2019 Bronze Best Use of Marketing Automation
04 Dec 2019
Agency: Merkle
Client: Coutts
Campaign Name: Power to the people
Campaign Overview
Coutts has offered personal service to clients for centuries but faced increasing competition and raised client expectations.
Private bankers were struggling with manual applications that hampered productivity.
A tech revolution was needed.
Strategy
Coutts still prides itself on providing a world-class, personalised service to clients.
Recent trends, including increasing competition, expectations of technology and Brexit uncertainty, raised the stakes and put pressure on the team to be more productive despite having more to contend with.
To combat this, the bank decided to make its service even more personal.
A two-pronged strategy took shape. First, free up bankers’ time so they could focus on their clients.
Second, unlock the power of advanced analytics & AI for the customer team.
This meant creating a decisioning solution that understood clients almost as well as the private bankers did.
It wasn’t about replacing the team but making them even more effective, by altering perceptions of AI.
Creativity
Coutts had seen the value of data first-hand through specific client programmes, but implementation at scale was a challenge.
Data lay in silos, while analysts use different platform for analytics and reporting.
A decisioning data platform was designed and built with automated feeds from core systems to simplify data access. APIs connected the Pega platform to frontline systems, helping the customer team identify next best actions via scripts that were automated and always on.
Importantly, these were driven by the client relationship, not just by commercial return.
Monthly marketing activities were converted to automated daily business prompts.
This took away some manual activities from analysts, meaning they could spend more time designing new business solutions and creating sustainable growth for Coutts.
Features such as appointment reminders, automatic help for people locked out of accounts and advice on expand individual portfolios created surprise and delight.
Results
Positive actions jumped by 140% following Pega implementation.
Engagement rate increased from 4% to 27%, while there was a 60% reduction in prompts provided to frontline staff.
Fewer, better quality leads were driven by increased use of AI, fuelled by greater granularity and breadth of data.
All new next best action prompts are controlled by interaction history and a scoring algorithm.
The solution learns from previous prompts so only highly relevant messages are now served.
In all, huge amounts of time has been freed up for Coutts' analysts.
The Team
James Dunlop, Senior Data & Analytics Manager, RBS - Rose Asher, Senior Analyst, RBS - Ewan Hamilton Senior Project Manager RBS - Rob McLeod, Client Partner, Merkle - Craig Shrimpton, Scrum Master, Merkle - David Thomas, Business Analyst, Merkle - Nigel Buck, Senior Decisioning Consultant, Merkle - Garry Wallace, Senior Pega System Architect, Merkle - Alberto Requejo, Quality Assurance Test Manager, Merkle
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