Tapping into Data to Improve Customer Experience
Data is everywhere. According to IDC, in 2010 more than 1.2 zettabytes of digital data was generated globally in 2010, and the amount of data generated each year is expected to reach almost eight zettabytes in 2015.
Savvy organizations have realized that data is a precious commodity and are doing their utmost to turn this information into actionable insights that will lead to business results. The most forward-thinking companies are focusing on developing sound analytic strategies to help them better understand their customers and prospects and be able to communicate with them in a more relevant and personalized manner.
Turkish bank Akbank is one organization that is leveraging data to be more customer-centric. The bank's sound analytic strategy has helped it win the Customer Analytics category in the Gartner & 1to1 Media CRM Excellence Awards 2013 in the EMEA and Asia Pacific region.
Akbank has long been collecting humungous amounts of data. Its customer database alone holds more than 19 million records and the bank sees a staggering six billion transactions over eight channels every year. Yet, the bank was finding it challenging to make sense of all this data.
However, Akbank's business leaders were committed to develop a sound strategy that would help the bank make the most out of its data. The plan was to use this information to accurately predict customer banking and transactional behavior to be able to provide customers with solutions that were highly relevant to their needs. Akbank wanted to create more targeted and customized actions for customers depending on their needs and history. Additional, the bank's business leaders were well aware that data could help increase cross-sales, NPS, and profitability while decreasing attrition.
Akbank realized that the data strategy would require collaboration between different departments and set up a cross-functional team to embark on the exercise, which led to offers, campaigns, and communications designed according to analytics insights to be relevant to the target customers.
The results showed the power of analytics and Akbank saw its NPS rise by 43 percent between January and December 2012 while customer complaints shrunk by 6 percent.
The huge amounts of data available can be overwhelming for organizations and some don't know where to start to make sense out of all this information. The trick is to have a sound strategy in place that will help the organization turn data into actionable insights that will lead to business results.
Download the e-book with the Gartner & 1to1 Media CRM Excellence Awards 2013 EMEA/APAC winners.