The document discusses how customer expectations are rising and how data and analytics can help organizations improve the customer experience. It finds that customer experience will be the ultimate differentiator by 2020. Organizations intend to use more internal data, negative data, and transactional data over the next five years to develop a holistic view of each customer. Big data is predicted to transform customer experience models, but organizations need better tools to capitalize on new data sources and reduce the "data to decision disconnect".
How Pharma Can Fully Digitize Interactions with Healthcare ProfessionalsCognizant
By building end-to-end IT ecosystems and understanding preferred communications channels, pharmaceuticals companies can create more engaging and fruitful digital relationships with healthcare professionals.
Consumer Insights: Finding and Guarding the Treasure TroveCapgemini
Consumer Product (CP) companies operate in an industry where the fundamental rules of the game are changing. The growth of e-commerce, the ability to bypass retailers, the rise of private labels, and the advent of niche CP startups are just some of the trends that are reshaping the sector.
But one significant change that stands out in particular is the direct connection that CP companies today have to the needs and aspirations – the ‘pulse’ – of consumers. This is, to a large extent, thanks to the rise of digital channels.
Location Intelligence Drives Competitive Edge in the Digital AgeLauren Fellure
Digital transformation is affecting how organizations engage with their customers across the entire customer life cycle, from marketing and commerce to products, services, support, and ongoing customer engagement. To ensure they survive and thrive in the digital age, organizations must know and understand their customers’ unique context and location.
While location intelligence is rising in importance across both customer- facing areas and back-end systems and processes, organizations face challenges with data quality, technology, and compliance issues. These challenges are ultimately worth overcoming, as customers are increasingly interested in personalized experiences based on their location. By enhancing location intelligence capabilities, firms can deliver more of these personalized experiences to better engage customers, improve loyalty, and drive business growth.
Accenture North American Digital Banking Consumer Survey 2014 accenture
According to the new Accenture 2014 North America Consumer Digital Banking Survey, digital banking trends are changing traditional relationships between consumers and banks. In fact, the research suggests the relationship is increasingly uncertain as consumers are intrigued by branchless digital banks, define their relationships as merely transactional and generally want more advice and proactive financial services from their Everyday Banks. Read the PDF to learn more about the results of the survey, and how banks can respond to these threats.
The power of me: The impact of personalization on marketing performanceEpsilon Marketing
The appeal for personalization is high among consumers. They not only want it, but expect it. And our research found that personalization is profitable. For more information contact us here: https://us.epsilon.com/data-driven-marketing-solutions-contact-us
Leveraging data, tech and analytics to improve collectionsExperian
Companies readily invest in acquisitions, but many do not invest in trying to improve their collections processes. Viewing collections as an omni-channel opportunity can have a significant impact on overall profitability and is an excellent opportunity to improve long-term customer loyalty. With the right data and technology, personalized collections are now a reality. This presentation addresses:
• The latest delinquency numbers
• New, sophisticated tools to digitize your efforts and enhance the customer experience
• Using data-driven decisioning to offer the right debt resolution options
• The benefits of a personalized, consistent experience across all channels
How Pharma Can Fully Digitize Interactions with Healthcare ProfessionalsCognizant
By building end-to-end IT ecosystems and understanding preferred communications channels, pharmaceuticals companies can create more engaging and fruitful digital relationships with healthcare professionals.
Consumer Insights: Finding and Guarding the Treasure TroveCapgemini
Consumer Product (CP) companies operate in an industry where the fundamental rules of the game are changing. The growth of e-commerce, the ability to bypass retailers, the rise of private labels, and the advent of niche CP startups are just some of the trends that are reshaping the sector.
But one significant change that stands out in particular is the direct connection that CP companies today have to the needs and aspirations – the ‘pulse’ – of consumers. This is, to a large extent, thanks to the rise of digital channels.
Location Intelligence Drives Competitive Edge in the Digital AgeLauren Fellure
Digital transformation is affecting how organizations engage with their customers across the entire customer life cycle, from marketing and commerce to products, services, support, and ongoing customer engagement. To ensure they survive and thrive in the digital age, organizations must know and understand their customers’ unique context and location.
While location intelligence is rising in importance across both customer- facing areas and back-end systems and processes, organizations face challenges with data quality, technology, and compliance issues. These challenges are ultimately worth overcoming, as customers are increasingly interested in personalized experiences based on their location. By enhancing location intelligence capabilities, firms can deliver more of these personalized experiences to better engage customers, improve loyalty, and drive business growth.
Accenture North American Digital Banking Consumer Survey 2014 accenture
According to the new Accenture 2014 North America Consumer Digital Banking Survey, digital banking trends are changing traditional relationships between consumers and banks. In fact, the research suggests the relationship is increasingly uncertain as consumers are intrigued by branchless digital banks, define their relationships as merely transactional and generally want more advice and proactive financial services from their Everyday Banks. Read the PDF to learn more about the results of the survey, and how banks can respond to these threats.
The power of me: The impact of personalization on marketing performanceEpsilon Marketing
The appeal for personalization is high among consumers. They not only want it, but expect it. And our research found that personalization is profitable. For more information contact us here: https://us.epsilon.com/data-driven-marketing-solutions-contact-us
Leveraging data, tech and analytics to improve collectionsExperian
Companies readily invest in acquisitions, but many do not invest in trying to improve their collections processes. Viewing collections as an omni-channel opportunity can have a significant impact on overall profitability and is an excellent opportunity to improve long-term customer loyalty. With the right data and technology, personalized collections are now a reality. This presentation addresses:
• The latest delinquency numbers
• New, sophisticated tools to digitize your efforts and enhance the customer experience
• Using data-driven decisioning to offer the right debt resolution options
• The benefits of a personalized, consistent experience across all channels
North America Mortgage Banking 2020: Convergent Disruption in the Credit Indu...accenture
To further compound lenders’ challenges to rebuild growth, profitability and efficiency following the recent credit crisis, convergent disruption is leading to a structural change in the industry; multiple disruptive forces are converging, creating an increasingly complex and highly dynamic future environment. Accenture examines the building blocks and roadmap to success in 2020.
The 2017 Customer Engagement research delves into the content consumption habits of tech buyers, and takes it a step further to look at why sales and marketing alignment is so essential to success by looking at how marketing impacts the purchase cycle, optimal timing for lead nurture and sales follow up, methods and means of follow up, and the focus for sales education.
The insurance industry is undergoing fundamental transformation as it comes up against the impact of new regulation, new technology, accelerating shifts in consumer demand and mounting competition from digitally-enabled new entrants. In the face of so many disruptive challenges, it’s important not to lose sight of the huge opportunities they’re creating for insurers. Companies from other industries will be looking to your risk insight and expertise to help them navigate an increasingly complex and uncertain business and geopolitical landscape. You’re also in the pole position to capitalise on the new generation of analytics, sensor connectivity, and machine learning technologies that are set to revolutionise our lives. To make the most of these opportunities, it’s important to look beyond the traditional boundaries of the insurance business to embrace new ways of working, new ways of interacting with customers, and whole new possibilities in what your business can deliver.
Digital Credit Marketing Best Practices and Trends WebinarExperian
Hear the latest from industry experts on how FIs are launching innovative campaigns to capture the elusive credit-qualified consumer. Learn: the latest trends in credit marketing lenders need to know, the digital channels that are gaining traction and how to gain a competitive advantage when promoting your lending products.
