Retail Banking: A Digital pure-play offeringA Top 10 North American Bank
The client is a leading North American financial institution that was looking to enter the retail banking space through a digital pure-play offering.
The effort helped build Prospect and Customer Analytics foundation for marketing, credit and servicing decisions, Adobe Marketing Cloud for real-time cross-channel marketing, optimization and insights and a Command Center for executive insights and action plan to ensure launch readiness
Challenge
The bank wanted to launch a digital bank to develop a retail banking offering, and wanted it to be underpinned by Advanced Analytics, with the analytics and data strategy driven by customer centricity.
The bank was to be composed of a Digital Command Center that generated executive insights and an action plan to ensure launch readiness, an Analytics foundation for marketing, credit and servicing decisions, and supported by Adobe platforms for real-time cross-channel marketing, optimization and insights.
The client wanted to leverage advanced analytics to improve prospecting, campaign effectiveness, personalization, risk management, & servicing, all while marrying 2nd and 3rd party data.
Solution
Developed a brand new infrastructure built on modern open-source tools and technologies like Adobe Marketing Cloud, Python and Hadoop.
Implemented a scientific approach to attracting qualified prospects – leveraging both traditional and digital marketing techniques – ensuring efficient use of media spend and high conversion rates.
Designed Customer Analytic Record, including defined baseline attributes, detailed attribute analysis and data source mapping.
Logical flows mapped to use cases, including detailed flows from data sources, marketing, risk, servicing and collections.
Integrate multiple Adobe platforms and tools, such as Design, Experience Manager, Creative Cloud, Campaign, and Audience Manager.
Engagement used agile delivery methods and focused on MVP, delivering solutions in an effective, low-cost way and allowing them to be quickly tested and feedback incorporated.
Results
Built a new digital bank in < 9 months with data and analytics at its core, connecting bleeding edge digital marketing platforms from Adobe with fintech, direct mail distribution, digital media and call centers – that personalize loan offers in near real-time across consumer touch points.
Built Prospect and Customer Analytics foundation for marketing, credit and servicing decisions, Adobe Marketing Cloud for real-time cross-channel marketing, optimization and insights and a Command Center for executive insights and action plan to ensure launch readiness.
A consistent, regularly updated single repository of more than 3,700 customer level fields.
Provides agile and extensible structure to accommodate & handle LOB’s specific business needs in short time.
CAR shortened the model development cycle by as much as 50%.