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
Error: Please check your email address.
Show Comments

Blog Posts

Social purpose: Oxygen for your brand health vitals

If trust is the new currency, then we’re in deep trouble. Here's why.

Carolyn Butler-Madden

Founder and CEO, Sunday Lunch

Customer experience disruption: Healthcare faces a bitter pill

Over the past decade, disruptors such as Amazon, Apple and Australia’s Atlassian have delivered technology enhanced customer experiences, which for the most part, have improved customers’ lives and delivered unparalleled growth. Can they do the same for healthcare?

Alex Allwood

Principal, All Work Together

How can a brand remain human in a digital world?

Some commentators estimate that by 2020, 85 per cent of buyer-seller interactions will happen online through social media and video*. That’s only two years away, and pertinent for any marketer.

James Kyd

Global head of brand strategy and marketing, Xero

The AANA has hatched, for the first time, an advertising sentiment index that will regularly measure the Australian community's perceptio...

John McConnel

AANA rolls out first Australian advertising sentiment index

Read more

https://bit.ly/2qLgzmR Transform your life a proven digital blueprint

Okitoi Steven

How this banking group tackled a digital marketing transformation

Read more

Its great to hear that companies including JCDecaux, oOh!media, Omnicom and Posterscope Australia have all partnered with Seedooh inorder...

Blue Mushroom Infozone Pvt Ltd

Out of home advertising companies strive for greater metrics and transparency

Read more

Much ado about nothingAnother fluff piece around what it could possibly do rather than what it is doing

gve

How AMP is using AI to create effortless ‘experiences’

Read more

is it true that Consumer expectations are also changing as a result. If we trust someone with our data there is also an expectation that ...

Sunita Madan

Society will decide where digital marketing takes us next: Oracle

Read more

Latest Podcast

More podcasts

Sign in