Accenture 2015 Global Risk Management Study: Banking infographicaccenture
The Accenture 2015 Global Risk Management Study: Banking Report identifies three key challenges and five priorities for risk management in the banking sector. See the infographic for compelling statistics from the study.
Improving the Efficacy of Root Cause AnalysisCognizant
When medical device organizations apply a relevant and appropriate level of automation to root cause analysis, they can ensure swift action on nonconformities and avoid issue reoccurrence.
In the 21st century digital economy, consumers expect and demand a digital experience for the products and services they consume in the marketplace. To meet consumers’ needs and preferences, lenders are seeking out new innovative products that help deliver relevant credit offers across digital channels, whether via text, email, or social media. As the industry moves forward to provide these opportunities, recent news reports about privacy disclosures and data security have raised questions about the legal frameworks governing the delivery of credit offers in the digital space.
These slides feature content presented by Venable LLP’s eCommerce, Privacy, and Cybersecurity Practice Group on the regulatory environment surrounding credit marketing in the digital age. Venable practitioners review how the Fair Credit Reporting Act, Gramm Leach Bliley Act, and other laws apply in today’s world, including for credit offers made via text, email and social channels. It also reveals some common best practices that align with the expectations of the Federal Trade Commission.
3 steps to tech success for small charities (Purple Vision)Purple Vision
3 steps to tech success for small charities addresses the tipping points for charities in addressing their technology needs -as part of the solution to compliance as well as plans for growth and development.
The paper outlines a way forward for charities using Salesforce as a scalable tool of choice. Addressing that this is a giant solution for potentially small charities, Purple Vision outlines an approach that will typically give charities what they need at this point, for a fixed low fee - and outlines how that is achieved.
Published March 2017.
How Digital Is Quickly Reshaping Customer Experience ProcessesCognizant
By invoking six strategies that reimagine the power of customer support processes, digitally-savvy companies can create unprecedented levels of new business value and significantly elevate customer experience.
Top Regulatory Insights for Fintechs & Financial InstitutionsExperian
We're breaking down the top regulatory insights you need to understand to prepare your compliance strategy for 2019 and beyond. Covering the latest information on upcoming regulations, including:
- Impact of CECL and how to prepare
- Priorities for the CFPB and House Financial Services Committee
- Must-know details of the Consumer Privacy Act of 2018
How do consumers feel about alternative credit data?Experian
Consumers rely on credit for purchases big and small. While some have robust credit files, others are still invisible and seeking ways to grow their credit presence so they can have access to loans, credit cards and beyond. What types of information and data will they share to grow their credit files? In an exclusive Experian survey, we asked consumers how they perceive alternative credit data sources. Here are the findings.
The term “alternative data” is tossed about in the industry, but what types of alternative data can truly be used when lenders want to make a credit decision? How can it be leveraged to help you grow your credit portfolio wisely? What insights can you glean to expand your consumer universe?
Uncover some of the latest trends attached to the non-prime universe and learn the latest around alternative credit data. This deck additionally explores how some of the newest attributes can benefit lenders of all sizes.
How do lenders perceive alternative credit data?Experian
Increasingly, lenders are assessing opportunities to leverage alternative credit data. How do they feel about it? Are they utilizing it today? What types of alternative credit data do they want to use? In our exclusive Experian survey, we asked lenders these questions and more. Here are the results.
From underwriting to marketing and managing risk, and every business function in between, big data is valuable and integral to your commercial success. Experian’s latest technology innovation levels the playing field and fills the gaps in your data across all facets of your organization
Acxiom presentation to Forrester Marketing Forum Nov 2009Tim Suther
Acxiom presentation to Forrester Marketing Forum London Nov 2009. Identifies key steps to dramatically improved marketing & advertising. Contains many examples
North America Mortgage Banking 2020: Convergent Disruption in the Credit Indu...accenture
To further compound lenders’ challenges to rebuild growth, profitability and efficiency following the recent credit crisis, convergent disruption is leading to a structural change in the industry; multiple disruptive forces are converging, creating an increasingly complex and highly dynamic future environment. Accenture examines the building blocks and roadmap to success in 2020.
The 2017 Customer Engagement research delves into the content consumption habits of tech buyers, and takes it a step further to look at why sales and marketing alignment is so essential to success by looking at how marketing impacts the purchase cycle, optimal timing for lead nurture and sales follow up, methods and means of follow up, and the focus for sales education.
The insurance industry is undergoing fundamental transformation as it comes up against the impact of new regulation, new technology, accelerating shifts in consumer demand and mounting competition from digitally-enabled new entrants. In the face of so many disruptive challenges, it’s important not to lose sight of the huge opportunities they’re creating for insurers. Companies from other industries will be looking to your risk insight and expertise to help them navigate an increasingly complex and uncertain business and geopolitical landscape. You’re also in the pole position to capitalise on the new generation of analytics, sensor connectivity, and machine learning technologies that are set to revolutionise our lives. To make the most of these opportunities, it’s important to look beyond the traditional boundaries of the insurance business to embrace new ways of working, new ways of interacting with customers, and whole new possibilities in what your business can deliver.
Digital Credit Marketing Best Practices and Trends WebinarExperian
Hear the latest from industry experts on how FIs are launching innovative campaigns to capture the elusive credit-qualified consumer. Learn: the latest trends in credit marketing lenders need to know, the digital channels that are gaining traction and how to gain a competitive advantage when promoting your lending products.
Accenture 2015 Global Risk Management Study: Banking infographicaccenture
The Accenture 2015 Global Risk Management Study: Banking Report identifies three key challenges and five priorities for risk management in the banking sector. See the infographic for compelling statistics from the study.
Improving the Efficacy of Root Cause AnalysisCognizant
When medical device organizations apply a relevant and appropriate level of automation to root cause analysis, they can ensure swift action on nonconformities and avoid issue reoccurrence.
In the 21st century digital economy, consumers expect and demand a digital experience for the products and services they consume in the marketplace. To meet consumers’ needs and preferences, lenders are seeking out new innovative products that help deliver relevant credit offers across digital channels, whether via text, email, or social media. As the industry moves forward to provide these opportunities, recent news reports about privacy disclosures and data security have raised questions about the legal frameworks governing the delivery of credit offers in the digital space.
These slides feature content presented by Venable LLP’s eCommerce, Privacy, and Cybersecurity Practice Group on the regulatory environment surrounding credit marketing in the digital age. Venable practitioners review how the Fair Credit Reporting Act, Gramm Leach Bliley Act, and other laws apply in today’s world, including for credit offers made via text, email and social channels. It also reveals some common best practices that align with the expectations of the Federal Trade Commission.
3 steps to tech success for small charities (Purple Vision)Purple Vision
3 steps to tech success for small charities addresses the tipping points for charities in addressing their technology needs -as part of the solution to compliance as well as plans for growth and development.
The paper outlines a way forward for charities using Salesforce as a scalable tool of choice. Addressing that this is a giant solution for potentially small charities, Purple Vision outlines an approach that will typically give charities what they need at this point, for a fixed low fee - and outlines how that is achieved.
Published March 2017.
How Digital Is Quickly Reshaping Customer Experience ProcessesCognizant
By invoking six strategies that reimagine the power of customer support processes, digitally-savvy companies can create unprecedented levels of new business value and significantly elevate customer experience.
