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ICICI Bank: Fueling Interactive Marketing through Analytics
 

ICICI Bank: Fueling Interactive Marketing through Analytics

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The document sheds light on the needs of today's consumers; the marketing paradox and consumer touch points. Communication through various channels. ...

The document sheds light on the needs of today's consumers; the marketing paradox and consumer touch points. Communication through various channels.

The document also elaborates on the concept of Marketing as a bridge, Customer Experience Management and the Customer Analytics framework.

Latency, Need based marketing, Channel innovation and the optimization process is also mentioned in the document.

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    ICICI Bank: Fueling Interactive Marketing through Analytics ICICI Bank: Fueling Interactive Marketing through Analytics Presentation Transcript

    • CMO Roundtable Conference8th June, 2011Presented by - IBM & Customer Centria www.customercentria.com
    • Fuelling InteractiveMarketing ThroughCustomer Analytics Ashish Singhal Head – Privilege Banking ICICI Bank
    • AgendaChallenges in Customer Communication The ICICI Bank Solution Vision and Roadmap
    • AgendaChallenges in Customer Communication The ICICI Bank Solution Vision and Roadmap
    • Its’ a Fan It’s a wallIts’ aSpear Its’ a Rope Its’ a Tree
    • What does the customer need? Credit Card Discount OffersInsurance Trade Finance Home Loan
    • The Marketing Paradox “The very things • Statement stuffers that marketers are • Junk mail doing to build • Pop-up ads relationships with • And… customers are often the things that are destroying those relationships.”Harvard Business Review January, 1998
    • Customer Touchpoints Customer today is value hunting across multiple channels! Website Call CentersPOS Customer Mobile Buying E-Mail
    • Channel Communication Confidence among consumers for marketing communications across media Title in here 87% Word Of Mouth Newspapers 77% Online Opinions 73% Brand Websites 72% Television 65% Magazines & Radio 64% 41% Search Engine Ads Online Banner Ads, Mobile Ads 29%Source : AC Nielsen
    • Expectations Hype There is a huge gap between the Customer’s expectations and the actual fulfillment Plan & Sell Identify and communicate with thePlan&Sell right target audience Carry out the actual fulfillmentExecute Analyze Execute SuccessAnalyze Measure the results and determineSuccess success
    • AgendaChallenges in Customer Communication The ICICI Bank Solution Vision and Roadmap
    • Marketing as a Bridge With EMMCEO CFO The earlier complaints : - Marketing not aligned with CFO concerns - Not tracking the right metrics - Not Playing a role in critical strategy Now : - More closely aligned with Cash flow drivers - Tactical as well as Strategic function Speak the language of finance Title in here
    • Typical Customer View Mr Jain Mr Jain is an attractive target Married, 2 children,Marketing for home loans Marketing Joint family Mr Jain No problem of re-payment is a good customerCollections Collections of 2-wheeler loan Mr Jain is a hot lead Call Mr.Jain called up thrice last for a personal loan Call Center Month for loan against home Center Mr.Jain may be moving Mr.Jain’s 2-wheeler is co. On to a new job Risk Financed and there is a Risk Fore-closure request Is Mr Jain a potential customer? Is he safe?
    • Need of the hour Alignment! Future Vision Historical Strategy Performance
    • Customer Experience Management Optimization Experience Offer Management Service Management Management Response Management Age of Consumerism!!!
    • One Integrated Customer View Mr Jain Event Treatment Marketing Married, 2 children,Marketing Joint family Mr.Jain has possibly Married, 2 children, lost/changed his Collections No problem of re-payment Joint family, No job and we needCollections of 2-wheeler loan Problem on repayment to validate his Of 2 wheeler loan. employment Enquiring for loan Mr.Jain called up thrice last status and credit Call Against home and Call Month for loan against home worthiness before Center There is a foreclosure Center proceeding with Request on 2 wheeler Loan. any new business Mr.Jain’s 2-wheeler is co. with him. Risk Financed and there is a Risk Fore-closure request Financial Department Consolidation Closed Loop Learning
    • Customer Analytics Framework Customer Segmentatio n PropensitResponse y Models Capture Customer Analytics Single Use of Customer EMM Tool View
    • Imagine a full stadium with 70,000 peopleWhich of those people are open to buy NOW ? Suppose that it is only 0.2%TIMING RELEVANCE SPEED (which means 140) Who are those 140 people? (timing) What do they want to buy? (relevance) How much time do you have left to sell? (speed)
    • Latency / Need based Marketing • While the CSR is still talking/listening to the customer • While the customer is still using the ATM • While the web page is still in front of the Business event customer • Speed of Response = Higher Revenue Data latency Data captured Value Analysis Intelligence delivered latency Decision Action latency taken Point-of-Sale Call Center Action timeSource: Bolder Technology
    • Channel Innovation – ATM Insufficient Funds • EBM Campaign Overview – Identify customers who are using ATM for cash • Success Criteria withdrawals but having insufficient funds in their – Customer Accepting PL savings accounts • Benefit – These customers will have be offered personal loan to manage and plan their finance – Customer can enjoy different pricing according to their Low High behavior score Customer Need Low High – Higher cross sell ratio Potential ROI Low High • Offer Strategic Value – ICICI bank will offer a personal Ease of Execution Harder P Easier loan to the customer Longer Quicker Time Sensitivity • Preferred Channels Harder Easier – Outbound calling - PL Measured Easily Longer Quicker – DM & SMS – PL Measured Quickly
    • Where we want to be….. Strategic Customer Insight Seamless Execution Channels SegmentsSource Data Leads/ Offers Reports & Analytics Enterprise Data Web Loans Warehouse Purchase Profitability Segmentation Modeling Call Social Center Butterfly Cross Sell Multi-Channel Campaign Automation Email Liabilities Campaigns Mailer Query Campaign Campaign Design Automation High Flyers Investment Agent or s Account Event-Driven Marketing Manager Credit Real Time Enterprise Cards Events Rules SMS Traditionalists Responses
    • AgendaChallenges in Customer Communication The ICICI Bank Solution Vision and Roadmap
    • Optimization Process Generate, Best Leads Frequency, Max # Leads Process Deliver to Prioritize, and Across Recency, & Per Cycle By Channel Channel Dedup Leads Communications Preference Total Comm Marketing Priority #1 High ValueCommunications Call Center Customers Call Centre Execute Channel Rule Priority #2 Database Channel Capacity = 6 Low Value Priority #3 Customers Email Priority #4 Electronic Channels Database Segment Channel Responses Plans Prioritize Dedup Across Max # Channel W/Comm Comm Limiting Leads Capacity Unrealized Opportunities Data Warehouse
    • Optimization Effect OFFERS CHANNELS CUSTOMERS X X Optimising Contacts “Thousands” “Multiples” “Millions” CONSTRAINTS Product Targets Channel Capacity Customer Fatigue Product Budgets Min mail Volume PreferencesOptimisation mathematically determines…..The Best Offer & The Best Channel to Maximise the ROI of all campaigns
    • EBM :Turn the conventional model on its head Triggers Simplistic Transactional Changes involving update of Single Field High INR 50 K Deposit Secondary Events Business Value Triggers coupled with additional rules to determine significance to the individual Significant Deposit, Deposit is 2* average Patterns Patterns Secondary Events Combination of multiple triggers & Secondary events occurring in Low Triggers sequence over a period of time Change in Employment. Simple Complex INR 50K was redundancy, Salary Event Complexity stopped. Regular payments received from new employer 4 weeks later