)
Banking
• Value-add Services such as Merchant-funded Coupons
• Customer Experience− Personalized service & products− Financial Advise
• Risk Assessment
• Marketing Targeting Efficiency
Use Cases for Finance
18Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission
Listen: 1-2-1 Marketing and Micro Campaigns
Individual Product and Content Preferences –
Marketing campaigns with higher Frequency (> x10), higher Response rate (x4) and reduced Budget (< ½)
Result
• Improve ROI (conversion ratio) of Marketing Campaigns by targeting individual customers, or Sets of customers based on preferences
Objectives
• Real-time ingest of multiple data feeds• DNA with focus on current accounts, activities,
context based interactions and product preferences• Learned preferences to feed event-based marketing
actions & connect customers to preferred products• Moving from product centric to customer centric
marketing
Solution
Retrofit Cus
tomer
Product Teams
Branch
Product-Centric Customer-Centric
journeys
contactcenter
mobile
web
self-Service
socialmedia
branchweb
social
ATM
telesales Product & Channel Wrapper
19Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission
Learn: Improve Customer Service for Increased CLTVLarge US Wealth Management Bank
Real Time Actionable Customer DNA –
Allows agents to provide better and more efficient advice. Building increased customer loyalty
Result
• Improve financial advice suggesting the right investment at the right time to the right customer
Objectives
• Real time ingest of the investment history, behavioral metrics, etc., of the customer
• Monitor all interactions (payments, CC, calls, IVR, mobile and online…) to develop a Customer DNA
• Continuously learn and enhance the Customer DNA, with a focus on offering potential new investments in line with the individual profile
Solution
20Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission
Execute: Merchant-funded Mobile OffersFortune 50 US Retail Bank
Mobile Information Mobile Wallet Mobile Redemption
• Leverage multiple sources of data to improve coupon redemption rate through real-time, location-based personalized offers
Objectives
• Real-time ingest of payment transactions• Behavior-based MCC preference learning• Location- and preferences-based coupon selection &
delivery in mobile wallet• Evaluate performance between collaborative
filtering & KB-based preference learning
Solution
Individual Coupon delivery –
Average targeting precision increased by 5-7x, results in increased redemptions and loyalty
Result
21Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission
Experience the Difference with Lily
Listen Bigger.
VO
LU
ME
Learn Faster.
SP
EED
Execute Smarter.
AN
SW
ER
S
Volumes of Data
Availability
Questions Answered
Start working with Lily to discover results from Day 1
Zettabytes
Exabytes
Petabytes
Terabytes
Gigabytes
Seconds
Minutes
Hours
Days
Weeks
Unknown Unknowns
Known Unknowns
Known Knowns
DW/BIDW/BIDW/BI
22Copyright 2014 NGDATA®, Inc. Confidential – Distribution prohibited without permission
Thank [email protected]