Maturity of customer data: mBank
Krzysztof Pałuszyński is Deputy Director of Omnichannel Banking at mBank. He tells Qorus and Wavestone how they utilize data in order to enhance their customer experience.
Krzysztof Pałuszyński is Deputy Director of Omnichannel Banking at mBank. He 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?
The more personalized the communication, the more effectively it engages and reaches the customer.
In digital era the word 'personalization' has taken on a new meaning. Today, when you say 'personalization' you think rather, about 'auto-personalization’.
Implementing auto-personalization on a large scale requires banks to have significant tools, resources and analytical facilities to process complex data across all customer segments.
What types of data are your personalization use cases based on? How do you enrich them?
Personalization requires the processing of extremely large amounts of data, large computing power and fast data repositories about customers. Personalization can involve wide categories of data, e.g.
- behavioral data about the customer in all digital and physical channels
- customer device information
- versions of applications
- customer pathways in the channel and omnichannel
- transactions (account history, products, personal data, etc.)
- pre-approved credit limit information
- current products
- privacy data (consents)
- all aggregates and expressions calculated in real-time
Which data use cases are you particularly proud of? On which customer/employee situation? What are the expected/measured ROI elements?
Most successful campaigns use behavioral data and transactional data in real time. All channels have to be connected to one CDP platform. CDP allows you to gather, process, automate and publish dynamic content in real time for the customers.
Dedicated personalized page embedded conversions under personalized banners get a lot more unique views.
Personalized content and personalized offers engage users much more, and are considerably more effective.
We measure CTR, additional sales, DAU, WAU, MAU, etc.
What are the main obstacles and/or key success factors you are facing in their development and/or deployment?
Developing personalized communication and building personalized offers (right product, right channel, right moment/time, right communication) requires not only the appropriate technology, but also a dedicated and devoted team who know how to use big data, ux designers, developers and e-commerce specialists.
The most important success factor is an engaged and experienced team. From the management perspective, trust and support from project stakeholders is very important, especially in tough moments.
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?
I assess the maturity of the organization in using the personalization potential at a high level (7/10).
I believe that mBank is well above average in the financial services sector.
We are on the right path, but we can go definitely further to personalize more content and do so more efficiently.
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