1.
Leveraging Big Data to
Drive Customer
Engagement and Loyalty
The Future of Retail Banking 2012
28th November, 2012
Jim Marous
@MarketforceRB #RBconf

2.
Surrounded by ‘Big Data’?
THE
FINANCIALBRAND.COM
London Heathrow
Yesterday
November 22
Monday
@MarketforceRB #RBconf
2

3.
What is Big Data?
TERABYTES BATCH STRUCTURED
RECORDS NEAR TIME UNSTRUCTURED
TRANSACTIONS REAL TIME BOTH
STREAM
@MarketforceRB #RBconf

4.
Big Data Already at Work
• Amazon recommends products customers are likely to
buy
• Netflix recommends the next movie their customer
would like to see with repeated success
• Pandora describes its service as “personalized radio
that plays music you’ll love.”
• LinkedIn identifies, “people you may know”, with
extremely high accuracy
@MarketforceRB #RBconf
4

5.
Big Data Opportunity For Banks
• Banks have customer demographic, financial, and
transaction insight that provides a wealth of insight
• Big data is already being used with risk and fraud
monitoring successfully
• Banks can reach sophistication in targeting that no other
industry can achieve
• Better targeting ensures a better response as well as
optimization of the marketing investment
@MarketforceRB #RBconf
5

6.
Big Data Challenge For Banks
• Consumers have transient relationships with multiple
banks
• Banks no longer monopolize a consumer’s financial
transactions thanks for PayPal, Amazon, Google, etc.
• Social profile becoming as important for view of
preferences, buying patterns and networks
• Not all data is stored and far less is analyzed
• Lack of unified customer view and sharing across
enterprise
• Privacy regulations
@MarketforceRB #RBconf
6

7.
Bank Marketers Are Multitaskers
@MarketforceRB #RBconf
7

8.
CMO Alignment With C-Suite
@MarketforceRB #RBconf
8

9.
CMO Alignment With C-Suite
@MarketforceRB #RBconf
9

10.
Creating A Full Customer Profile
@MarketforceRB #RBconf
10

11.
Big Data For Engagement & Loyalty
• Acquisition: Propensity models based on customer and
prospect insight
• Engagement: Behavior and transaction driven
promotions with geo-locational opportunities
• Social Graph Analysis: Customers with most social
‘clout’
• Sentiment Analysis: Brand and product sentiment
• Cross-Selling: Recommendation engine for next best
product, product propensity, etc.
• Customer Experience Analysis: Across channels
• Customer LTV: Current and potential value analysis
• Churn Analysis: Event triggers and attrition patterns
@MarketforceRB #RBconf
11

12.
The ‘Learning Relationship’
@MarketforceRB #RBconf
12

13.
Digital Retargeting
@MarketforceRB #RBconf
13

14.
Personalized Email Offers
@MarketforceRB #RBconf
14

15.
PFM Transactions Drive Offers
@MarketforceRB #RBconf
15

16.
Discover Redemption Reward
Recommendations
@MarketforceRB #RBconf
16

17.
American Express/Foursquare
17 @MarketforceRB #RBconf

18.
Non-Financial Loyalty Offers
@MarketforceRB #RBconf
18

19.
Chase Community Giving
@MarketforceRB #RBconf
19

20.
Amex Small Business Saturday
@MarketforceRB #RBconf
20

21.
Movenbank Cred Score
@MarketforceRB #RBconf
21

22.
CBA Augmented Reality Mortgage App
@MarketforceRB #RBconf
22

23.
Big Data Crowdsourcing Engagement
Fidor Bank
First Direct Bank
@MarketforceRB #RBconf
23

24.
Big Data Maturity Curve
Russell Ackoff, "From Data to Wisdom"
@MarketforceRB #RBconf
24

25.
New Data Paradigm
• Benefits. Most consumers are willing to share their personal data,
given sufficient awareness on the benefits of digital identity
applications and the implications for data collection and usage.
• Responsibility. Personal data needs to be recognized as a highly
valuable asset, requiring an adequately high level of security, and a
limitation to the least sensitive data for the targeted use.
• Transparency. By being open and clear about their data processes,
organizations effectively mitigate confidence risks and attract more
informed customers to their platforms and applications.
• Control. Individuals' preferences regarding data sharing differ
widely. Easy-to-use options and controls allow individuals to adapt
their sharing to their specific needs.
@MarketforceRB #RBconf
25

26.
MAKE SURE YOU NEED A BIG
DATA SOLUTION
Review volume, velocity and variety
needs
@MarketforceRB #RBconf

27.
USE MORE DIVERSE DATA
NOT JUST MORE DATA
Combining multiple data sources can
yield the most interesting insights
@MarketforceRB #RBconf

28.
DATA DOESN’T HAVE AN
EXPIRATION DATE
Keep data longer than you would think
you would need to
@MarketforceRB #RBconf

29.
EXPECT DATA TO GROW
EXPONENTIALLY
Adding mobile and geo-locational data
expands the amount of insight
significantly
@MarketforceRB #RBconf

30.
DON’T MISTAKE REPORTS
FOR INSIGHT
Ask if the data is yielding meaningful
insights that affect the success of the
business
@MarketforceRB #RBconf

31.
DATA BECOMES MORE
VALUABLE THE MORE PEOPLE
WHO USE IT
Broaden access across the organization
@MarketforceRB #RBconf

32.
SOLVE SMALL DATA ISSUES
FIRST
Eliminate internal data silos before
tackling the larger issue of big data
@MarketforceRB #RBconf

33.
Big Data Staged Execution
Novantas, 2012
@MarketforceRB #RBconf

34.
Jim Marous
SVP, Corporate Development
New Control
Cleveland, Ohio
1-216-218-4257
@jimmarous
BANK MARKETING STRATEGY
WWW.JIMMAROUS.BLOGSPOT.COM
@MarketforceRB #RBconf
34