Growing your retail banking operations means increasing wallet share, improving customer satisfaction and loyalty and serving mass market customers more cost-effectively. To succeed, you must understand the needs of individual customers and customer segments so that you can put strategies in place that offer them the right product at the right time via the right channel.
Bring initiative planning and tracking to the fore
The tools to understand customer segment performance have existed for years. But institutions have failed to meet their growth and profitability targets because:
- Data exists in disparate systems.
- Customer profitability solutions are isolated from the financial planning process.
- Customer relationship management (CRM) solutions have been cost-prohibitive and rarely lived up to their promise.
- Initiative planning and tracking has been an afterthought.
Set and monitor targets that improve segment profitability
The IBM Cognos Customer Segment Performance Blueprint incorporates banking industry best practices for consolidating customer data, better understanding customer segments and individual customers, and setting The IBM Cognos Customer Segment Performance Blueprint incorporates banking industry best practices for consolidating customer data, better understanding customer segments and individual customers, and setting and monitoring specific targets that improve segment profitability:
- Customer segment reporting, analysis, dashboards and scorecards let managers see at a glance how individual customers and customer segments are performing across measures such as customer profitability, customer lifetime value, risk grade and products most likely to be purchased next.
- Initiative reporting, analysis, dashboards, and scorecards identify the best customers and customer segments to target for product or service initiatives, based on the performance of past initiatives.
- Initiative planning lets you perform what-if analysis and plan marketing initiatives by product within customer segment.
- Customer segment P&L calculation and forecasting is created dynamically from revenue, balance and cost information to provide customer segment profitability information.
- Activity-based costing and management is based on accurate data through integration with Acorn Systems’ Profit Analyzer CI, another costing provider or the bank’s existing systems.
Learn more about the IBM Cognos Retail Banking Customer Segment Performance Blueprint.