Top Regulatory Insights for Fintechs & Financial InstitutionsExperian
We're breaking down the top regulatory insights you need to understand to prepare your compliance strategy for 2019 and beyond. Covering the latest information on upcoming regulations, including:
- Impact of CECL and how to prepare
- Priorities for the CFPB and House Financial Services Committee
- Must-know details of the Consumer Privacy Act of 2018
How do consumers feel about alternative credit data?Experian
Consumers rely on credit for purchases big and small. While some have robust credit files, others are still invisible and seeking ways to grow their credit presence so they can have access to loans, credit cards and beyond. What types of information and data will they share to grow their credit files? In an exclusive Experian survey, we asked consumers how they perceive alternative credit data sources. Here are the findings.
The term “alternative data” is tossed about in the industry, but what types of alternative data can truly be used when lenders want to make a credit decision? How can it be leveraged to help you grow your credit portfolio wisely? What insights can you glean to expand your consumer universe?
Uncover some of the latest trends attached to the non-prime universe and learn the latest around alternative credit data. This deck additionally explores how some of the newest attributes can benefit lenders of all sizes.
How do lenders perceive alternative credit data?Experian
Increasingly, lenders are assessing opportunities to leverage alternative credit data. How do they feel about it? Are they utilizing it today? What types of alternative credit data do they want to use? In our exclusive Experian survey, we asked lenders these questions and more. Here are the results.
From underwriting to marketing and managing risk, and every business function in between, big data is valuable and integral to your commercial success. Experian’s latest technology innovation levels the playing field and fills the gaps in your data across all facets of your organization
Acxiom presentation to Forrester Marketing Forum Nov 2009Tim Suther
Acxiom presentation to Forrester Marketing Forum London Nov 2009. Identifies key steps to dramatically improved marketing & advertising. Contains many examples
OOW13: Next Generation Optimized Directory (CON9024)GregOracle
With new computing technologies to transform business, is your underlying directory infrastructure ready to support mobile, cloud and social networking? How can I simplify my directory architecture but deliver high scalability, availability and performance? How to leverage directory to easily make your applications location aware and social relationship aware? How do I migrate existing directories to OUD? How to optimize OUD performance on T5/ T4 hardware? Come to learn Oracle Unified Directory and customer case studies.
Metrics are everywhere! We’ve done a great job of keeping pace with measuring the output of our applications, but how are we doing with measuring what really matters? This talk will explore the various metrics available to application owners today, highlight what’s coming tomorrow and level-set on the relative importance as it relates to the user experience.
Marketers are migrating to digital channels en masse. According to a recent eMarketer study, U.S. e-commerce sales will total $259 billion in 2013—a 14.8% annual increase over 2012's $225.5 billion.
But there's a missing link. When consumers research products online, the majority of purchases take place offline, either over a phone or in a store. Forrester Research, Yahoo, and comScore all reach the same conclusion—as much as 92% of purchases take place offline following online consumer activity, while most digital marketers target online conversions only. Targeting isn't about clicks, it's all about sales, and 92% is a large percentage of missing data.
THE NIELSEN TOTAL AUDIENCE REPORT: Q2 2016Filipp Paster
The Nielsen Total Audience Report is designed to enable the industry to track changes in media usage. We have consistently reported that overall usage has increased–that a major effect of new devices and services is additive to consumer’s total time spent with media. We have also shown how usage of individual devices and platforms has changed over time as the media landscape continues to evolve.
This iteration of the Nielsen Total Audience Report focuses on the media channel choices within the many different platforms consumers have at their disposal and the amount they routinely turn to.
The CSC Big Data Analytics Insights service enables clients who do not have an analytics capability to implement the business, data and technology changes to gain business benefit from an initial set of analytics based on a roadmap of changes created by CSC or provided from a compatible set of inputs.
CSC Analytic Insights Implementation has four phases:
Stage 1: Analytic Engagement
Stage 2: Analytic Discovery
Stage 3: Implementation Planning
Stage 4: Embedding Analysis .
For more information, contact Experian at bigdatainfo@experian.com
Citations:
Slide 3, Digital content will increase 44x in next 10 years: http://cdn.idc.com/research/Predictions12/Main/downloads/IDCTOP10Predictions2012.pdf
Peter Sonergaard quote, slide 2: http://www.gartner.com/newsroom/id/1824919
Trends Reshaping the Future of Customer Service Jules Smith
How is Customer Relations responding in 2016 to continued pressure on cost, expectation for higher quality, rising complexity, and decreasing cycle-time to respond to clients? This report addresses the drivers of trends we are observing – evolving channels and customer experience expectations – and will provide insight into methods for addressing the customer relationship evolution.
Las tendencias que están redefiniendo la experiencia del cliente y su fidelización - See more at: http://www.sitel.com/es/noticias/sitel-senala-las-tendencias-que-estan-redefiniendo-la-experiencia-del-cliente-y-su-fidelizacion/#sthash.tMdJEjiA.dpuf
AGE OF EXPERIENCE, TRENDS RESHAPING THE FUTURE OF CUSTOMER SERVICE, by Gesner...Gesnerf
This report is the result of collaboration between Sitel’s employees and stakeholders from around the globe. Our company is now providing services through more than 61,000 employees in 21 countries on behalf of some of the best known brands in the world in the most diverse number of industries with global solutions that include customer acquisition, customer care, technical support and social media programs.
The question we try to address in this report is: how is the Customer Relations responding in 2015 to continued pressure on cost, expectation for higher quality, rising complexity, and decreasing cycle-time to respond to clients? This report will address the drivers of trends we are observing – evolving channels and customer experience expectations – and will provide insight into methods for addressing the customer relationship evolution.
How can TCS help Banking & Financial Services industry achieve successful digital transformation through customizable solutions to stay ahead of customer's needs and drive down costs?
Bridging the Gap Between Business Objectives and Data StrategyRNayak3
Explore the fundamental elements of a robust data strategy that aligns with business objectives, from defining goals to prioritizing data architecture.
Data analytics environment enables the shortest and most viable route to make use of critical data for making business decisions and much more. For more info visit: https://www.raybiztech.com/blog/data-analytics/how-can-data-analytics-boost-your-business-growth
Trying to find an edge over your telecom competitors? At PNA, our Data Analytics services can help you find the patterns unseen to human eyes. Stop trying to find edges and start getting ahead of your competition.
Today there is a lot of buzz around customer experience. Many companies have realized that investments in customer experience improvement is important not just because it helps to boost the bottom lines of their businesses but because it takes at least 4 to 6 times more cost to acquire a new customer than to retain an existing customer.
The CMR agency helps companies with a two way relationship with their clients. Customer Managed relations is the beginning of a next wave of change within organisations by addressing customer demand for more control. Companies benefit from CMR as it provides an opportunity to create trust. It creates relationships with customers who feel that they are respected. It promotes customer loyalty and provides new opportunities of being relevant to customers. CMR provides a channel for customers to express their needs and what they want, from which companies can benefit in many ways.
The same line of thinking is sometimes referred to as Vendor Relation Management.
Twilio released a state of personalization report in 2023; how to target users where they are and give them what they want to see! Must read for marketers, designers etc.
