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Customer-centricity is increasingly important to maintain market share and grow in the competitive financial services industry. Transforming vast amounts of data into useful information enables organizations to tailor a mix of products and services customers truly value.
A leading Australian financial institution realized the potential of analytics to improve service and advance its competitive position. The client is one of Australia’s largest financial institutions and among the top 100 financial institutions in the world.
Facing a mature market, new technologies and changing customer behaviors, the organization targeted customer service as a strategic priority, and set a goal to become the nation’s finest financial institution.
Legacy systems, however, hindered effective customer-centered strategies. Consequently, the leadership team selected Accenture to upgrade technology.
The program resulted in an enterprise-wide infrastructure that provided the institution with real-time information capabilities. Taking the next step to capitalize on its IT investments, leaders of the organization sought opportunities to use advanced analytics to improve business outcomes.
For example, the organization could combine customer data from the data warehouse and the enhanced IT system to develop new-wave analytics capabilities. Compared to traditional analytics, new-wave analytics take data captured in interactions through multiple customer-facing channels—including face-to-face, phone, Internet—relying on automated systems to help generate insights in near real-time.
Recognizing Accenture’s ability to help businesses pursue high performance, the financial institution asked Accenture to examine ways in which analytics could drive higher-value outcomes. Real-time information and advanced analytics could be harnessed to personalize the customer experience and identify sales opportunities. Accenture’s extensive experience with analytics also could help members of the internal analytics team strengthen their capabilities, enabling them to make greater contributions to achieving overall strategic goals.
The financial institution launched a program, blending internal resources with Accenture professionals. In the first stage, the Accenture team assessed organizational capabilities using the Accenture Enterprise Analytics Diagnostics (EAD) Tool.
The assessment clarified opportunities to leverage vast amounts of information to personalize the customer experience. In addition, the institution saw new ways to use enterprise-wide information to identify well-tailored sales opportunities.
The initial assessment revealed that traditional tools and processes were keeping the internal analytics team focused on administrative and low-value tasks. As a result, they did not have sufficient time to pursue high-quality insights, and to test new ideas and learn.
Accenture proposed a sales-leads pilot project that leveraged new in-memory technology. The pilot demonstrated a doubling of the institution’s leads-based contact and conversion rates on deposit intake. Staff members became able to tap insight-based information, allowing them to connect in the moment at deeper levels with customers.
The project team also analyzed the effectiveness of sales and service staff, with the objective to identify characteristics of top-performing employees. This information potentially would be used to develop well-focused key performance indicators (KPIs), specific metrics used to monitor performance and enable improved staff management. The information being generated also allows for more effective branch-comparison analyses and for setting new targets for improved performance.
Even before the project concluded, the financial institution was benefiting from new wave analytics and business models. It saw measurable financial gains from increased products per customer, new business acquisition and account retention. These gains have been linked directly to enhanced insights from new-wave data.
New initiatives were launched that would not have been possible using traditional analytics. These have included an offer to reward customer loyalty, and a program to encourage cross-selling and upselling based on enhanced customer-profiling capabilities. Staff satisfaction has improved as team members are able to connect in the moment at more personal levels with customers.
Accenture has helped the financial institution establish a sustainable capability, and allowed the institution to manage and run analytics internally. As new opportunities are identified, the model applications developed can be replicated and adapted to realize additional gains and service improvements.
Management continues to explore additional ways to integrate analytics-generated insights to improve decision making, leverage knowledge and spur innovation. Going forward, Accenture will help the institution expand the use of advanced analytics into areas such as risk management and finance.
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