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Omni Channel Marketing Conference - Lea Wright

Tony Booth
Tony Booth

Westpac is looking to improve customer relationships through understanding customer needs and providing relevant offers and communications. Key trends include an aging population, increased data and digitization. The bank needs to leverage big data insights to provide faster, personalized customer experiences. This requires linking insights to competitive advantages like learning about customers faster than competitors. The bank will focus on onboarding, lifecycle events, next best offers, 1:1 communications, and recognition programs to improve customer retention and value over time.

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WESTPAC GROUP When CRM meets CEM Lea Wright Head of Consumer CRM 27 February 2013 Westpac Banking Corporation ABN 33 007 457 141.
CRM PURPOSE Help our customers achieve their goals and wellbeing by understanding and anticipating their needs and deepening customer relationships By doing that we expect to achieve: Deep and Valuable customer relationships Customer Profitability Productivity Benefits
TRENDS MARKET Aging Population Mass Digitisation World that is Always On Economic Transformation at home Rise of Asian Economies Post GFC World
TREND - RISE OF BIG DATA Increasing Volumes of Data Blurring of Online and Offline presence Challenge in funding nuggets of gold in customer data insights and relevance Timeliness and latency Speed to action and execute
WORLD IN CHANGE WAY WE UNDERSTAND AND APPROACH CUSTOMER Faster we move to an Always On Data Driven World where big data informs and delivers offers Faster we move back to principles of Customer Service, Loyalty and Recognition in addition to Sales
IT ALL STARTS WITH DATA DRIVEN, RELEVANT AND MEANINGFUL INSIGHTS
LINKAGE BETWEEN INSIGHTS AND COMPETITIVE ADVANTAGE There are two sources of Competitive Advantage: Learn about your customers faster than your competitors Put that learning into action faster than your competitors Jack Welch GE Capital
INTERSECTION OF CRM, IT AND CUSTOMER EXPERIENCE CIO, CMO and CX are intersecting and interdependent 3Cs Capability Campaigns Customer Service
CUSTOMER LIFESTAGE AND INSIGHTS Recognising key life events and customer behaviour to determine behavioural triggers for Always On offers and communications Life Triggers Event Triggers Behaviour Triggers
ONBOARDING FIRST IMPRESSIONS COUNT A customer will take up additional products if experience is positive Or disengage with if a negative experience is left unresolved Average days to 1st Transaction Active Time to Active Normal account Median Days usage achieved Average Days and transactions The probability that the remaining will activate
SERVICE INTERVENTION: NEXT BEST OFFERS Sales/Revenue NBOs Service Intervention NBOs Credit Card X-Sell eStatements Home & Contents X-Sell Data Quality Credit Limit Increase Avoiding Fees Consumer Bundle Old tran/new tran Consumer Savings No/Inactive Internet Banking No Debit MasterCard (Q1) Personal/Flexi Loan X-Sell (Q4) Demonstrating a 1:1 relationship through our people, providing the right offer and message, delivered to the right customer through the right channel at the right time
1:1 PERSONALISED COMMUNICATIONS Personalise Relevant Sales Channel Tools Communications Local feel Named contact
ALWAYS ON - MULTI CHANNEL MARKETING Delivering data driven campaigns in the customers environment in an integrated multi-channel multi-step way Mobile Inbound and Outbound Direct Mail Voice Marketing SMS NBOs Tablet eDM Branch Leads NBOs / Special Leads ATMs Online Offers Statement Messages Online Splash Pages Statement Inserts Message Centre Operational Letters Compliance Communications Customer
INSIGHT DRIVEN DATA IS INFORMING NEW FASHIONED CUSTOMER SERVICE Leveraging insights of customer behaviour and service failures to create positive moments of truth and outcomes, before they become complaints or defections Complaints as a data source Triggers for servicing conversations Proactive service intervention and service experience
RECOGNITION OF CUSTOMER VALUE AND MOMENTS OF TRUTH Structure Programs Around Key Moments of Truth: Onboarding Welcome in Onboarding experience Retention Recognised Value at early Attrition/Retention milestones Recognise - High Value, long term customers with deep relationships Servicing Proactive Servicing intervention
THE WAY FORWARD CRM MEETS CEM Always On Multi Channel campaigns Data Driven and Customer Lifestage Insights - relevant and timely communications to customers Service Intervention - addressing moments of truth before customer defection Recognition of Customer Value
REASON WHY EMBEDDED CUSTOMERS MAKE GOOD BUSINESS
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Omni Channel Marketing Conference - Lea Wright