Accenture research reveals how transforming to a living business enables insurance companies to achieve sustainable growth through hyper-relevance. To learn more visit: https://www.accenture.com/us-en/insights/insurance/living-business
Similar to Experian dv2020 - the new rules of customer engagement - emea research report (20)
The outcome of this executive workshop had identified four recommendations for the retail industry:
• Understanding the pain points and identifying the right use cases
• Demonstrating the value and gaining the leadership commitment
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Prometeia distinguishes its approach by consistently
pursuing state of the art methodologies, with a fully
dedicated team of econometricians and financial
specialists with broad experience in developed and
emerging markets.
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updated with the best practices and entirely integrated
into the ERMAS Suite, enabling banks to take a
proactive approach towards risk management and
increasing profitability.
Prometeia’s unique business model offers a truly onestop
solution, combining extensive consulting services,
an integrated and cross-functional software package,
implementation support and methodological training.
The ERMAS Suite solution stays on top of regulatory
developments and meets all reporting needs. Its
functionalities and interfaces have been designed to be
fully adaptable, customisable, intuitive and easy to use
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Whilst competitive headwinds remain, represented through the recent second bankruptcy filing of Sungard, which blames “COVID-19 and other macroeconomic trends including delayed customer spending decisions, insourcing and reductions in IT spending, energy inflation and reduction in demand for certain services”, the industry has seen key adjustments, where MCG believes that engineering cost management and technological innovation will be paramount to success.
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Experian dv2020 - the new rules of customer engagement - emea research report
1. The new rules of
customer engagement
EMEA Research Report for Financial
Services and Telecoms Organisations
April 2015
www.decisioningvision.com
2. HOW DO YOU KNOW IF YOUR
BUSINESS MODEL IS FIT FOR
PURPOSE TODAY, LET ALONE
IN FIVE YEARS’ TIME?
3. Introduction
With instant access to information
at their fingertips, such as price
comparison sites, social media
and customer reviews, customers
arguably have more knowledge and
power than ever before.
Alongside this trend, new data sources
have allowed organisations to build a better
understanding of their customers and competitive
differentiation. As such, both customers and
organisations stand to benefit. Customer centricity,
founded on quality data and decisions, allows
organisations to build more mutually rewarding
relationships, whilst giving customers a greater
degree of control.
Greater expectations
Nobody knows exactly what Financial Services
and Telecoms will look like in 2020, but one thing
is for sure, customers will continue to be king and
optimising their experience will be the key focus for
many organisations for years to come.
Customers will demand more and more from their
providers. As a bare minimum, they will want
appropriate, affordable products and services
that meet their needs with absolute transparency,
from an institution they trust or a provider they
use. Furthermore, they want to make contact
through the channel of their choice, wherever and
whenever it suits them and they will want to be
served quickly, with fast, convenient processes and
immediate decisions.
New business models
How do you know if your organisation’s business
model is still fit for purpose today, let alone in
five years’ time – when customer expectations
are predicted to rise to unprecedented levels?
What’s more, how do you know what the key
challenges are going to be in 2020 so that you can
be prepared?
The challenge of the ‘data to
decision disconnect’
Becoming more customer-centric can prove
challenging. Organisations not only require insight
to inform key decisions, but becoming customer-
centric is also dependent on timely and consistent
access to data to support decisions at each stage
of the customer lifecycle. Yet in reality this is not
always easy to achieve. Indeed, our research reveals
a ‘data to decision disconnect’ throughout the
lifecycle, whereby the lack of available data and the
ineffectiveness of decision tools is undermining the
resulting speed, quality and reliability of decisions.
Organisations recognise the critical role of data
and analytics in becoming more customer-centric
and see real-time decisioning as vital to delivering
a better customer experience. But the challenge
is embedding data and analytics throughout the
organisation, and the customer lifecycle.
03 28www.decisioningvision.com #dv2020
4. Northern
Europe
Southern
Europe
Turkey and
Middle
East
Russia and
CIS
South
Africa
Experian,
the leading global information
services company, providing data
and analytical tools to our clients
around the world, commissioned
a study among Financial Services
and Telecoms companies to
better understand the role data,
analytics and decisioning plays
within organisations today and in
five years’ time. The findings show
that both Financial Services and
Telecoms organisations are focused
on keeping their prospects close, but
their customers closer. Telecoms and
Finance businesses alike consider
that, by 2020, customer experience
will be the ultimate differentiator and
both see customer centricity (and
subsequently data and analytics)
as critical to customer retention,
acquisition and bottom line growth.
Research Methodology
255 key decision-makers (195 from Financial Services and 60 from Telecoms companies) responsible
for managing consumer and / or Small to Medium-sized business credit risk portfolios within their
organisation took part in a survey during October and November 2014. Respondents were from Russia/
CIS, South Africa, Spain, Nordics, Turkey, Middle East, Italy and Germany.
Research Sample
Region Sample
Northern Europe 64
Russia and CIS 50
South Africa 30
Southern Europe 35
Turkey and Middle East 76
5. Our research found that, too often, key
customer decisions are made in isolation of
other departments and without visibility of the
whole picture. For organisations to deliver a
better customer experience, they must refine
their current processes and evolve the use of
data and analytics. This is the mission for many
organisations over the next five years. With
new sources of data becoming widely available,
organisations are looking to increase their
investment in data, analytical capabilities and
tools to capitalise on the opportunity at every
stage of the customer lifecycle.
Research highlights:
Customer experience is a
significant differentiator
• 80% say customer experience will be the
ultimate differentiator in their sector in five
years’ time, and 79% acknowledge that their
business strategy has to change to meet the
challenges of customer experience
• Organisations intend to use more internal
(77%), negative (56%) and transactional data
(52%) over the next five years
• 95% see data as providing the means
to successfully integrate the customer
experience across the organisation
• 81% think big data will transform their
customer experience model
Emerging sector trends
and challenges
Financial Services top
business challenges:
• 78% growing profitability from
existing customers
• 55% improving customer experience
• 53% complying with regulation
Telecoms top business challenges:
• 80% growing profitability from
existing customers
• 52% improving customer experience
• 52% reducing costs
www.decisioningvision.com #dv2020
6. Acquire
Comply
Protect Manage
Grow
When acquiring customers, 78%
see processing higher volumes of
applications to be a challenge both now
and in five years’ time
For growing and retaining customers,
emerging focus areas for the next five
years are enabling customers to self-
serve (42%), eliminating data silos (42%)
and offering customised products and
services (40%)
To better manage customers in
collections, the challenge now
(78%) and in the next five years (75%)
is time to collect with the collections
customer experience (77%), costs
to collect (72%) and how to reduce
write-offs (69%) becoming more acute
challenges up to the year 2020
When protecting the business from
fraud, 78% see online fraud as the key
challenge now and in five years’ time
(79%) with account takeover (71%),
friendly fraud (62%) and application fraud
concerns (51%) on the rise up to 2020
In order to comply, the focus over the
next five years is enhancing monitoring
and reporting (75%), improving speed to
implement new regulations (64%) and
implementing compliance in decision
tools (60%)
95%
believe data provides the
means to successfully
integrate customer
experience across the
organisation.
The customer lifecycle and ‘the data to decision disconnect’
Customer
life cycle
06 28 The new rules of customer engagement
7. Moving forward: customer decisioning in the year 2020
Data and advanced analytics will be at the heart of every organisation and
customer decision. Leading organisations will:
• Attain multiple and new sources of data: People leave data footprints wherever
they go. Organisations will capture internal data and obtain external sources
of data and they will analyse this information to unlock insights into customer
behaviour, lifestyle and future product needs.
