2023 Silver Data Storytelling

Entrant: M&S Bank

Client: M&S Bank

Entry Title: Embedding a Digital First Strategy

Executive Summary

M&S Bank’s key strategic pillar was to digitise at scale, creating great customer experiences. It has been achieved by harnessing the power of data to create rich, actionable insight to execute a digital strategy.

Strategy

Communicating with customers about the digital channel has historically been a blanket approach with minimal personalisation. The decision was made to take a more targeted approach.

The team set out to create the ‘digital ladder’, a monthly report which segments the entire customer base into one of eight groups ranging based on digitally activity.

Each segment had an extensive array of metrics and data to build rich insight about customers. The ladder provides detailed analysis regarding customer behaviour including how much on average customers spend on their credit card.

This led to the digital strategy of moving customers to the top of the ladder to increase customer confidence in managing finances digitally, help establish better financial wellbeing and provide a commercial benefit due to reduced calls, process efficiency and reduced paper usage.

Creativity

The vast amount of data in the digital ladder could be used to go beyond email comms to educate the wider business on the strategy, and the benefit of using it to communicate with customers.

The contact centre was key. A three-week pilot was implemented, with agents able quickly and easily see a customer’s ladder segment. Training was provided and materials including ladder-specific conversation starters and follow-up emails was created.

The data in the ladder also allowed the team to create targeted email campaigns with specific messages to customers in the different ladder segments.

Results

10,436 customers called during the contact centre pilot with no impact to average handling time and:

Based on the fee and a balance transfer, the email provided commercial benefits to the business, showing the importance of engaging customers again with the digital channel.

A digital culture was successfully embedded in the organisation. This was achieved by showcasing the digital ladder and educating colleagues about the data and the benefits of applying it to customer conversations.

The Team

M&S Bank - Mark Rowbottom, Digital Journey Manager - Gemma Green, Head of Digital Experience and Commercialisation - Sukhdev Dhunna, Business Intelligence Analyst - Eleanor McCusker, Change Application Manager - Ceri Jones, Digital Engagement Manager - Hazel Blakey-Graham, Digital Experience & Commercialisation Coordinator - Charlotte Oben, Digital Journey Manager