Maturity of customer data: Bosna Bank International
Azra Hadziomeragic is Retail Board Member at Bosna Bank International. She tells Qorus and Wavestone how they utilize data in order to enhance their customer experience.
Azra Hadziomeragic is Retail Board Member at Bosna Bank International. She tells Qorus and Wavestone how they utilize data in order to enhance their customer experience.
In your opinion, how does the use of data and the personalization of offers and paths respond to development or loyalty issues for your organization? What transformation does this evolution presuppose?
We have developed technologies that allow us to understand data patterns, turn them into customer needs and in near real time communicate to customers contextually through digital channels.
Through digital personalization, we continuously engage the customer in the bank's products and services, increasing customer stickiness and enhancing the customer experience.
The final goal is to become a data-driven organization that uses data to make business decisions, in everyday work, for the purpose of communication with clients, etc.
What types of data are your personalization use cases based on? How do you enrich them?
We use internal customer data, mostly focusing on customer transactional behavior with the intention of expanding with data on customer behavior outside the bank (Google analytics options).
For these purposes, historical data from the system are used, and predictions of future behavior of clients are made.
Which data use cases are you particularly proud of? On which customer/employee situation? What are the expected/measured ROI elements?
We are especially proud of the use cases that focus on the client's motivation to use digital channels, so-called event trigger campaigns. To clients who come to branches in order to obtain counter services, we send promotional messages with and without benefits. After a transaction is done, the customer receives an automatic promotional message for usage of digital channels. For campaigns like this, conversion rates reach 20%.
What are the main obstacles and/or key success factors you are facing in their development and/or deployment?
The biggest challenges we face are obtaining all the necessary data, and then their quality, which we have largely overcome through the formation of easy data as a central place to store all data with their automatic updating.
More generally, what is your view of your organization's maturity with regard to the personalization of paths and offers? For example, is it ahead of the game or at the state of the art? What are the possible projects that still need to be carried out?
Looking at the local market, we definitely belong to the group of frontrunners. Our ultimate goal is to create an omnichannel environment in which we will be able to provide clients with a superior experience regardless of the channel through which they communicate with the bank.
Is there anything else you would like to highlight?
Our biggest competitor is time. Use the data to be close to your customers, so close that you recognize their needs even before they are aware of them themselves. As soon as the event happens, your digital personalized context-related offer should find its place with the client.
Download the report
Digital Reinvention community
With Qorus memberships, you gain access to exclusive innovation best practices and tailored matchmaking opportunities with executives who share your challenges.