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 organisations to tailor a mix of products and services customers truly value.
A leading Australian financial institution realised 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 behaviours, the organisation 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-centred strategies. Consequently, the leadership team selected Accenture to upgrade technology.
The programme resulted in an enterprisewide infrastructure that provided the institution with real-time information capabilities. Taking the next step to capitalise on its IT investments, leaders of the organisation sought opportunities to use advanced analytics to improve business outcomes.
For example, the organisation 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.
Recognising 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 personalise 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 programme, blending internal resources with Accenture professionals. In the first stage, the Accenture team assessed organisational capabilities using the Accenture Enterprise Analytics Diagnostics (EAD) Tool.
The assessment clarified opportunities to leverage vast amounts of information to personalise 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.