Data is Our Digital Currency: Westpac's Journey to a Customer-Centric Analytics Strategy
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Data is Our Digital Currency: Westpac's Journey to a Customer-Centric Analytics Strategy
- 1. Data is our Digital Currency eMetrics Conference June 2013 Damien Dellala1
- 2. Data is our Digital Currency | June 2013 Introduction to Digital @ Westpac Group Strategy, CX, Sales, Service, Business Service Quality for Consumer and Business: • 5 Brands • 3.5m+ Online customers • 50% are Mobile • 550m+ logins per year • >1b Customer generated digital events per year • 23,728,755,000 possible device, browser & operating system combinations 2
- 3. Data is our Digital Currency | June 2013 And in the next 30 mins... 3 48,500 48,500
- 4. Data is our Digital Currency | June 2013 4
- 5. Data is our Digital Currency | June 2013 Digital Banking evolution... 5 Respond Check Access Planning Organising Transacting Transacting Relationship Dreaming
- 6. Data is our Digital Currency | June 2013 Source: Wikipedia Business Problem... Product Branch Product Product Product Product ATM Contact Centre Online Product Product Product Customer Data Data Warehouse Mobile & Tablet Effects on our business and customers • Siloed channel processes or no processes • Limited digital behaviour captured • No single source of truth • Analytics and reporting capability not shared between channels • Low data quality and trust in numbers • Ad hoc data requests with no self service • Data consistently not in scope Spending too much time hunting and gathering data... not enough time spend on value add through insight... Proliferation of products and channels resulted in complexity we had never designed into our data and analytics 6
- 7. Data is our Digital Currency | June 2013 The Strategy... To Personalised focus If we want to shift.. And Relationship focus From Transactional Who they are What they need What they are doing We need to know our customers... • Holdings • History • Segment • Relationships • Preferences • Behaviour • Contextual and relevant content • Right person, right offer, right time, right channel, right location, right device... • Events • Volume and value 7
- 8. Data is our Digital Currency | June 2013 8 Data is our digital currency – you can’t paste it on at the end.... Ensure that data and reporting is embedded into every part of our business and not an afterthought.... Benefit realisation Business Problem Strategy Business CaseDesign and Delivery Run
- 9. Data is our Digital Currency | June 2013 Infrastructure Data is the common denominator, lets ensure its not the lowest... Data Governance Sales Service Platforms Operating model Reporting & Analytics Tools
- 10. Data is our Digital Currency | June 2013 10 Now abundant with data as our currency we are now self sufficient and will survive.... Hunting & Gathering Harvesting/ Cultivation Farming Extract Tabulate Visualise Commentary Interpret Insights Recommendations Influence Columns and rows of data Trading data for decisions Actions based on insights Agricultural revolution Digital Data evolution Transacting Relationship Age of the customer
- 11. Data is our Digital Currency | June 2013 Key take aways 11 1. Data strategy is aligned to business and customer outcomes 2. Ensure that data and reporting is embedded into the SDLC 3. Framework to think about data 4. Prioritise, there is never ending issues with data. Use the data you have and display its value 5. Show demand and supply. Work Request system
Editor's Notes
- X5 Brands – Westpac, St.George, RAMs, Bank of Melbourne, Bank of South AustraliaDevice, Browser and Operating system combinations – e.g. Apple, Android, Internet Exlorer
- 48.5k customers will login...
- In the same way that prehistoric humans had to evolve from hunting and gathering in order to survive, our business needed to evolve from hunting and gathering data across the organisation into a reliable, sustainable and value adding capability in order to become self sufficient.Today is a story about our Digital Data evolution and how we addressed our own data issuesHunting and gathering data is time consuming... Information changed from High cost, Low coverage and Easy decisions in the early to mid 90s to Lower cost. Higher coverage and Harder decisions
- Westpac is about deepening relationshipsWe see the future of digital banking is to evolve from customers coming to simply transact to be able to start to manage their relationship via digitalEvolving to a relationship service will help customers realise dreamsand turn plans into actionTransactionalPeople’s every day repetitive activities of accessing online banking to check balances and pay bills.Making PaymentsViewing Transaction HistoryChecking BalancesDreaming People’s aspirations and dreams, things they want to do with their livesOrganisingOnce people become proactive about their finances, they start organising to reduce the amount of repetitive activitiesPlanningOnce people organise their finances, or they want to make dreams real, they can start planning
- The proliferation of products and channels results in significant complexityDescribe build1. Old days, simple product through face to face branch channel2. Then we added more products3. People wanted access to their cash outside banking hours4. Branch footprint became larger and we needed centralised access to specialists and Contact Centre was born5. Self service through IVR/ Phone Banking soon expanded into the internet6. More efficient distribution resulted in expansion of products on offer that could be serviced 24/77. Customer Data needed to be moved from individual product systems- change of address in one place8. Inconsistency, multiple sources and reliability necessitates central warehousing of data9. Mobility- now the need to recognise and deal to customer context- location, time of day, nature of transaction and form factor
- What they are doingInteractionsTransactionsUsageVolume and valueOutcomeBaselinesMeasure success/ failureTrack Usage/ Adoption Capacity planningMonitor PerformanceSupport problem resolutionWho they areCurrent holdingsHistorySegmentRelationshipsPreferencesBehaviourOutcomeInterpret behaviourUnderstand footprintPredict outcomesMake smarter decisionsInform strategy/ business caseIdentifies opportunityImproves processWhat they needNeeds based relevant offers, right customer, right time, right channelPersonalised experienceContextualOutcomeRetentionRevenue growthKnow the customerCustomer Lifetime ValueProducts per customerDeeper relationshipsActionable analytics & insightsCustomer outcomesChoicePreferenceEmpoweredSatisfiedAdvocacyLoyaltyBusiness outcomesReturn On InvestmentBenefit realisation Earn our customers business
- We trade data at each stage of the business lifecycleBusiness Problem / Customer OpportunityCustomer and Business AnalyticsCustomer, Market and Analytical, researchStrategy, Hypothesis testing, Data analysis, Options/ PrioritisationBusiness Case, Planning, Forecasting Delivery, Ensure data and reporting requirements embedding into development of new capability(Ensure that data and reporting is not an afterthought)Run Tracking and Monitoring, Reporting and Dashboards, Capacity planning, Campaign management, Web Analytics , Sales and Service OptimisationBenefit realisation, Return on Investment, Planning and Forecasting
- Digital Business Intelligence frameworkSalesTraffic optimisation, leakage conversion, fulfilmentAcquisition: Website sales, campaigns, analytics & formsCross Sell: Targeted offers, teasers & personalise tipsOnline Banking registration & activation (Drive Online)ServiceFunctionality: eStatements, Super, AggregationFinancial Volumes and ValuesNon value transactionsHelp and SupportBehavioursNPSAnalyticsPlatform (Channel, Web, Trust)Website: Number of visitsOnline & Mobile Banking, Corporate Online: Number of sessionsSecurity: Tokens & SMSSystem performanceCapacity planning, KPIs
- Like the prehistoric humans, our business can no longer afford to gamble on hunting and gathering for survival, we need to organise and invest effort in creating a reliable and sustainable source of growth for the future, for our digital business- data is that currency