How do you foresee big data changing your industry?
Big data is transforming the entire customer experience. There are touch points within the customer journey (including advertising, call centres, digital signage, mobile apps and social media) that generate big data on what consumers are doing to what they buy. This is useful to our clients in that they can make changes their customers will want, based on what big data tells them.
How is your competition using big data?
It is only those who specialize in software like we do who are utilising big data to help respond to customer needs before they even enter a store. Software allows for more sophisticated analysis of consumer behaviour.
What commercial advantage does big data bring to your business?
In retail banking, where it’s difficult to differentiate on a product level, it’s crucial to stand out from the competition. Connecting all the data means you have access to key information. That includes knowing the type of service that is being demanded. In turn, that means you can be better prepared for servicing the demand. Done well, a bank can get ahead of the competition and build loyalty.
What challenges do you face with big data?
There are some data integrity issues that clients will be well aware of – as well as practical issues with storing, pruning, cleansing and analysing data. The data we create is around segmentation, service times, staff activity and so on. The key to all data is ensuring it gets used to improve the business and not just for the sake of having data.
How have customers been delighted due to the insights you have gained?
Knowing what service a customer asks for, how long it takes for them to get service and the length of the total transaction can be the holy grail of data. Having this data means you can ensure that you can manage the cost per transaction. And that means you can manage the available channels and the customer experience.
How has big data changed the way that you lead?
There must be the right talent within our global leadership that has understanding of the possibilities of big data. We have been working with an HR consultancy, Penna, to help appoint a global team that can help with opportunities big data brings.