Transforming Data Chaos into Actionable Insights: A Journey with a Big Four Bank
In the highly competitive banking industry, leveraging data for insights is vital to drive impactful customer experiences and achieve business results.
Working with the product leadership team of a Big Four bank's retail business, we tackled a complex challenge. Their existing business intelligence reports were not delivering the insights needed for positive impact.
The Approach
Data & Reporting Audit: We undertook a thorough review of existing business intelligence reporting, data warehousing, and their current value additions.
Data Transformation: By providing critical insights to support the bank's "Design Lab", we radically improved the product and service experience. We created the retail bank's first "Customer Balance Sheet" that synthesised customer quality impacts of all investments for the Consumer Bank CEO.
Customer Intelligence Platform: We developed a systematic approach for customer onboarding, 'share of wallet' growth, and proactive retention.
The Results
Efficiency in Insight Generation: The average time to generate insights was reduced dramatically from 6 weeks to just 6 days.
Improved Propensity Modelling: The transformation of end-to-end purchase pathway data brought a new approach to propensity modelling, helping to deepen customer relationships.
Revenue Growth: The bank gained $30M in revenue from an enhanced share of wallet cross-sell and customer retention strategy.
