Start Small, Learn, Build, Repeat

Mul­ti­chan­nel ana­lyt­ics in finan­cial ser­vices is not as daunt­ing, expen­sive, or com­pli­cated as you may think, even con­sid­er­ing indus­try pri­vacy and com­pli­ance require­ments. Suc­cess­ful mul­ti­chan­nel ana­lyt­ics pro­grams can be effec­tive using three fun­da­men­tal ingredients:

  1. Align­ing the right orga­ni­za­tional resources
  2. Deter­min­ing the right data
  3. Obtain­ing the right tools

Why do it? Return on invest­ment, clearer attri­bu­tion of mar­ket­ing per­for­mance, and a more com­plete view of your cus­tomers. Accord­ing to McK­in­sey Group, com­pa­nies that invested in mul­ti­chan­nel ana­lyt­ics improved returns by a full 10 to 20 per­cent on their mar­ket­ing bud­gets (McK­in­sey &Co., “Big Data, Big Prof­its,” Nov. 2013).

Although mul­ti­chan­nel ana­lyt­ics involves data aggre­ga­tion and analy­sis of mul­ti­ple sources, there is no need to become over­whelmed. The core objec­tive is sim­ply get­ting the right data to the right peo­ple so they can make bet­ter deci­sions. How­ever, much of the data required for mul­ti­chan­nel ana­lyt­ics is siloed. For exam­ple, data for ATMs, branch inter­ac­tions, and Web ana­lyt­ics typ­i­cally reside in dif­fer­ent places.

In today’s mul­ti­de­vice and mul­ti­chan­nel world, cus­tomers choose how and when they want to inter­act, and orga­ni­za­tions must be ready to receive them in a con­sis­tent, intel­li­gent way. Mul­ti­chan­nel ana­lyt­ics is nec­es­sary to under­stand­ing what is hap­pen­ing across the var­i­ous chan­nels and devices in order to pro­vide a more con­sis­tent cus­tomer experience.

Delv­ing into mul­ti­chan­nel ana­lyt­ics is worth the effort, and it is best under­taken with these steps, and in this order:

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1. Start at the top and gain the sup­port of an exec­u­tive stake­holder. At some point, mul­ti­chan­nel ana­lyt­ics will require fund­ing, and it will be dif­fi­cult to gain trac­tion and ask for bud­get if the right lead­er­ship is not on board.

Edu­ca­tion is also crit­i­cal. Edu­cate the orga­ni­za­tion by join­ing oth­ers’ team meet­ings and take five min­utes to explain what you want to accom­plish and why. Deter­mine what they need, and com­mu­ni­cate how you can help.

2. Next, look at your organization’s strate­gic objec­tives. Deter­mine what data is required, how to obtain it, and what to do with it. Start small and with a pur­pose. Small wins will assist in gain­ing buy-in and enthu­si­asm. In turn, the pro­gram can scale and gar­ner momen­tum and addi­tional resources.

To bring the nec­es­sary data together, iden­tify a com­mon key. This key can also map to secure infor­ma­tion behind a fire­wall, where addi­tional analy­sis may occur in a rich cus­tomer dataset. There is no need to com­pro­mise the secu­rity of the cus­tomer data; just pass the mapped key back through for use onsite or in nonau­then­ti­cated areas.

3. Finally, obtain the right tools. which does not nec­es­sar­ily require expen­sive new resources or big data ware­houses. Look for tools and solu­tions that

  • allow ana­lysts to visu­al­ize and ana­lyze mul­ti­ple data sources in one location—not just aggre­gat­ing data together like a data warehouse,
  • export seg­ments of data to other sys­tems for tar­geted mar­ket­ing, and
  • unify cus­tomer data by tak­ing known cus­tomer inter­ac­tions and link­ing it to anony­mous prospect behavior.

Prior to mak­ing addi­tional invest­ments, take full advan­tage of your exist­ing ana­lyt­ics capa­bil­i­ties. For instance, Adobe Ana­lyt­ics includes a mobile soft­ware devel­op­ment kit that auto­mat­i­cally stitches together cus­tomers’ desk­top and mobile activities.

Remem­ber to start small, gain momen­tum and orga­ni­za­tional buy-in, learn new insights, and repeat. Even cus­tomer analy­sis and seg­men­ta­tion between two channels—email responses and web brows­ing behav­iors, or leav­ing a web page to dial a call center—can result in tremen­dous busi­ness value. You’ll soon dis­cover how valu­able and sim­ple mul­ti­chan­nel ana­lyt­ics can become.