ICICI Bank: Fueling Interactive Marketing through Analytics
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The document sheds light on the needs of today's consumers; the marketing paradox and consumer touch points. Communication through various channels. The document also elaborates on the concept of Marketing as a bridge, Customer Experience Management and the Customer Analytics framework. Latency, Need based marketing, Channel innovation and the optimization process is also mentioned in the document.
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ICICI Bank: Fueling Interactive Marketing through Analytics
- 1. CMO Roundtable Conference 8th June, 2011 Presented by - IBM & Customer Centria www.customercentria.com
- 2. Fuelling Interactive Marketing Through Customer Analytics Ashish Singhal Head – Privilege Banking ICICI Bank
- 3. Agenda Challenges in Customer Communication The ICICI Bank Solution Vision and Roadmap
- 4. Agenda Challenges in Customer Communication The ICICI Bank Solution Vision and Roadmap
- 5. Its’ a Fan It’s a wall Its’ a Spear Its’ a Rope Its’ a Tree
- 6. What does the customer need? Credit Card Discount Offers Insurance Trade Finance Home Loan
- 7. The Marketing Paradox “The very things • Statement stuffers that marketers are • Junk mail doing to build • Pop-up ads relationships with • And… customers are often the things that are destroying those relationships.” Harvard Business Review January, 1998
- 8. Customer Touchpoints Customer today is value hunting across multiple channels! Website Call Centers POS Customer Mobile Buying E-Mail
- 9. Channel Communication Confidence among consumers for marketing communications across media Title in here 87% Word Of Mouth Newspapers 77% Online Opinions 73% Brand Websites 72% Television 65% Magazines & Radio 64% 41% Search Engine Ads Online Banner Ads, Mobile Ads 29% Source : AC Nielsen
- 10. Expectations Hype There is a huge gap between the Customer’s expectations and the actual fulfillment Plan & Sell Identify and communicate with the Plan&Sell right target audience Carry out the actual fulfillment Execute Analyze Execute Success Analyze Measure the results and determine Success success
- 11. Agenda Challenges in Customer Communication The ICICI Bank Solution Vision and Roadmap
- 12. Marketing as a Bridge With EMM CEO CFO The earlier complaints : - Marketing not aligned with CFO concerns - Not tracking the right metrics - Not Playing a role in critical strategy Now : - More closely aligned with Cash flow drivers - Tactical as well as Strategic function Speak the language of finance Title in here
- 13. Typical Customer View Mr Jain Mr Jain is an attractive target Married, 2 children, Marketing for home loans Marketing Joint family Mr Jain No problem of re-payment is a good customer Collections Collections of 2-wheeler loan Mr Jain is a hot lead Call Mr.Jain called up thrice last for a personal loan Call Center Month for loan against home Center Mr.Jain may be moving Mr.Jain’s 2-wheeler is co. On to a new job Risk Financed and there is a Risk Fore-closure request Is Mr Jain a potential customer? Is he safe?
- 14. Need of the hour Alignment! Future Vision Historical Strategy Performance
- 15. Customer Experience Management Optimization Experience Offer Management Service Management Management Response Management Age of Consumerism!!!
- 16. One Integrated Customer View Mr Jain Event Treatment Marketing Married, 2 children, Marketing Joint family Mr.Jain has possibly Married, 2 children, lost/changed his Collections No problem of re-payment Joint family, No job and we need Collections of 2-wheeler loan Problem on repayment to validate his Of 2 wheeler loan. employment Enquiring for loan Mr.Jain called up thrice last status and credit Call Against home and Call Month for loan against home worthiness before Center There is a foreclosure Center proceeding with Request on 2 wheeler Loan. any new business Mr.Jain’s 2-wheeler is co. with him. Risk Financed and there is a Risk Fore-closure request Financial Department Consolidation Closed Loop Learning
- 17. Customer Analytics Framework Customer Segmentatio n Propensit Response y Models Capture Customer Analytics Single Use of Customer EMM Tool View
- 18. Imagine a full stadium with 70,000 people Which of those people are open to buy NOW ? Suppose that it is only 0.2% TIMING RELEVANCE SPEED (which means 140) Who are those 140 people? (timing) What do they want to buy? (relevance) How much time do you have left to sell? (speed)
- 19. Latency / Need based Marketing • While the CSR is still talking/listening to the customer • While the customer is still using the ATM • While the web page is still in front of the Business event customer • Speed of Response = Higher Revenue Data latency Data captured Value Analysis Intelligence delivered latency Decision Action latency taken Point-of-Sale Call Center Action time Source: Bolder Technology
- 20. Channel Innovation – ATM Insufficient Funds • EBM Campaign Overview – Identify customers who are using ATM for cash • Success Criteria withdrawals but having insufficient funds in their – Customer Accepting PL savings accounts • Benefit – These customers will have be offered personal loan to manage and plan their finance – Customer can enjoy different pricing according to their Low High behavior score Customer Need Low High – Higher cross sell ratio Potential ROI Low High • Offer Strategic Value – ICICI bank will offer a personal Ease of Execution Harder P Easier loan to the customer Longer Quicker Time Sensitivity • Preferred Channels Harder Easier – Outbound calling - PL Measured Easily Longer Quicker – DM & SMS – PL Measured Quickly
- 21. Where we want to be….. Strategic Customer Insight Seamless Execution Channels Segments Source Data Leads/ Offers Reports & Analytics Enterprise Data Web Loans Warehouse Purchase Profitability Segmentation Modeling Call Social Center Butterfly Cross Sell Multi-Channel Campaign Automation Email Liabilities Campaigns Mailer Query Campaign Campaign Design Automation High Flyers Investment Agent or s Account Event-Driven Marketing Manager Credit Real Time Enterprise Cards Events Rules SMS Traditionalists Responses
- 22. Agenda Challenges in Customer Communication The ICICI Bank Solution Vision and Roadmap
- 23. Optimization Process Generate, Best Leads Frequency, Max # Leads Process Deliver to Prioritize, and Across Recency, & Per Cycle By Channel Channel Dedup Leads Communications Preference Total Comm Marketing Priority #1 High Value Communications Call Center Customers Call Centre Execute Channel Rule Priority #2 Database Channel Capacity = 6 Low Value Priority #3 Customers Email Priority #4 Electronic Channels Database Segment Channel Responses Plans Prioritize Dedup Across Max # Channel W/Comm Comm Limiting Leads Capacity Unrealized Opportunities Data Warehouse
- 24. Optimization Effect OFFERS CHANNELS CUSTOMERS X X Optimising Contacts “Thousands” “Multiples” “Millions” CONSTRAINTS Product Targets Channel Capacity Customer Fatigue Product Budgets Min mail Volume Preferences Optimisation mathematically determines….. The Best Offer & The Best Channel to Maximise the ROI of all campaigns
- 25. EBM :Turn the conventional model on its head Triggers Simplistic Transactional Changes involving update of Single Field High INR 50 K Deposit Secondary Events Business Value Triggers coupled with additional rules to determine significance to the individual Significant Deposit, Deposit is 2* average Patterns Patterns Secondary Events Combination of multiple triggers & Secondary events occurring in Low Triggers sequence over a period of time Change in Employment. Simple Complex INR 50K was redundancy, Salary Event Complexity stopped. Regular payments received from new employer 4 weeks later