CULTIVATING SMART DATA TO 04/15/19 ENRICH … · 12.Third Party Mobile App Management...
Transcript of CULTIVATING SMART DATA TO 04/15/19 ENRICH … · 12.Third Party Mobile App Management...
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04/15/19
LEVERAGING NEXT-GENERATION MCIF PLATFORMS
CULTIVATING SMART DATA TO ENRICH RELATIONSHIPS
CULTIVATING SMART DATA TO ENRICH RELATIONSHIPS LEVERAGING NEXT-GENERATION MCIF PLATFORMS
Ben Stangland, President and COO Strum - Formally Weber Marketing Group
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HOW CAN WE GROW?
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HOW CAN WE ENRICH THE LIVES OF OUR CUSTOMERS?
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“Forrester reports 74% of firms say they want to be “data-driven,” but only 29% are actually successful at connecting analytics to action.*”
BRIAN HOPKINS - FORRESTER RESEARCH
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data, information and insights are not synonyms
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STEP 1: SPEAK THE SAME LANGUAGE
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get out a pen and a piece of paper
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1.market data
2.lifestyle segmentation (historical vs recency)
3.profit
4.product balance (or key product(s) balance)
5.product mix
WAYS OF FINDING YOUR IDEAL FUTURE CUSTOMER
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1.active customer
2.ideal future customer
3.market area
SPEAKING THE SAME LANGUAGE
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STEP 2: KNOW WHAT TO MEASURE
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1.all customers vs ideal customers
2.product balances vs products per customer
3.profit per customer
4.FTE counts per transactions
KNOW WHAT TO MEASURE
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STEP 3: ENHANCE YOUR KNOWLEDGE OF YOUR CUSTOMERS
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11.Digital Banking Program
12.Third Party Mobile App Management
13.Foreclosure/REO/Repo Tracking Sheets
14.ACH Transaction Historical Tracking
15.MCIF
16.Product Profitability Spreadsheet
17.Wealth Management Application
18.Commeical LOS
19.Marketing Campaign ROI Tracking Sheet
20.HRIS
21.VOC software
BUILD A FULL PICTURE OF A CUSTOMER PROFILE: DATA
1.Core Banking Software
2.CRM Sytem
3.Customer LOS
4.Mortgage/HE LOS
5.ATM terminal Transaction Tracker
6.Document/Image Management Program
7.Accounting GL Application
8.Investment Management
9.ALM & Forecasting Application
10.Cross-Selling Tracking Sheet
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STEP 4: DATA TO ACTION
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GARTNER IT GLOSSARY, PREDICTIVE ANALYTICS
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What happened?
DESCRIPTIVE ANALYTICS
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Why did it happen?
DIAGNOSTIC ANALYTICS
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What will happen?
PREDICTIVE ANALYTICS
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How can we make it happen?
PRESCRIPTIVE ANALYTICS
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BUILDING A NEXT GENERATION BUSINESS INTELLIGENCE TOOL
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1.Data Warehouse2.MCIF3.CRM4.Marketing automation
WHAT TO BUILD?
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Pro
• Full picture of customer profile
• Integration of third party datasets
• Product matrix marketing
MARKETING CUSTOMER INFORMATION FILE (MCIF)
Con
• Not used globally in the organization
• Historical data only
• Considered old and hard to use
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CUSTOMER RELATIONSHIP MANAGEMENT (CRM)
Pro
• Updated daily
• Contact management, sales management
• Front line and back line views of customers
Con
• Complex and hard to build and execute
• Data can be messy
• Does not link all third party datasets
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MARKETING AUTOMATION
Pro
• Simple, easy, dynamic personalization
• Dynamically seeing social, web and customer responses in realtime
Con
• Does not have a full view of the customer relationship
• Limited query capabilities
• Requires significant resources to integrate data and segmentation
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Link Data Warehouse, MCIF, CRM and Marketing
Automation
THE NEXT GENERATIONAL PRODUCT:
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move from data to information to insight to action
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HOW TO START?
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align silos to clear goals
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1.Simplify Complex Processes2.Queries, Reports, Actions and KPI’s
AUTOMATE WORKFLOW WITH DATA
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align teams to use data insights
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HOW DO WE CREATE FOCUS?
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STEP 5: MAKE DATA ANALYTICS AND INSIGHTS AVAILABLE TO EVERYONE
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1.work off a shared comprehensive data set2.visualize data3.everyone can manage the data
SINGLE SOURCE OF TRUTH
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STEP 6: ENRICH AND PERSONALIZE USER EXPERIENCE
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1.become more timely and relevant to our customers2.anticipate and deliver relevant solutions3.lifestyle, product, online and social triggers
ANTICIPATE AND DELIVER RELEVANT INFORMATION
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STEP 6: CONTINUOUSLY IMPROVE
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1.kaizen2.machine learning3.build and refine dashboards4.track, measure and report
REFINE AND TEST: MACHINE LEARNING
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KEY TAKEAWAYS
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1.define key language definitions as an organization2.align focus and know what to measure as an organization3.develop a “single source of truth” with your data4.make data analytics and insights available to everyone - visualize data 5.anticipate and deliver relevant information6.constantly refine
KEY TAKEAWAYS
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Questions?