One of Australia's leading banks deepens customer relationships, improves response rates and cuts marketing costs. BankWest is a full service bank headquartered in Perth, Western Australia. It has total assets of $16 billion, 3,200 staff and more than 660,000 customers. It is active in all market segments, and its lending is diversified between the business, rural, housing, government and personal markets.
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By analyzing the customer data using Chordiant Marketing Director, BankWest can conduct more numerous, smaller and more highly
targeted marketing campaigns to specific customer segments. "We have used the Chordiant Marketing Director solution to drive
our campaigns for more than four years. We experience great success in executing well targeted, meaningful campaigns, said Wayne
Kendle, Manager-Strategic Customer Analysis. He continues, “We rely heavily on Chordiant Marketing Director to get our highly targeted marketing campaigns quickly and easily out the door”.
Recognizing high-profit customers
Jennings explained, "Marketing Director is an integral part of the customer communications proposal for BankWest. We use Marketing Director to market all our product offerings and to communicate with all our customers--over 660 thousand individuals representing close to 1 million accounts. Marketing Director helps BankWest look after those clients who bring more profit to the bank. Across the board, banks and financial institutions are putting more effort into identifying and keeping high-profit customers. To do otherwise would simply be bad business." Event-driven campaigns
All of BankWest customer care communications are conducted through event-driven campaigns in Marketing Director. Once the triggers for event-driven campaigns have been set, the scheduler in Marketing Director cues them to run automatically. The parameters for the triggers of event-driven campaigns can be set and changed easily by the bank. For example, if a customer deposits $30,000, Marketing Director can be pre-set to generate a communication telling the customer about the additional interest they could get with a term deposit account. Similarly, if a customer turns 18 years of age, Marketing Director can be triggered to send a letter telling the customer about the change from child-based product offerings to adult-based product offerings. Marketing Director is an open system and all the BankWest customer information it uses is held on an Oracle database of 650 gigabytes, running on Sun Solaris over ten CPUs (central processing units) and with a disk space of approximately 1.2 terabytes. BankWest's marketing personnel use Marketing Director on a Windows NT workstation front end. Return on investment
BankWest has committed substantial resources to their customer communication efforts. It has a dedicated business unit of 11 people assigned to monitor its strategies. The bank's ongoing technical support of its customer communications is valued at more than one million per year. "BankWest has achieved response rates in excess of 35%. With carefully thought out communications strategies and selection criteria we consistently achieve response rates in excess of 200% greater than past processes," said Wayne Kendle. He concludes, "Since our implementation of Marketing Director we have seen the number of executed campaigns grow from 65 in 2000/01 to 141 in 2002/03 with an almost 50 percent reduction in number of customers contacted. This amounts to significant savings in postage and collateral costs alone without forsaking bottom line income targets".
Jennings explained, "Marketing Director is an integral part of the customer communications proposal for BankWest. We use Marketing Director to market all our product offerings and to communicate with all our customers--over 660 thousand individuals representing close to 1 million accounts. Marketing Director helps BankWest look after those clients who bring more profit to the bank. Across the board, banks and financial institutions are putting more effort into identifying and keeping high-profit customers. To do otherwise would simply be bad business." Event-driven campaigns
All of BankWest customer care communications are conducted through event-driven campaigns in Marketing Director. Once the triggers for event-driven campaigns have been set, the scheduler in Marketing Director cues them to run automatically. The parameters for the triggers of event-driven campaigns can be set and changed easily by the bank. For example, if a customer deposits $30,000, Marketing Director can be pre-set to generate a communication telling the customer about the additional interest they could get with a term deposit account. Similarly, if a customer turns 18 years of age, Marketing Director can be triggered to send a letter telling the customer about the change from child-based product offerings to adult-based product offerings. Marketing Director is an open system and all the BankWest customer information it uses is held on an Oracle database of 650 gigabytes, running on Sun Solaris over ten CPUs (central processing units) and with a disk space of approximately 1.2 terabytes. BankWest's marketing personnel use Marketing Director on a Windows NT workstation front end. Return on investment
BankWest has committed substantial resources to their customer communication efforts. It has a dedicated business unit of 11 people assigned to monitor its strategies. The bank's ongoing technical support of its customer communications is valued at more than one million per year. "BankWest has achieved response rates in excess of 35%. With carefully thought out communications strategies and selection criteria we consistently achieve response rates in excess of 200% greater than past processes," said Wayne Kendle. He concludes, "Since our implementation of Marketing Director we have seen the number of executed campaigns grow from 65 in 2000/01 to 141 in 2002/03 with an almost 50 percent reduction in number of customers contacted. This amounts to significant savings in postage and collateral costs alone without forsaking bottom line income targets".
