What will drive the bank of tomorrow?
“Analytics will drive the bank of tomorrow,” said David Wallace, Global Financial Services Practice leader as he kicked off our discussion. “Artificial intelligence, automated processes, cloud-based infrastructure, and real-time decisioning will drive the digitized bank and result in improved performance from a more competitive cost base, a better fit for the future as banks align with regulators, and increased revenue per customer. It’s about being a digital native enterprise that innovates at a pace of greater magnitude than traditional businesses; is driven by a customer centric and empowered workforce; embraces risk taking as it continually learns and adapts; and, leverages technology and data to operate more efficiently and effectively.”

How does SAS enable the digital bank? Currently, SAS focuses on four areas: fraud and financial crimes compliance, customer experience, risk management and digital transformation. Marketers and insights professionals in banking are most laser-focused on customer experience and digital transformation, so we will share their capabilities in these areas. In this section, read about moving experience management into real-time. Then, click at bottom to move on to how marketing’s digital transformation is taking place.
It's all about the journey

Improving customer experience depends on gaining a holistic view of each of your customer using real-time, contextualized interactions and analysis. SAS delivers banking and financial analytics for:

Customer Decisioning
Orchestrate contextual, individualized customer experiences by anticipating customer needs across all engagement channels and delivering exactly the right proposition to the customer in real-time

Customer Insight
Enhance each customer’s journey through digital data collection. AI & machine learning applied against all customer data aids in deploying accurate insights rapidly to maximize the positive impact on the customer experience

Personalized Marketing
Enable a continuous customer journey across touchpoints by maximizing marketing resources and integrating customer data and analytics to deliver optimized, contextually relevant engagements.

“One of the biggest things we see is that we need to be present across all channels, because buyers are present across all channels,” shared Michelle Eggers, Senior Director, Customer Intelligence. “Over the last 10 years, digital marketing disciplines have created the disconnected siloes we see today.

Email marketing teams, social media teams, mobile app teams have grown so independent that no one is talking to the buyer. Delivering a customer experience strategy requires that you bring these disciplines more tightly together into a hybrid model that consists of database marketing (PR, direct mail, email, promo and call centers) and digital marketing (web, content, search, advertising, mobile and social).”
The core is around customer journey management. Know who your best customers are and build out journeys that deliver all the way into the channel. Push personalization into your mobile apps. Have a customer data platform that enables all related data to come together. Use historical purchases data alongside current behaviors across digital properties to amp up insights that you can deliver.

A digital customer innovation strategy revolves around 5 stages:
  1. Digital/customer analytics
  2. Customer journey test & learn
  3. Marketing attribution
  4. Customer journey analysis
  5. Customer journey optimization
Eggers shared her views and definitions on each.

Digital/Customer Analytics: Analyze and understand cross channel customer interactions. Banks do customer analytics well today. In the recent past, digital and customer operations were broken because they got stuck in siloes. Now we have the tools available to bring groups together to gain powerful insights. Once we have the data, we can collect it and interpret it at the customer level. Automation takes the steps out so you can do the analysis and reporting, marrying digital analytics with customer insights to build predictive models.

Customer Journey Test & Learn: Understand which marketer-defined customer journeys perform better. Test and learn entails machine learning using several techniques. Test and learn capability, or multi-variate testing gives you the ability to look at an entire experience within your website gauging the impact of one page vs. another.
  • Multi-arm bandits are self-learning capabilities within A/B testing. This is a decision-helper that makes testing quicker, results quicker, and gives you the ability to make adjustments quickly.
  • Testing versions, or pick a winner. Another machine-learning tool that allows you to discover unknown better performing segments of your population and compare them to other segments. This technique is closer to the channel and dynamic in nature and gets you closer to a more personalized marketing experience.
Marketing Attribution: This stage tests key touchpoints within predictive and scenario analysis.

Customer Journey Analysis discovers and analyzes the various paths to conversion at the touchpoint level.

Customer Journey Optimization is the AI-driven self-learning approach that discovers levers that influence goal achievement. 
“We’re often too prescriptive as marketers. We define a customer journey. We understand the goals for a campaign and the history of how customers have been engaging with us. We know that we can create a higher conversion rate based on the likelihood of conversion on X service, so we conduct the marketing activities that create a higher conversion rate,” said Eggers.Realistically, journeys look more like a roadmap, according to Amartya Bhattacharjya, Principal Solutions Architect. We monitor the path a customer follows so we can push them forward or re-route them based on their patterns of behaviors and needs. At every stage of the journey there is a point to make a course correction. The journey evolves as the customer engages with us. Supporting the journey at every stage is analytics. You’re collecting behavioral data on your customer or prospect and surfacing it in real time to make the buyer think you understand them.
Now, we are engaged with customer in real time.

Click here to read more about DIGITAL TRANSFORMATION

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