Do you ever feel a company knows you too well in one channel but poorly in another?
Have you found a company’s customer experience through your preferred digital channel does not match the physical customer service?
This is because a traditional approach of siloed channels (for web, call center, and branches) is neither customer friendly, staff friendly, nor efficient. Each channel needs its own set of data, workflows, content, design, and other support. Which means that the same functionality is created time and time again. Fundamentally, this is a data management problem stemming from poorly integrating customer data and then failing to act on all the data to design and deliver a consistent customer experience.
Fortunately for Swedbank, this is not the case. This full-service digital bank, serving Swedish and Baltic regions, successfully integrates and performs advanced analytics on all customer data in an effort to deliver superior customer experience.
Swedbank’s 5M digitally active customers generate 1.7B customer interactions per year, creating an entirely new generation of structured and unstructured data. They are blending massive volumes of data from divergent sources into meaningful, actionable information with a laser focus on developing a customer-centric strategy to build trust and customer loyalty.
Sead Pašalić, Head of Data Discovery at Swedbank, knows the value in stitching all available data to “illuminate the customer journey.” His team’s goal is to understand the exact behavior of its customers from digital, to call center, to branch, and back to digital. The value is to provide answers to their customers’ needs.
They are simplifying their analytic ecosystem by integrating analytic functions. Advisors rely on traditional customer data (like account balance details, products and investments, and customer profile details) as well as new unstructured data sources such as web logs, chat bots, and call center data. All in an effort to better understand their customers and meet their financial needs and goals.
“We have this traditional flow of data, which is well-integrated and well-established, with BI services on top of it, serving customers and serving our tellers. What we have been missing for a long time is to stitch that information with unstructured information, which we have in our channels such as web logs, chat bots, and call center data. All that data, now, needs to be combined with the deep history we have on the customer. So, this is exactly what we're doing today.” – Sead Pašalić.
How is Swedbank delivering answers to the business?
- Product affinity allows Swedbank to understand how micro-segment events, transactions, customer meetings, and customer agreements affect, or are most likely to lead, a customer toward a specific product or offering like a new mortgage or to open a new checking/savings account.
- Data sources like web logs, account details, call center interactions, and e-mail communications enable mortgage churn prediction, using Sankey diagrams and decision trees to identify paths to churn for their mortgage holders.
- Compiling, analyzing, and visualizing more than five years of transaction data shows Swedbank the effect of new FinTech features at its major online investment institutions. They can now see how the number of years-as-a-customer impact transaction levels between banks and over time.
- Delivering customer value management with a high potential predictive model for its corporate customers, publishing churn scores, providing product offering optimization, and delivering customer lifetime value.
Swedbank uses an ecosystem approach to illuminate the customer journey, delivering answers to the business and a superior customer experience. They bring the desired data science languages, analytical tools, and engines to the data.
Pervasive data intelligence requires a platform that can analyze all of the data, anywhere, at any time. Swedbank relies on Teradata and our consulting services to unify and simplify their analytics ecosystem -- accelerating time to value.
Swedbank is leading the way in digital banking, and Teradata is a trusted partner.
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