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Best Practices: Westpac Bank — Getting to Know Its Customers Proves Its Worth

IDC Financial Insights Opinion
In This Study
About Westpac
About Know Me
Situation Overview
Business Needs
Management Challenges
Westpac's Approach
1. Data Management First
2. What's Best for the Customer Is Best for the Bank
3. Finding the Sweet Spot
4. Learn to Grow Comfortable Managing More Data
5. Focus on the Entire Customer Base, Be Prepared for More Leads
6. Ramp Up All Channels
7. Vendor Partnerships Go Beyond Technical Capability
Westpac's Results
The Best Practices
Define Internal Goals of Analytics and How They Will Be Achieved
Identify What Is Capable with Current and Future Human Resources
Future outlook
Essential Guidance
Actions to Consider
Learn More
Related Research
Synopsis
Table: Westpac's Approach in Summary
Figure: The Know Me Ecosystem Integrates Both Online and Offline Interactions
Figure: Westpac's Approach in Summary

Best Practices: Westpac Bank — Getting to Know Its Customers Proves Its Worth

This IDC Financial insights study looks at Westpac Bank of Australia's implementation of CRM-based analytics toward its promise of customer satisfaction. Westpac's successful project has reaped noteworthy business results vis-à-vis its approach of putting the customer as the focal point of where its analytic interactions and engine derive their roots from. Another unique aspect of the project is Westpac's ability to use analytics not from the bank's perspective but from the customer's. Further product offerings are presented to the customer on the basis of what would be best for them at that current point in time and also which in the long run would work to solidify a longer relationship. The results of this program, dubbed "Know Me," were particularly impressive and serve as a clear example of how analytics can be used to great effect in CRM for banks in the Asia/Pacific region.

"Westpac claims that it is now able to formulate, construct, and bring to market new marketing campaigns much quicker than would be possible with traditional methods. Typical time to market timelines for CRM campaigns range from around 6 to 12 weeks from conception to release. With 'Know Me' in Westpac these times were reduced to hours or days for full campaign rollouts — an impressive reduction leading to clear gains in efficiency and productivity," says Michael Yeo, senior market analyst for IDC Financial Insights.

Please Note: Extended description available upon request.


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