When most marketers use the word ‘data’, what springs to mind are large sets of numbers, Excel spreadsheets, cloud-based IT systems and complicated algorithms. Big data speak is the mot du jour. There is even a big data Week in London called the Festival of Data.
Wealth and financial management provider, AMP, has kicked off a host of transformative steps to become a customer-centric business, according in its latest financials, shining a valuable light on what it takes to keep up with customers in the connected age.
The ASX-listed group reported solid full-year financial results this week, including an underlying profit rise of 7 per cent to $1.12 billion for the full-year to 31 December 2015, and net profit increase of 10 per cent to $972 million. Key contributors were the Australian wealth management, AMP Capital, AMP Bank and New Zealand divisions, which all reported stronger operating earnings.
“This is a very good performance against a backdrop of challenging markets in the second half,” commented AMP chief executive, Craig Meller, who added business efficiency programs were also on track.
“AMP has a clear focus to be a more customer centric, efficient and international organisation. The execution of this strategy is unlocking the long-term potential of our business, which we are confident will continue to deliver value for our shareholders.”
While AMP’s financials should be well received by the market, it’s the steps it’s taking to become a customer-oriented enterprise that provide the best reading.
Over the past two years, AMP has been putting in place the core infrastructure required to become a customer-centred business. The company kicked off the journey in 2013, appointing its first chief customer officer, Paul Sainsbury, as well as a dedicated customer relations team.
On AMP’s list of ongoing strategic priorities is building a customer goals-oriented enterprise. In its FY15 financial report, the company said consumer research had “built conviction in taking a goals-based approach to products and services”, which will be rolled out from 2016. This work identified four priority goals, which are being used to provide new customer solutions this year.
AMP is also working to build a next-generation, face-to-face advice model based on customer goals. Thanks to the success of five pilot sites this year, AMP said it will extend this approach to 30 practices as well as automate several back-end processes.
New infrastructure has also been put in place for better omni-channel experience, including a new customer and data analytics systems, and customer interactions engine. The latter is already being piloted on targeted campaigns and next best offer-driven conversations across digital, call centre and adviser channels, with 20 campaigns in testing in the first half of this year.
These are tied into a new-look digital portal, which includes and integrated banking and wealth platform, mobile and tablet apps, new website and content management systems.
In addition, AMP has deployed a customer feedback and measurement system across 122 teams, as well as established organisational capabilities in human-centred design and behavioural economics. The company said customer-facing teams are now using this customer feedback to identify and improve service.