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CLIENT CASE STUDY


UK financial services company: Analytics-powered insight into customer experience

UK financial services giant uses analytics to better understand customer experience to set the foundation for future growth and profitability.

Overview

A large, global financial services company—serving millions of customers in the UK market—wanted to develop an analytics strategy to improve its understanding of customer behavior across digital channels. Accenture developed a comprehensive strategy with tools to suggest appealing offers based on customer preferences and digital behaviors.

A team of analytics specialists consolidated data from numerous sources, including mobile, online, social and branches. The team also implemented central technology systems, providing a platform for advanced analytics, more comprehensive and agile reporting, and segmentation of dimensions such as product propensities, shopping styles and stages.

The analytics service has been transitioned to in-house client management, and the service is in high demand. The “stickiness” factor has improved, which means customers are staying online longer rather than becoming impatient and moving on, potentially to competitors’ sites.

 

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OPPORTUNITY

As businesses increasingly rely on digital channels, leaders of this financial organization realized the need for a digital transformation. The organization wanted to provide answers to the question: “What next?” for customers by applying analytics to suggest relevant products and services. Examples include:

  • A long-time customer, recently promoted at work, had a corresponding rise in direct deposits. An analytics-powered system could suggest, “What next?” by presenting an offer to upgrade to a premium account.

  • A female customer is due to deliver her baby, as indicated by a flurry of baby-related purchases on her credit card. Analytics insights might suggest a college savings account or a life insurance policy to protect her family.

The organization had a customer-centric mindset, but lacked capabilities to execute a true digital transformation. They called upon Accenture for our extensive resources in banking, customer modeling and big data, and to operationalize analytical capabilities to deliver insights that could enhance the customer experience and improve business outcomes.

SOLUTION

Accenture helped the client to make its digital transformation vision a reality by:

Improving analytics capabilities. Accenture assembled a digital analytics team and helped the team develop stronger capabilities in report generation, optimization, digital marketing, modeling attributes and quantifying the effects of marketing campaigns. Analytics team members also learned to use audience segmentation at key moments, aligning online customer journeys with results from external media sources, such as search engines.

Consolidating data. The team consolidated fragmented data from numerous sources—including mobile, online, social and branches—providing a rich, unified source of reporting. The team also implemented central technology systems, providing a platform for advanced analytics, agile reporting, and advanced segmentation of dimensions such as product propensities, shopping styles and stages.

Accenture helped the client devise ways to use analytics-powered insights to suggest alternatives customers might not have thought about.

Transferring knowledge. Near the end of the engagement, Accenture transferred the skills of the analytics service line to an internal client team.

RESULTS

Accenture helped the organization boost its analytics maturity by developing and implementing a strategy for digital transformation. And through data consolidation, the organization has a much richer understanding of customer preferences and behaviors.

The organization’s in-house analytics team has seen demand for its output triple in a year. The organization’s “stickiness” factor has improved as customers are staying online longer, rather than becoming impatient and moving on, potentially to competitors’ sites. Client systems track entry and exit points, helping personnel understand the online journeys of customers as they apply for or activate accounts.

The business also is tracking its net promoter score, a standard benchmark for how likely customers are to promote a company’s brand and services to others. Paying close attention to creating optimal customer experiences is widely regarded as essential for retaining customers, increasing sales and improving profitability.