Creating a 360 Customer View for Financial Services

Customers often interact with brands across various media and channels. From the customer’s point of view, they’re interacting with a single brand, but inside the company, all that information is often scattered in different databases making it extremely difficult to create a 360 customer view. 

Nowhere is this more important than the financial services industry, where a customer may interact through a series of different channels at any given moment. Then, when they speak with customer service, they expect that the person on the other side of the conversation will have intimate knowledge of their financial dealings. 

The goal for most financial services organizations is to create personalized customer experiences that lead to a much high average lifetime value of the customer.

For Citi Private Bank, this proved to be a major issue since its wealth management customers expect a high level of personalized service. Each high net worth client gets a personal banker whose job it is to build strong, personal relationships with their clients and provide bespoke service. However, there was a catch. Information about each client existed throughout Citi across a dozen different systems, and a search platform the company installed to solve the problem didn’t provide enough information fast enough. Customer satisfaction was low and that resulted in churn. 

In addition to issues around service, the Private Bankers also lost opportunities to upsell and cross-sell new products and services. 

Creating a 360 Customer View means Understanding the Data 

Citi turned to Attivio to help give its team a unified 360 customer view so they had relevant information at the moment they needed it, all through an iPad app. The goal was to ensure that bankers reduced time spent on client inquiries and devote more time to consultations, thereby increasing customer satisfaction and identifying new revenue opportunities that expanded Citi Private Bank’s revenue share.

Attivio created a system that rapidly ingested all relevant customer information from any source, enriched that information through a variety of techniques and then delivered customer insights in a way that maintained strict security controls and met national security standards.  By harnessing all relevant content and marrying that with every interaction customers have with Citi, the Attivio Platform delivered a comprehensive view of the customers that Private Bankers could quickly reference. 

It all worked out, with Citi Private Bank seeing improved customer satisfaction and retention, as well as increase in upsell and cross-sell opportunities.