• Achieve a holistic customer view: To transform the customer experience,
organisations will have a complete view of each and every customer. This
will need to include all information they hold on a customer such as income,
outgoings, life stage, family status, existing debts and more. With greater
customer insight, strong, trust-based relationships will be built – and current and
future risks minimised.
• Provide real-time, consistent and pre-qualified decisions: Customers will
expect a unified and consistent experience across all channels. This means
that decisions will need to be made and pushed out to all channels in a reliable
manner. Real-time and consistent decisioning will mitigate losses and manage
risk, as well as positively match customer expectations. The customer will want
around-the-clock availability, personalised treatment and zero errors.
• Use multi-channel automation across all customer touch points:
Organisations will automate decisions across the customer lifecycle to drive
better, faster and consistent customer experiences across all customer touch
points, anywhere and at anytime.
• Embrace advanced analytics across the entire organisation: Every single
business decision – whether about driving revenue, controlling costs, or
mitigating risk – will be informed by data and advanced analytics. Advanced
analytics will be used to improve customer segmentation, enabling companies
to better understand customer profitability and lifetime value, whilst also opening
up big data. Those organisations that incorporate analytics into their organisation
will benefit from a customer-centric model that pays off in the long term.
By 2020, more than half of organisations will
acquire good and profitable customers, monetise
their data, drive sustainable growth through new
business models, and increase market share
through the use of data and advanced analytics.
07 28www.decisioningvision.com #dv2020
8. The beginning of 2015 has been met
with signs of increased optimism
amongst both Financial Services
and Telecoms organisations.
Although paved with uncertainty,
the road to economic recovery is
allowing organisations to ‘release the
handbrake’ and focus more on growth.
In an industry beset with tightening legislation,
complying with regulation (53%) forms a greater
challenge in decisioning for the Financial Services
sector compared to the Telecoms industry (48%)
(see Figure 1). Recent high profile cases act
as a reminder of the damaging implications of
organisations not upholding data security. However,
as much as compliance is about upholding data
security, the critical issue of capital and liquidity
adequacy require Financial Services businesses
to allocate capital more effectively and improve
credit risk estimations. Indeed, after reducing costs
(51%), managing customer credit risk (50%) is a key
business focus for Financial Services over the next
five years.
For Telecoms businesses, as with the Financial
Services industry, reducing costs (52%) acts as a
significant challenge. The need to manage credit
risk (52%) is marginally more acute in this sector.
As much as the challenge is to find and acquire
new customers (47%), the need is growing to
protect against future liabilities. With this in mind,
data, and its continuing proliferation, plays an
important role for Telecoms organisations, as it
does for Financial Services organisations. Half
(50%) believe big data will impact the need for
advanced analytics over the next five years.
Ultimately these future challenges come down to
one important thing in both sectors – delivering
unparalleled customer service. By 2020, growing
profitability from existing customers is the
greatest business challenge impacting the need
for data and advanced analytics. In order for this
to be achieved, the customer must be placed
at the heart of the business. Improving the
customer experience is seen to be a key challenge
amongst both Financial Services and Telecoms
organisations (55% and 52% respectively).
Emerging sector trends
and challenges
08 28 The new rules of customer engagement
9. Experian Viewpoint
Organisations are struggling to meet ever-
increasing customer demands and provide
the best experience whilst growing profitably,
managing increasing regulation, reducing
costs and managing credit risk. These
challenges are expected to grow even more
over the next five years. Without relevant data
and advanced analytics capabilities and tools
in place, organisations are ill-equipped to
remain competitive.
Recommendation
Organisations should introduce the use of
data and advanced analytics at every stage
of the customer lifecycle to grow profitably in
2020, whilst meeting the needs of the self-
serve and less-loyal customer. The use of
data and advanced analytics should be fully
automated and easy to integrate into existing
systems to seamlessly take the best action.
Telecoms
80%
Growing profitability
from existing customers
52%
Improving customer
experience
52%
Reducing
costs
52%
Managing customer
credit risk
50%
Harnessing
big data
Finance
78%
Growing profitability
from existing customers
55%
Improving customer
experience
53%
Complying with
regulation
51%
Reducing
costs
50%
Managing customer
credit risk
Figure 1
Key business challenges over
next five years (by sector)
Key business challenges
over the next five years
09 28www.decisioningvision.com #dv2020
10. Optimal customer experience is vital
if organisations are to build a more
profitable and meaningful relationship
with their customers.
Achieve a holistic view of customers
Critically, data helps break down the barriers
between organisations and their customer base.
With relevant data and the ability to extract insight,
companies can build a more detailed holistic view
of their customers, allowing them to deliver a more
personalised, consistent and reliable experience.
The vast majority (95%) see data as providing the
means to successfully integrate the customer
experience across the organisation. Internal data,
such as CRM and marketing data (76%); negative
data, such as poor credit history (54%) and socio-
economic data, such as lifestyle and demographic
data (47%) are the most popular sources of
information used to inform customer decisions
today (see Figure 2). A significant minority (41%)
use unstructured data, such as social media, to
help inform their decisions on customers, a source
more widely used in Telecoms (45%) than Financial
Services (39%).
With more data becoming available every second
of every day, the use of data in informing decisions
is set to rise over the next five years. By 2020,
organisations intend to use more internal data (77%),
negative data (56%) and transactional data (52%)
to help make key decisions across the customer
lifecycle (see Figure 3). Transactional data is likely
to be used more within the Telecoms sector (60%
compared with 49%), with the use of fraud data more
likely to increase within Financial Services over the
next five years (33% compared with 25%).
Big data to transform
customer experience
81%
think big data will
transform their customer
experience model.
10 28 The new rules of customer engagement
11. 76%
54%
47%
45%
42%
41%
21%
17%
Internal data (e.g. CRM / marketing data)
Negative data (e.g. extent to which potential
customer has poor credit history)
Socio-economic data (lifestyle, life stage,
demographics, employment data, social
security, geo-analytics)
Transactional data (e.g. credit card transactions,
phone usage)
Positive data (e.g. extent to which potential
customer has good credit history)
Unstructured data (e.g. social media)
External data (e.g. public data or third party data)
Fraud data
Transforming the customer
experience model with big data
In order to maintain a consistent and effective
customer experience throughout the customer
journey, organisations must better manage,
utilise and exploit the data at their disposal and
gain access to relevant external sources. 81%
think big data will transform their customer
experience model, rising to 88% in Russia/CIS.
However, such transformation will only be positive
if organisations have the necessary decisioning
tools and advanced analytics in place to capitalise
on the growth in data. Without these tools, a ‘data
to decision disconnect’ undermines the value of
customer data, the quality of the decision and
subsequently, the customer’s overall experience.
