The client is a Tier-1 US bank offering personalized financial services journeys.
The Challenge
The key to success in 21st century banking is a relentless commitment to “knowing your customer,” and to delivering highly personalized financial products and services at just the right time. Our client – a Tier-1 US bank – wanted to create an integrated, 360-degree view of its customers, enabling the bank to craft attractive offers for individual clients, increase retention rates, and promote broader business relationships. Establishing such a 360-degree view would require extensive data de-duplication and the resolution of multiple “data housekeeping” issues. For example, the bank needed to combine and standardize enterprise data across its varied lines of business, eliminating inaccurate customer targeting due to incomplete profiles. A successful data platform implementation would allow the bank to launch focused campaigns, based on advanced segmentation and persona identification.
The Solution
Persistent delivered a hybrid solution based on four Salesforce platforms: the Sales/Service Cloud (CRM), Financial Services Cloud (FSC), Data Cloud and Marketing Cloud. When combined with Salesforce CRM, the Financial Services Cloud offers an integrated platform designed to promote lasting customer relationships in banking, while Salesforce Data Cloud collects and unifies customer data from multiple sources to build a coherent, complete view of each customer – a “single source of truth.” The Marketing Cloud enables enterprise-scale email outreach, informed by cookie placement.
The Persistent solution team began with a data discovery exercise to identify first-/second-/third-party customer data, and then developed a unified schema and customer segmentation for three activation channels. This was followed by a Salesforce Data Cloud implementation roadmap, to move from data collection and segmentation to practical use of the system.
Standing up Salesforce Data Cloud was the central focus of our efforts — the new Data Cloud gathered together all of the bank’s customer data in the cloud. Next, Data Cloud reconciled customer identities, email addresses, mobile numbers, etc., resolving them back to unique, individual customers. Once Data Cloud had created unified profiles of customers – i.e., “personas” – the bank could use the Marketing Cloud to deliver personalized offers and experiences.
The Outcome
The Persistent/Salesforce Cloud solution yielded a harmonized 360-degree view of the bank’s customers, thanks to customer data unification across multiple lines of business & IT systems. This enabled greatly enhanced and more accurate customer segmentation, supported by high-quality “data householding” across the hybrid Salesforce clouds. Benefits to the bank included a 10x increase in cross-channel journeys during the first six months (i.e., customers expanding their business with the bank into new service areas), an increased conversion rate on personalized offers (and a commensurate decrease in attrition), plus a measurable increase in the bank’s Net Promoter Score.
Technology used:
- Salesforce Sales/Service Cloud
- Financial Services Cloud
- Salesforce Data Cloud
- Marketing Cloud (Email Studio)