  • 1. WESTPAC GROUP When CRM meets CEM Lea Wright Head of Consumer CRM 27 February 2013 Westpac Banking Corporation ABN 33 007 457 141.
  • 2. CRM PURPOSE Help our customers achieve their goals and wellbeing by understanding and anticipating their needs and deepening customer relationships By doing that we expect to achieve: Deep and Valuable customer relationships Customer Profitability Productivity Benefits
  • 3. TRENDS MARKET Aging Population Mass Digitisation World that is Always On Economic Transformation at home Rise of Asian Economies Post GFC World
  • 4. TREND - RISE OF BIG DATA Increasing Volumes of Data Blurring of Online and Offline presence Challenge in funding nuggets of gold in customer data insights and relevance Timeliness and latency Speed to action and execute
  • 5. WORLD IN CHANGE WAY WE UNDERSTAND AND APPROACH CUSTOMER Faster we move to an Always On Data Driven World where big data informs and delivers offers Faster we move back to principles of Customer Service, Loyalty and Recognition in addition to Sales
  • 6. IT ALL STARTS WITH DATA DRIVEN, RELEVANT AND MEANINGFUL INSIGHTS
  • 7. LINKAGE BETWEEN INSIGHTS AND COMPETITIVE ADVANTAGE There are two sources of Competitive Advantage: Learn about your customers faster than your competitors Put that learning into action faster than your competitors Jack Welch GE Capital
  • 8. INTERSECTION OF CRM, IT AND CUSTOMER EXPERIENCE CIO, CMO and CX are intersecting and interdependent 3Cs Capability Campaigns Customer Service
  • 9. CUSTOMER LIFESTAGE AND INSIGHTS Recognising key life events and customer behaviour to determine behavioural triggers for Always On offers and communications Life Triggers Event Triggers Behaviour Triggers
  • 10. ONBOARDING FIRST IMPRESSIONS COUNT A customer will take up additional products if experience is positive Or disengage with if a negative experience is left unresolved Average days to 1st Transaction Active Time to Active Normal account Median Days usage achieved Average Days and transactions The probability that the remaining will activate
  • 11. SERVICE INTERVENTION: NEXT BEST OFFERS Sales/Revenue NBOs Service Intervention NBOs Credit Card X-Sell eStatements Home & Contents X-Sell Data Quality Credit Limit Increase Avoiding Fees Consumer Bundle Old tran/new tran Consumer Savings No/Inactive Internet Banking No Debit MasterCard (Q1) Personal/Flexi Loan X-Sell (Q4) Demonstrating a 1:1 relationship through our people, providing the right offer and message, delivered to the right customer through the right channel at the right time
  • 12. 1:1 PERSONALISED COMMUNICATIONS Personalise Relevant Sales Channel Tools Communications Local feel Named contact
  • 13. ALWAYS ON - MULTI CHANNEL MARKETING Delivering data driven campaigns in the customers environment in an integrated multi-channel multi-step way Mobile Inbound and Outbound Direct Mail Voice Marketing SMS NBOs Tablet eDM Branch Leads NBOs / Special Leads ATMs Online Offers Statement Messages Online Splash Pages Statement Inserts Message Centre Operational Letters Compliance Communications Customer
  • 14. INSIGHT DRIVEN DATA IS INFORMING NEW FASHIONED CUSTOMER SERVICE Leveraging insights of customer behaviour and service failures to create positive moments of truth and outcomes, before they become complaints or defections Complaints as a data source Triggers for servicing conversations Proactive service intervention and service experience
  • 15. RECOGNITION OF CUSTOMER VALUE AND MOMENTS OF TRUTH Structure Programs Around Key Moments of Truth: Onboarding Welcome in Onboarding experience Retention Recognised Value at early Attrition/Retention milestones Recognise - High Value, long term customers with deep relationships Servicing Proactive Servicing intervention
  • 16. THE WAY FORWARD CRM MEETS CEM Always On Multi Channel campaigns Data Driven and Customer Lifestage Insights - relevant and timely communications to customers Service Intervention - addressing moments of truth before customer defection Recognition of Customer Value
  • 17. REASON WHY EMBEDDED CUSTOMERS MAKE GOOD BUSINESS