Figure 2
Sources used to inform
customer decisions
11 28www.decisioningvision.com #dv2020
12. Internal data (e.g. CRM / marketing data)
Negative data (e.g. extent to which potential
customer has poor credit history)
Socio-economic data (lifestyle, life stage, demographics, employment
data, social security, geo-analytics)
Transactional data (e.g. credit card transactions,
phone usage)
Positive data (e.g. extent to which potential customer has good
credit history)
Unstructured data (e.g. social media)
External data (e.g. public data or third party data)
Fraud data
77%
56%
52%
47%
38%
38%
32%
31%
19%
41%
42%
50%
57%
57%
63%
66%
4%
3%
6%
3%
5%
5%
5%
3%
More Same Less
Change in data sources used to inform key decisions
*Capgemini and Efma The World Retail Banking Report 2014
**Edelman Brandshare Research 2015
Figure 3
Experian Viewpoint
As the competitive landscape in both
industries evolves, differentiation will become
even more difficult. In 2014, less than 40%
of customers in EMEA reported positive
customer experiences with their provider.*
In the next five years, organisations will
no longer be able to differentiate through
product or price and customer loyalty will be
even harder to retain.
Recommendation
In order for organisations to succeed in this
new landscape they will need to consolidate
their siloed data and introduce new data
sources and advanced analytics to create a
holistic view of each customer. And they will
need to use that insight to delight customers
with quick, convenient and transparent
services. 87% of consumers feel they should
be able to communicate and interact with
organisations quickly and in real-time.**
12 28 The new rules of customer engagement
13. WITH MORE DATA BECOMING
AVAILABLE EVERY DAY, THE
USE OF DATA IN INFORMING
DECISIONS IS SET TO RISE.
14. Customer Life Cycle
Acquire
Comply
Protect Manage
Grow
Create a consistent
application experience
The application experience is a critical first
step along the customer lifecycle. Should the
application stage provide a poor experience,
organisations risk leaving the customer with a
negative first impression of the company. The
immediate challenge for organisations, however, is
dealing with the sheer volume of applications. 78%
see processing high numbers of applications to be
a challenge now and in five years’ time. Currently,
this is more of a challenge for the Telecoms sector
(82%) than Financial Services (72%).
However, as organisations look towards the future,
the focus shifts from solely process management to
delivering a better and more consistent service. By
2020, 80% see themselves challenged by improving
the overall customer experience at the application
stage (a notable rise from 32% currently) and 74%
are concerned about acquiring the right customers.
Further still, with smartphones and tablets now
ubiquitous, 69% believe multi-channel applications
will become a key challenge in five years’ time, a rise
from 46% currently.
Data is critical in building a picture
of a new customer
The ‘data to decision disconnect’ is most significant
within customer acquisition compared with other
stages in the customer lifecycle. Indeed, in the cases
where the applicant is unknown to the organisation,
building a detailed picture of them can be complex.
Failure to provide a good application experience is
likely to cause a ‘domino effect’ across the customer
lifecycle. Should an acquired customer fail to meet
their payment commitments, the company will have
to invest significant time into collecting missed
payments later along the cycle.
Both the quality of available data (82%) and
usability of data (65%) are deemed of good enough
quality to help inform key decisions, but availability
(30%) and volume of data (44%) are far from
optimal. As such, acquisition decisions are being
somewhat undermined. 55% rate the accuracy
and quality of their decisions as either excellent
or adequate. Just half (50%) are content with
the consistency of their decisions, falling to 43%
amongst Telecoms companies.
Solving the ‘data to decision disconnect’:
Acquire profitable customers
14 28 The new rules of customer engagement
15. Experian Viewpoint
Organisations will be challenged with making
the right decisions about which customers
to acquire and matching them to the right
product, whilst contending with providing
an excellent and consistent application
experience across multiple channels. 51%
of consumers get frustrated by lengthy
application processes when applying for
credit and 41% said it would stop them from
completing an application.*
Recommendation
The first step is for organisations to ensure
decisioning is automated and integrated with
advanced analytics. This will help provide
an excellent and consistent experience,
quickly and conveniently through multiple
channels. And by understanding lifetime
value organisations will create the foundation
for long and profitable relationships. 18% of
Telecoms said their top challenge is providing
a consistent customer experience across
channels, yet during 2014 only 33% provided a
personalised and consistent experience.**
80% 74% 69%
Improving the overall
customer experience
Acquiring the
right customers
Multi-channel
applications
Key challenges in the next five years
Top 5 areas for data improvement within customer acquisition
*Experian Identity and Fraud Research 2015
**Telecoms IQ 2014
Availability of data
Scale / volume of available data
Complexity of decisions (basic, moderate, advanced)
Consistency of resulting decisions
Accuracy / quality of resulting decisions
22%
15%
11%
14%
18%
8%
29%
53%
50%
36%
36%
37% 45%
70%
56%
Excellent, small room for improvement Adequate, moderate room
for improvementPoor, significant room for improvement
15 28www.decisioningvision.com #dv2020
16. Customer Life Cycle
Acquire
Comply
Protect Manage
Grow
Knowing the DNA of your
customer is vital
Growing share of wallet by providing an excellent
experience to existing customers is essential
for organisations to grow market share. But
only by better understanding their customers’
needs can organisations provide a better service.
Currently, organisations are most likely to be
able to understand individual customer product
profitability and potential lifetime value (81%),
generate a single view of their customer (64%)
and identify up-sell and cross-sell opportunities
(62%). For the Telecoms industry at least, enabling
customers to self-serve (60% compared with
43% within Financial Services) and offering
personalised products and services (55% compared
with 41%) are more likely to be undertaken.
The biggest challenge for organisations over the
coming years is to grow from their existing customer
base and to do this they will need a complete and
holistic view of each customer across product lines.
By 2020, organisations intend to eliminate data silos
(42%), where customer information is dispersed in
different systems, departments or formats,
a figure rising to 47% in South Africa. Other
emerging focus areas over the next five years
include enabling customers to self-serve (42%) and
offering personalised products and services based
on customer needs and preferences (40%). The
need to empower customers through self-service is
stronger in the Middle East and Turkey (46%).
Organisations require more
available data to help better
understand their customer
Whilst the quality of available data (87%)
and availability of decision tools (67%) are
considered strong enough to help support
customer management, the quality of decisions
in this area is held back, as with most stages
in the customer lifecycle, by the availability of
data (38%). Without the required accessibility
of data, inevitably key decisions about the
customer become difficult to make. Under half
(46%) believe the data they have in place is
either excellent or adequate enough to support
complex decisions on customer management.
Solving the ‘data to decision disconnect’:
Grow customer relationships
16 28 The new rules of customer engagement
17. Experian Viewpoint
Organisations’ biggest challenge will
be satisfying the demands of the self-
directed and less-loyal customer. Therefore
enhancing customer relationships will be a
top priority for executives. Customers with
positive experiences are three times more
likely to stay with their provider than those
with negative experiences.*
Recommendation
To improve customer relationships
organisations need to understand their
customers better and the best way to achieve
this is through data and improved decisioning
(77% of banks believe the greatest value of
big data is improved decision-making**).
Organisations should bring all internal
and external data from disparate silos and
supplement with new data to create a 360
degree view of customers. Only with a
complete view and advanced decisioning
systems can organisations provide an
excellent service to effectively cross-sell and
up-sell relevant products.
