The 4 key indicators of success in a Customer 360 approach

How to turn data into meaningful and actionable insights

Welcome to the Data to Insights newsletter #1. Every couple of weeks I’ll be sharing 1-2 ideas and examples of how you can progress your data initiatives.

Specifically, I’m fascinated with what it takes to turn data into meaningful and actionable insights, and luckily I get to invest a good portion of my time working with people who are working on solving this exact problem.

“A Journey of a Thousand Miles Begins with a Single Step” is attributed to the revered Chinese philosopher Laozi in his writing Tao Te Ching.

The saying rings true today as it can be applied to learning a new sport, picking up a musical instrument, or executing on digital transformation initiatives such as obtaining a single view of the customer. Countless articles have been written around the complexity of achieving this elusive objective also known as Customer 360.

The crucial first steps towards Customer 360

Having discussed progress towards Customer 360 with banks of varying sizes in many countries I've learned that the ones that succeed are the ones that are taking the first single step. From experience, the key indicators of likely success in this journey are:

• Gain alignment at the top about the outcomes and agreed metrics of success (iterative and incremental where possible).
• Recognise that data literacy is varied and not everyone is a data analyst.

Accordingly, release readily consumable data sets to line of business (e.g. providing relationship managers with relevant customer metrics). Go one step further and ensure a data analyst sits with the relationship manager weekly to discuss changes and interpretations of the data. This creates a virtuous feedback loop to improve both the data product/service and increase the opportunity for the business to take action.

• Deliver specific insights to the place and at the time they can be acted upon.

E.g. a recommendation (if they haven’t) to download the internet banking app which is displayed in the customer’s profile screen in the CRM when they reach the call centre. Simple right?

• Measure the uptake of relationship managers completion of the recommendation, then track banking app downloads and usage.

Perhaps this leads to more advanced models and linkage to customer experience scores, but perhaps it doesn’t and we seek incremental improvements in understanding each time we review the data with this cross-functional team.

Where the magic happens

The magic happens when you improve the timeliness and availability of the insight to the people who need it. You can change a customer’s experience and perception of your brand with seemingly basic but proactive nudges.

Companies that are working on delivering actionable insights to drive decisions are also the ones experiencing improvements in customer and employee satisfaction – and in turn profitable growth and market share. A simple and actionable insight today is better than a comprehensive analysis a week from now.??

To quote Leonardo Da Vinci: “simplicity is the ultimate sophistication.” Starting with a human understanding of the plan, laying out simple tasks to follow, complete, measure and review is a good first step.

A second step will follow as will a third, and so on, leading to your people improving financial outcomes and providing experiences that will surprise and delight your customers.

Are you on the road to producing insights from your data (perhaps with a Customer 360 approach) in your company, but are you not sure of the best route? Sign up for this newsletter and receive ideas, actions to take, opportunities and challenges on the road to success!

And if you are on this journey, please share your experiences and breakthroughs with me below or via personal message. Great to be taking a first or next step together!

Kind regards,

Andrew Aho

[email protected]