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Building Outstanding Customer RelationshipsDelivering Relevant Next Best Actions for Retail Bank Customers
WEBINAR
Steven Noels, CTONGDATA
James Taylor, CEO, Decision Management Solutions
Introducing Next Best Action
3
Every Customer Interaction Builds Value
4
Maximizing the Value Requires Focus
ACTIONTHE RIGHT
PERSONTHE RIGHT
TIMETHE RIGHT
CHANNELTHE RIGHT
5
Next Best Action
• 1:1 Marketing
• Cross-‐channel Marketing
• Markets of 1
• Personalization
• Right Action
• Right Person
• Right Time
• Right Channel
Decisions Drive Next Best Action
7
Optimizing Every Interaction Requires Decisions
• What’s the next best action for this customer?• What channel should I use to contact them?• How do I retain this customer?• Can I approve this customer’s request?• What will make this customer more loyal?• Is this customer valuable enough to retain?• What’s the best way to handle this problem?• Why is this customer calling?• …
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Consistent Decisions
Decision
Across all channels
Customer-‐centric
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Precise Decisions
Replace cookie-‐cutter With: • Localized• Personalized• Timely
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Responsive Decisions
Event
Decision Latency
Action
Technology for Next Best Action Decisions
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Next Best ActionDecision Management Systems
Agile Analytic Adaptive
13
Delivering Next Best Action
Decision
Traditional New
External ü ü
Internal ü ü
Analytically enrich itMake Consistent, Precise, Real-‐Time
Decisions Across All Channels
Learn ContinuouslyStart with customer data
Add Policies, RegulationsBest Practices and Preferences
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Technology Needs
• Manage Customer Datao Structured and unstructured; Internal and external
• Build Data-‐Driven Analyticso Customer-‐level understanding -‐ “segments of 1”o Risk and response predictions
• Manage Ruleso Policies, regulations, best practices and customer preferences
• Deploy Decision-‐Makingo Consistent, precise real-‐time decisions available across all channels
• Learn and adapto Track behavior and learn over time
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From Traditional Marketing… To Next Best Action
• Next product• Campaign targeting• Process-‐centric, batch• Web analytics• A/B Testing• Few channels• Portfolio level analysis
• Actions not just offers• Offer personalization• Real-‐time event/response • Predictive analytics• Adaptive analytics• Many channels include SoMoLo• Micro-‐segmentation
Next Best Action is a Change in Focus and Technology
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Value for All Parties
VALUE FOR CUSTOMERVALUE FOR COMPANY
VALUE
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Lily Enterprise™: The Analytics RevolutionFrom a Manual World (Insights) to Operational Analytics (Impact)
DATA
INSIGHT
BI TEAMS BUSINESS
ACTION
ENGAGEMENT
Ultimate cross-‐channel customer
recognition
Personal Customer experiences
Cross-‐channel (contextual) experience
Smartermedia buys
Streaming analytics and real-‐time interactions
Real-‐time campaign and performance optimization
Relevant Inbound Offers and Actions
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Customer DNA
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Lily Customer DNA AdvantagesDriving Revenues: Effectiveness and Efficiency
No more time lost on data gathering and
preparation
Fully integrated and automated
processes
Data is always complete and always
current
Insights immediately
turned into action
Analysts focus on higher level and next gen analytics
x10 targeting precision, increasing revenues and loyalty
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Lily Enterprise: Defined
Plugs into the platform Platform may integrate with or contain Platform contains
Real-‐timeintegration
Big Data Foundation
Enterprise Data Management, Governance, Security
Channel applications
Learn
Continuous Feedback
External Analytics & data science
tools, frameworks and services
External Dashboards
Analytics and data science tools, frameworks
and services
Insight-‐driven processes
Dashboards
Decision and management
logic
Learn35%
87%
$124
$2946
35.2 months
75%
80%
2
36d 5
63%
2d
18
11
88
66
$11350
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Customer arrives in branch
Branch relevant Offers are selected
Propensities to accept are determined in order to sort the
Offers to their customer relevance based upon Customer DNA
Product and Offer eligibility is evaluated based on Customer’s
DNA
Personalization of top Offers suggests specific actions to be taken by branch manager
Offer Personalization
Customer specific reductions on Offer
Product(s) related to the Offer
Action to take towards Customer (e.g. call up)
Lily Customer DNA
e.g. current portfolio, amount spent per month, flag salary on CA, flag has car loan, personal product reductions, recent click behavior
Car Loan Offer 1
Car Loan Offer 2
100.00
33.00
27.00 Pension Savings Offer 2
Offer Propensity
Overview of all Offers and their constraints
Offer and Product constraints overview
1 2 3
Trigger
Original product price(s)
Case Study
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Keys to Mastering Next Best Action
Go From Campaign/Segments to Individual Interactions
Incorporate Behavioral and Contextual Data for Real-‐time Relevancy
Continuous Scoring – Always-‐Available Individual Insights
Bridge the Gap Between Data Analytics and Business Execution
Flexible Environment – Allowing Movement to Decision and Execution Without Reliance on IT
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Thank you. Any questions?
NGDATA helps companies in data-‐driven industries operationalize their data analytics through our real-‐time, analytics-‐based customer experience management solution, Lily Enterprise™. It finds insights and executes on them, bridging the gap between the worlds of data and business, enabling the delivery of timely, relevant and contextually-‐aware interactions that customers embrace.
Connect With Us.
Decision Management Solutions specializes in helping organizations build decision-‐centric, action-‐oriented systems and processes using decision management, business rules, and advanced analytic technologies. We offer a complete set of training, consulting and decision modeling software to help you build your decision management capability.
www.NGDATA.com
www.decisionmanagementsolutions.com
