Data brings banks closer to customers

“It’s not the size of your data that counts; it’s what you do with it,” says UBank official

Banks are seeking closer relationships with customers through greater use of customer data and new technologies, according to banking and telecom officials at the CeBIT Financial Tech conference in Sydney.

Westpac uses data and technology with the goal of making customers “feel like we actually know them", said Karen Ganschow, Westpac head of customer relationship marketing and digital. Customers expect the bank to use their data to develop a relationship in which bankers are proactive and provide personalised attention, she said.

To make this happen, Westpac’s systems provide bankers relevant information about customers when they interact with the bank. By tapping into data, banks can also provide bill reminders, advice at tax time and even celebrate with customers when they start or finish home loans, she said.

Meanwhile, social media as a new channel is providing banks more customer feedback than ever before, Ganschow said. “It puts you on notice to respond, and I think that’s a challenge for us all. Now that you get that message, what do you do with it?”

Technology and data brings banks “much closer” to their customers, said DBS Bank chief innovation officer, Steve Monaghan. The Singapore bank aims to deliver information to customers “when they need it at the time they need it, without being invasive about it”.

A good way to ensure customer privacy is to avoid practices that advantage the business alone, he said. “That’s when it becomes invasive.”

Citing a study from Ernst & Young last year, Telstra group general manager of industry development, Rocky Scopelliti, said “Australians are more willing than other nationalities ... to give a financial institution more information about themselves”. However, “they expect an efficient and effective experience in return for that".

Banks have “mountains” of data on customers, but big data is only as good as the data you can extract from it, said Quantium principal, Wade Tubman. “It’s about going beyond using data for core business and core analytics and actually developing entirely new products, revenue streams and potentially new businesses.”

National Australia Bank’s UBank is using big data to provide a variety of apps providing financial advice to customers.

“It’s not the size of your data that counts; it’s what you do with it,” said UBank general manager, Alex Twigg.

Scopelliti said the role of technology has fundamentally changed from a way to “cheapen” to a way to “deepen” the customer relationship.

He predicted the contact centre experience will become more personal and interactive over time - for example, by using video to facilitate a more natural conversation. Faster broadband networks and better devices have enhanced the quality of Internet video, he said. “The quality I think will only improve over time.”

Monaghan said he expects to see more artificial intelligence support services like IBM Watson used by the financial industry in the future. ANZ Bank announced it would employ Watson earlier this month.

“Increasingly that type of technology is going to be pervasive within all types of service industries,” Monaghan said.

Follow Adam Bender on Twitter: @WatchAdam

Follow Computerworld Australia on Twitter: @ComputerworldAU, or take part in the Computerworld conversation on LinkedIn: Computerworld Australia

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.
Show Comments

Blog Posts

Data has the power to build or burn brands

A brand can be severely wounded by use or misuse of any of its assets and you could say data has the greatest power of all to inflict damage.

Lucy Acheson

Head of data strategy and customer experience, LIDA

Totto and your inorganic future

At Cannes Lions this year we’ve been treated to many artificial intelligence (AI) insights. It’s one of the major discourses of our time.

Richard Brett

CEO, opr

Personas of one and the rise of ‘always there’ marketing

I’ve got some bad news. The ‘always on’ marketing approach that many companies have only just fully implemented is already out of date.

Nigel Roberts

Founding partner and strategy lead, Yell

The best design always features a minimalist approach to the use of color. Many designers are tempted to use many different colors but us...

Jose Salas

How email marketing automation is helping this Aussie electrical wholesaler enter the digital age

Read more

E-mail automation is a wonderful thing, especially for digital marketing. It's interesting to see how these tools are becoming more and m...

Claudia Evans

How email marketing automation is helping this Aussie electrical wholesaler enter the digital age

Read more

Machine learning represents the future for digital marketing. I'm glad that there are strides being made in this direction and that even ...

Claudia Evans

Looker eyes benefits of machine learning to connect with customers

Read more

I read you post full. It's really good .

Yusuf

Salesforce ups the Marketing Cloud ante with Datorama acquisition

Read more

Promotion is difficult. You should be able to do it. Sometimes it turns out bad, and when you turn to professionals, it turns out well - ...

Jordan Samuil

Village Roadshow partners with Lion for pourage rights and promotional partnership

Read more

Latest Podcast

More podcasts

Sign in