Why data is Bank of New Zealand's golden asset

BNZ’s manager of systems and information, finance, Duane McLeod reveals why leveraging the right data is critical to boosting CX in the highly competitive financial marketplace

Data is seen is a not just a resource but a golden asset for the Bank of New Zealand, its manager of systems and information, finance, Duane McLeod, says.

Speaking at the Informatica Data Disruption Summit 2017 in Sydney as an example of Informatica’s first customers to invest globally in its big data technology, McLeod said he led the big data and analytics stream of an enterprise-wide information system platform deployment, and has already started to see a return on investment.

The bank recognised five years ago data had the potential to create a real competitive advantage, he said.

“Over the past couple of years, I’ve been part of a rather large system platform project and spent tens of million dollars, which has been a huge investment across the bank,” he told attendees. “We’re one of the top four banks in the country and digitisation is really about how to we serve our customers better.”

With the financial industry becoming increasingly competitive, it is more critical than ever to invest in the right data management platforms to better serve customers, drive loyalty and boost satisfaction, McLeod said.

“The challenge is banks are very threatened worldwide because there are a number of other payment and transaction channels at the point of sale so we need to leverage the right data to ensure we remain competitive,” he said. “We have taken the steps to combine a complex set of internal and external data assets to massively increase the overall customer experience. And this is where we’re going to drive that competitive advantage.”

Third from the left, BNZ’s manager of systems and information, finance, Duane McLeod reveals the bank's data platform investment strategy at the Informatica Summit, Sydney
Third from the left, BNZ’s manager of systems and information, finance, Duane McLeod reveals the bank's data platform investment strategy at the Informatica Summit, Sydney

But getting the executive board to agree on investing big is always a challenge, and McLeod stressed it's about the right people presenting the right information to the board in the right way.

“We presented our case not in a threatening way, but in a way that made them realise that to move the company forward, they had to invest in those foundations,” he said.

In order to get the project across the line, McLeod and Bank of New Zealand teams ran a number of pilots and proof of concepts, by hiring software licenses of some willing lenders that helped the bank to visualise what it would look like in a few years’ time.

As part of the pilot, BNZ also worked closely with Informatica to determine required licensing and data capabilities.

“It was a large project with a lot of components, and as we’re owned by NAB, most of our data sits in Australia as part of NAB’s mainframe, with a cable connecting New Zealand to it under the ocean,” he said. “But we had a great business case and eventually it went all the way to NAB for sign-off.”

Follow CMO on Twitter: @CMOAustralia, take part in the CMO conversation on LinkedIn: CMO ANZ, join us on Facebook: https://www.facebook.com/CMOAustralia, or check us out on Google+:google.com/+CmoAu

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

Searching for social and marketing data

Many marketers, agencies - and everyone in between - get caught up on bubble references and data points. They’ll use Facebook best practice as the only best practice for Facebook executions and only consider metrics and responses of the one channel they’re expected to deliver on.

Isaac Lai

Connections strategy lead, VMLY&R Sydney

Why Australia needs more leaders

A few weeks ago, our Prime Minister, Scott Morrison took it upon himself to tell companies and their CEOs where to go when it came to societal issues. It wasn’t an organisation’s place to get involved. Instead, he said it should be left to governments to solve societies challenges.

Dan Banyard

Managing director, Edentify

3 skills you need to drive better collaboration

A study published in The Harvard Business Review found the time spent in collaborative activities at work has increased by over 50 per cent in the past two decades. Larger projects; complicated problems; tighter timeframes: These require bigger teams with specialised skillsets and diverse backgrounds, often dispersed globally.

Jen Jackson

CEO, Everyday Massive

Thanks for sharing! Terracotta Jewellery Online Shopping Ethnic Jewellery Online Shopping

Cotton Sarees Online

How data is driving the customers of a lifetime for BaubleBar

Read more

Informative blog. Xero is a well-known revolutionized accounting software, specifically developed to provide best User Experience and mak...

NavkarConsultancyServices

Xero evolves to fit a changing marketplace

Read more

>Writes article about how to show diversity in an authentic way>All featured opinions are from white women

Jennifer Metcalfe

Food for Thought: How can brands show diversity in an authentic way?

Read more

Excellent post, congratulations !!! - Prof Paulo Coelho | https://www.drpaulocoelho.c...

Prof Paulo Coelho

The B2C and B2B marketing transformation helping Invisalign win more smiles

Read more

Great article - but regarding "For a team to achieve their full potential, Edmonson also advises leaders balance psychological safety wi...

Sim

3 skills you need to drive better collaboration - Business leadership - CMO Australia

Read more

Latest Podcast

More podcasts

Sign in