42% 40%
Eliminate
data silos
Enable customers to
self-serve
Offer personalised
products and services
*Capgemini and Efma The World Retail Banking Report 2014
**IDG Research Services 2012
42%
Key focus areas over the next five years
Top 5 areas for data improvement within customer management
Availability of data
Scale / volume of available data
Complexity of decisions (basic, moderate, advanced)
Consistency of resulting decisions
Speed of resulting decisions
21%
12%
17%
14%
18%
17%
34%
54%
44%
29%
42%
39% 43%
62%
54%
Excellent, small room for improvement Adequate, moderate room
for improvementPoor, significant room for improvement
17 28www.decisioningvision.com #dv2020
18. Customer Life Cycle
Acquire
Comply
Protect Manage
Grow
Minimising liability through a more
tailored experience
Currently, the most common challenge in the
collections process is the time spent recovering late
payment (78%), a problem which is set to remain
over the next five years (75%). The associated
costs in collecting payments (51%), combined with
outdated payment details (51%) provide a further
challenge for firms, particularly in the Financial
Services sector (54%) compared with the Telecoms
sector (38%). The time spent recovering payments
is a more prevalent challenge in Southern Europe
(89%) compared with other regions.
However, whilst organisations are battling with the
immediate cost of debt collection, steps are being
taken to balance this against how customers are
treated. 77% (a rise from 34% currently) intend to
focus on the collections customer experience over
the next five years. Here, individual collections
strategies could be tailored to meet each customer
profile. Although the challenges of collection costs
(72%) and provision reduction (69%) still persist
by 2020, such steps will help improve long term
profitability in the years to come.
Scale, availability and quality of
data are critical in helping support
collections management
Such an approach requires the right scale,
availability and quality of data to help inform
decisions about an appropriate collection method.
Despite the high level of data quality (87%) and
usability (73%) in supporting decisions, the low
availability of data (31%) means debt management
will struggle to improve by 2020. Subsequently,
both the complexity (44%) and consistency of
decisions (55%) will be weakened over the next five
years. Complexity of decisions is undermined the
most in South Africa, with just 30% rating this as
excellent or adequate.
Organisations with the
strongest customer
relationships are likely to
be prioritised for payment
above others.
Solving the ‘data to decision disconnect’:
Manage collections more effectively
18 28 The new rules of customer engagement
19. Experian Viewpoint
In the digital era, people want to manage how
they repay their commitments seamlessly
through the channel of their choice, at a time
that suits them. Providing the best possible
experience for customers – including those
in financial difficulties, is essential to retain
good customers and comply with Treating
Customers Fairly regulations.
Recommendation
Access to relevant data will differentiate
customers who won’t pay from those who
can’t. And by adopting automated and multi-
channel collections systems, organisations
can manage contact frequency and
payment preferences, and provide a superior
collections experience. This will enable
organisations to reduce time and cost to
collect and comply with regulations. Over
the next 12 months 45% of financial services
firms plan to increase technology investment
to improve their collections strategy.*
75% 72%
Improving the
collections experience
for customers
Time to collect Cost to collect
*Transcom 2015
77%
Key challenges in the next five years
Top 5 areas for data improvement within debt management
Availability of data
Scale / volume of available data
Complexity of decisions (basic, moderate, advanced)
Consistency of resulting decisions
Speed of resulting decisions
22%
18%
16%
13%
16%
9%
25%
56%
45%
28%
42%
40% 44%
69%
57%
Excellent, small room for improvement Adequate, moderate room
for improvementPoor, significant room for improvement
19 28www.decisioningvision.com #dv2020
20. Customer Life Cycle
Acquire
Comply
Protect Manage
Grow
Fraud on the rise
As much as data is used as a tool to grow the
organisation, it is also an instrument which can help
to protect against and prevent fraud. Fraud comes
in many shapes and sizes, but online fraud (78%),
account takeover (47%) and application fraud (36%)
are the most common types of fraud experienced in
the last 12 months. Over the next five years, online
fraud (79%), account takeover (71%) and ‘friendly’
(i.e. internal) fraud (51%) are set to be the biggest
threats. Critically, with customers sharing more of
their data across multiple channels, identify theft as
a concern is expected to rise considerably from 24%
currently to 48% by 2020.
Inevitably, with fraud on the rise, organisations are
faced with several challenges. Fraud integration
across internal systems is the top challenge both
now (75%) and in five years’ time (78%), with
safeguarding the organisation whilst optimising
customer experience (71%), identifying repeat
offenders (69%) and earlier detection of fraud
(65%) further challenges in 2020. For organisations
in Financial Services, the speed of detecting and
identifying fraud is a notable challenge over the
course of the next five years (41% compared with
25% amongst Telecoms companies). However,
the need to safeguard the organisation whilst
optimising the customer experience is more
pressing amongst Telecoms (83%) than Financial
Services companies (68%).
Balancing data protection with
user experience
If organisations are to successfully safeguard their
business, data must help organisations perform
the difficult balancing act of protecting against
the threats which face them whilst upholding the
customer experience. Indeed, 92% think that tackling
fraud can negatively impact customer experience
if not managed appropriately. Whilst 87% believe
the quality of available data is either excellent or
adequate in supporting fraud management, just 59%
believe it is usable. With the availability of decision
tools less than optimal (57%), organisations in
practice are not fully protecting themselves. As such,
both the complexity (45%) and speed of decisions
(53%) are likely to be less than optimal.
Solving the ‘data to decision disconnect’:
Protect against fraud risk
20 28 The new rules of customer engagement
21. Experian Viewpoint
Losses to fraud around the world amount
to £2.91 trillion a year.* Fraud is becoming
more complex with the challenges of multi-
channel customer engagement, increased
regulations and cross-border activity.
Organisations must find ways to protect their
business without negatively impacting on the
customer experience.
Recommendation
Through process automation and system
integration, a comprehensive strategy to
fight fraud can also be achieved at a much
lower cost without sacrificing the customer
experience. Combining authentication and
device reputation and data sharing schemes
can protect your business.
71% 69%
Fraud integration
across internal
systems
Protecting the business,
whilst optimising the
customer experience
Identifying repeat
offenders
*BDO Financial Cost of Fraud Survey 2013
78%
Key challenges in the next five years
Top 5 areas for data improvement within fraud protection
Availability of data
Scale / volume of available data
Complexity of decisions (basic, moderate, advanced)
Consistency of resulting decisions
Speed of resulting decisions
21%
20%
13%
16%
15%
10%
24%
55%
47%
32%
37%
38% 47%
69%
56%
Excellent, small room for improvement Adequate, moderate room
for improvementPoor, significant room for improvement
21 28www.decisioningvision.com #dv2020
22. Customer Life Cycle
Acquire
Comply
Protect Manage
Grow
Enhancing compliance reporting
The need to uphold and protect data security
is a key priority amongst Financial Services
organisations. Enhancing compliance monitoring
and reporting is seen as the top challenge both
now (71%) and in five years’ time (75%). By 2020,
the focus will be improving the speed to implement
new regulations (64%), enforcing compliance
across the organisation (63%) and implementing
compliance in decision tools (60%). The need to
enforce compliance across the organisation is
strongest in Southern Europe (71%) and Russia/
CIS (69%). The aim is to achieve improved
responsiveness to new regulations by 2020 in
Financial Services organisations, with enhanced
credit risk management, but ultimately delivering a
better customer experience.
Unifying compliance across
the organisation
If compliance is to be unified and monitored across
the business, organisations need the confidence to
ensure their customers’ data is being protected at
every stage of the decisioning process. Half (57%)
are satisfied that the availability of compliance in
their decision tools is good enough to support their
organisation in five years’ time. However, just 49%
believe the accuracy and quality of the results are
adequate enough to help manage their compliance
obligations by 2020. Although the quality of data is
sufficient (84%), organisations face the challenge of
drawing upon the scale and volume of data (43%) to
help support compliance over this timeframe.
