In 2012 Westpac took a courageous step in re-platforming digital banking and the underlying core IT Services that drive it in order to enable their new strategy. They improved staff workflows, built infrastructure to manage the quantities of data moving to and from the bank, and integrated a contact programme that created tailored, responsive communications with each customer through any channel. The bank’s award winning omni-channel decisioning engine ‘Sympony’ drives the message, timing and channel selection. The automated programme annually manages 10 million inbound and branch conversations, 50 million ATM interactions and more than 100 million online and App sessions in order to market directly to every customer.
If a customer starts a conversation in one channel, it can be intelligently and effortlessly continued in another. Integrating feedback loops into communications also plays a significant part in the utility - and thus success - of the programme. A call-back feature on the customer’s personalised microsite generates a lead which is sent to their personal banker and followed up – often within 4 hours – and poor feedback is triaged immediately.
This approach has required considerable learning and refinement over the last 18 months. Results are ensured by using rich customer-specific data drawn from 14 disparate areas covering everyday transactional, behavioural and demographic sources. Westpac utilises 53 million rows of data to create communications at defined times across seven different channels, using 572 context-specific business rules, 127 customer attributes and a database of 500 ranked messages, resulting in 806,990 possible combinations within email alone. Every communication is bespoke, speaking to individual customer needs, providing marketing that speaks to what they are interested in and most likely to adopt.
Westpac’s marketing approach is very targeted but it has also provided opportunities for acquisition as well as its contribution to the satisfaction of existing customers. For example, 40%+ of the new home lending applications received online are from non-customers. The bank is not missing a trick, taking these contacts and talking to them directly from the moment they are approved, just as with all 1.2 million other customers.
Westpac has achieved success by taking multi-channel marketing, turning it into responsive, bespoke, omni-channel marketing and delivering it directly to each and every customer. Symphony has ensured every one of the Bank’s objectives has been exceeded.