Macquarie Bank is pursuing a 360-degree perspective of its clients, interweaving various pieces of data obtained during contacts in a way that will benefit in the development of long-term relationships.
Keya Mukherjee, head of wealth and business banking analytics, said in a recent FST Media and Tableau webinar that the customer is always “priority number one,” and that data insights are increasingly assisting the bank in maintaining that commitment and focus.
Customer insights had already contributed to the shortening of digital account opening processes and the addition of budgeting capabilities to the bank’s app, according to Mukherjee.
“We create insights from a lot of the data that customers share with us and then share it back to the customers,” she explained.
Mukherjee said her team frequently sent prototype reports to frontline teams to ‘test-and-learn’ about the types of information that would be valuable and actionable for them.
She went on to say that Macquarie Bank intended to create a culture where all decisions are made with a “data lens.”
“If the insight isn’t working out or leading to an actionable outcome,” she explained, “then we need to figure out what we need to do to make it work.”
“That’s [a trend] I’ve seen at Macquarie, where whenever we make a choice, we back it up with data.”
She stated that the “whole thing of data to insights to action, and its cycle, would need to be stronger and faster in the future,” implying that the bank still has work to do to perfect its data utilisation.