Solving the ‘data to decision disconnect’:
Comply with regulations
22 28 The new rules of customer engagement
23. Experian Viewpoint
Never before have regulations had as
much impact on the way organisations
do business. In a dynamic regulatory
environment, the ability to adapt to and
manage compliance is critical.
Recommendation
Access to data can help organisations to
comply with regulations, which demand
that customers must be treated fairly at
all times. Based on a comprehensive view
of customers, organisations can achieve
a balance between excellent customer
service and protecting their revenues. In
addition, continual evaluation of product
appropriateness and affordability is needed.
64% 63%
Enhancing compliance
monitoring
Improving speed
to implement new
regulations
Enforcing
compliance across
the organisation
75%
Key challenges in the next five years
Top 5 areas for data improvement within compliance
Availability of data
Scale / volume of available data
Usability of data for compliance
Availability of compliance in decision tools
Accuracy / quality of resulting decisions
20%
30%
16%
18%
24%
23%
16%
51%
43%
33%
39%
38% 38%
57%
54%
Excellent, small room for improvement Adequate, moderate room
for improvementPoor, significant room for improvement
23 28www.decisioningvision.com #dv2020
24. Attain multiple and new sources
of data
Embracing data more widely will be the key priority
over the coming years. Indeed, 81% see big data
transforming their customer experience model, rising
to 83% amongst Financial Services companies.
By 2020, organisations intend to use more internal
data (77%), negative data (56%) and transactional
data (52%) to help make key decisions across the
customer lifecycle.
Achieve a holistic view of customers
With relevant data and the ability to extract insight,
companies can build a more detailed holistic view
of their customers, allowing companies to deliver
a more personalised, consistent and reliable
experience. The vast majority (95%) see data as
providing the means to successfully integrate the
customer experience across the organisation.
Provide real-time, consistent and
pre-qualified decisions
The ‘data to decision disconnect’ presents a
significant challenge for organisations over the next
five years. If organisations are to maximise their
customer experience potential, they need to make
fast, accurate and insightful decisions to help seize
opportunities, but also minimise threats across the
customer lifecycle. 83% believe real-time decisions
will improve the overall customer experience, a
sentiment held more strongly amongst Telecoms
organisations (87% compared with 82%). However,
customer decisioning is being undermined by the
data at organisations’ disposal, namely through the
lack of timely accessible data and the availability of
tools to help support such decisions.
Use multi-channel automation
across all customer touch points
Before looking to evolve their data analytics
capabilities, organisations need to recognise
the long-term value that data holds for the
organisation. By treating data as a commercial
asset which will yield a return in the form of a
stronger customer base, organisations will begin to
dedicate the necessary resources to support it. The
top priorities in evolving data analytics tools and
capabilities up to 2020 are increasing investment in
data analytics tools (79%), using new data sources
(68%) and investing in decision automation (68%)
(see Figure 4).
Embrace advanced analytics across
the entire organisation
Although organisations are displaying a greater
desire to adopt data analytics, more needs to be
done to facilitate and integrate decisioning tools
across the organisation. In order for data analytics
to be more widely used in 2020, organisations
believe they need process refinement across
their whole customer lifecycle (78%), more
collaboration between different customer-facing
parts of the business (67%), more support from
leadership (49%) and clear ownership of decision
making strategy (47%). Greater customer-facing
collaboration is a challenge particularly faced
within the Telecoms sector (78% compared with
63% in Financial Services), with organisations in
Southern Europe (74%) more likely to experience
the same challenge.
Moving forward:
decisioning
in 2020
87%
of consumers are calling for
deeper brand relationships
and engagement.*
*Edleman Brandshare Research 2015
24 28 The new rules of customer engagement
25. 36%
68%
Use new sources of data (internal, external,
positive, negative and unstructured) to enhance
your data analytics capabilities
63%
68%
Invest in decision automation
89%
79%
Increase investment in data analytics tools
50%
67%
Invest in multi-channel (mobile, store / branch, online)
decision automation
39%
64%
Use highly flexible data analytics tools to implement
new customers or business insight or decisions
19%
58%
Allow real time decision-making in the data analytics tools
21%
48%
Use on demand, scalable decision-making tools accessed
via the cloud / decision as a service
12%
47%
Evolve from decisions based on large customer segments to
micro-segments to individual customers / personalised decisions
13%
20%
Enable global mobility of data to be easily shared across markets
36%
18%
Outsource your data analytics tools to a trusted partner or third party
00%
01%
Don’t know
Ways to evolve data analytics Three biggest priorities
76%
64%
56%
53%
49%
41%
39%
20%
Increased focus on targeting and prospecting
(acquired good and more profitable customers)
Data monetisation
Introduced new business models and identified
new opportunites (drove sustainable growth
for our business)
Increased our market share
Optimal balance achieved between risk and return
Reduced voluntary churn / increased loyalty
amongst customers (grown and strengthened
our customer relationships)
Managed customers more effectively and
efficiently (optimised decision processes and
efforts without compromising customer experience)
Improved cross-selling and up-selling success
19%
13%
1%
Protected our business more effectively, efficiently
and proactively
Turned compliance and regulation into a
competitive advantage
Don’t know
Figure 5
Future achievements
through data analytics
Figure 4
Ways to evolve data analytics
in the next five years
25 28www.decisioningvision.com #dv2020
26. Over the next five years, customers
will become more informed
and in control of the experience
they receive. Greater access to
information facilitated by the rise
in technology, has allowed a more
‘self-directed’ customer to evolve.
As such, they expect organisations
to know their individual needs and
personal preferences.
It is critical that organisations
recognise this shift taking place.
And with competition rising, data
and analytics adoption lagging and
customers expected to leave, there is
very real danger that organisations
will fail.
As customers actively question the future direction
of the industry, an influx of new entrants are
threatening the territory of Financial Services and
Telecoms organisations.
In response, organisations recognise the need to
invest in data and advanced analytics and have
a clear vision of what they need to do in order to
turn this into a reality. Failing to meet customers’
expectations is dangerous in any industry; it could
be lethal in an environment where the competitive
landscape is becoming ever-more congested.
This report concludes that, while desire to achieve an
excellent customer experience exists, considerable
changes will be required in order to make this a
reality. A truly customer-centric decisioning strategy
will enable organisations to remain competitive. Only
by truly committing to the new rules of customer
engagement will organisations not only survive, but
thrive in the future.
Conclusion
Decisioning Vision for 2020:
• Attain multiple and new sources of data
• Achieve a holistic view of customers
• Provide real-time, consistent and
pre-qualified decisions
• Utilise multi-channel automation across
customer touch points
• Use advanced analytics across the
entire organisation
See how we can help you to turn this into a reality:
To explore best practice and
insights and benchmark your
business, visit our interactive tool
at www.decisioningvision.com,
or join the conversation on
Twitter #dv2020
26 28 The new rules of customer engagement
27. ORGANISATIONS MUST
ACT NOW IF THEY ARE TO
MEET CHALLENGES OF THE
NEW RULES OF CUSTOMER
ENGAGEMENT BY 2020.