Building Customer 360° Insights Through Customer Engagement Platform to Jordan Kuwait Bank 

 

At Glance 

Jordan Kuwait Bank (JKB) has set a group of policies and strategic goals put in place by the Bank’s board of directors with the launch of the overall change and development plan, the bank was rethinking how to engage with clients and seeking better ways to connect with and meet the constantly changing needs of clients.

Rebuilding customer trust and loyalty requires significant change in order to build a long-lasting and trusting relationship with customers through:

  • Building trust
  • 360° customer analysis
  • Building customer engagement platform
  • Consistent services through all channels 

 

Executive Summary 

Jordan Kuwait Bank (JKB) has set a group of policies and strategic goals put in place by the Bank’s board of directors with the launch of the overall change and development plan in mid-1997. The context and definition of the slogan “More Than Just a Bank” reflect the Bank’s commitment in achieving a pivotal leap in all areas of business, aimed at expanding the services and products offered to include the latest innovations and technologies in the banking arena that directly relate to banking or that complement it.

The bank believed that building trust and loyalty and providing clients with distinguished services is the key to overcome the challenges in today’s uncertain environment and achieving growth and profitability. 

Therefore; the bank was rethinking how to engage with clients and seeking better ways to connect with and meet the constantly changing needs of clients. This cannot be achieved without setting clear strategic approach, adopting new technologies, and developing the IT infrastructure and systems were on top of the tasks list within the bank’s development agenda. However; the bank faced another challenge due to the growing number of clients, the demand for personalized services, the increasing number of services channels and the demand for digital services, were all of these systems must be orchestrated to provide a consistent services throughout all of the services channels, on the other hand, the bank will need to analyze the data and information flowing from all of the systems in order to understand clients’ behavior and requirements and provide services and offers that meets clients’ needs and demands.

The Bank approached Pio-Tech to acquire a complete platform that provides an integrated view of their business and customers, provide unified services for its clients, enabling the bank to provide standardized services throughout all channels, and thus building a long-lasting and trusting relationships with customers. 

 

Findings 

JKB believed that rebuilding customer trust and loyalty requires significant change in order to build a long-lasting and trusting relationship with customers. To achieve this, the bank decided to implement a Customer Engagement Platform, that requires the following actions.

 

Building trust 

Building trust is the prerequisite for any successful customer engagement, the process requires more than simple or focused initiatives to enhance specific areas, building Trust is something a bank earn over time through its consistency in words Therefore; the banks customer engagement platform should allow the bank to unify, enhance, monitor and provide consistent services to their clients through any service channel.

 

360° customer analysis 

The second phase of building a customer engagement platform is to enhance the bank’s 360° customer insight through business intelligence and analytics, allowing the bank to build a foundation of a customer-centric approach, providing a deep understanding of customers enabled by comprehensive analytics applied to customer data collected from every interaction through all channels. By applying analytics to customer data; the bank can understand the true value of various customers and segments, as well as create more tailored, personalized offers for each of them. 

 

Building customer engagement platform 

Using 360° customer analytics, the bank can create a new platform that helps the institution to more effectively engage with customers, regardless of which channel they are using. This begins with leveraging all the customer insights available to define customer segments and to identify and anticipating customer needs. It then involves offering real-time customized treatment to customers at the right time, and ultimately engaging in the right channel and prioritizing the most cost-effective and appropriate delivery channel for each customer’s interaction path.

 

Consistent services through all channels 

Business Intelligence and Analytics also can help banks to strengthen their distribution and create a consistent experience across all available channels.

By taking advantage of current analytics tools, banks can understand historical customer usage of and preference for each channel (mobile, branch, ATM) which can help banks to strengthen their distribution and create a consistent experience across all available channels. 

Then facilitate customers to access the bank’s services through the most suitable channel to improve the channel’s value to the customer while minimizing the cost to the bank. This approach should be applied across the entire customer experience and service channels, making all channels “service and sales channels” a customer care capability, and then facilitate customers to access the bank’s services through the most suitable channel to improve the channel’s value to the customer while minimizing the cost to the bank. 

Additionally, the platform allows enhancing customer service, through unifying the service processes, allowing more efficiency and consistency in providing the right service/answer to customer requests and directing clients to the right department according to the requested service/info which dramatically increased customer satisfaction of the services provided by the bank while allowing the bank to unify the processes and monitor employees performance and service level. 

Another aspect of the platform, is enhancing the internal process and to automate the banking processes for both retail and corporate clients, allowing the bank to standardize the processes minimize the costs, and most important enhance customer service level and increase efficiency which will be reflected on the clients satisfaction.

The Bank had a strategic vision, and started expanding the use of the platform to another subsidiaries and external branches, allowing the bank to have a complete insight on the performance of the whole group. 

 

Pio-Tech Customer Engagement Platform 

JKB decided to implement Pio-Tech’s Customer Engagement Platform, the platform will provide a single source of information for the various users within the bank and integrates the data from all source systems and make it available at a single source providing one source of truth and consolidated information that serves as a centralized system for better customer insight using analytics, Allowing the bank to analyze clients’ behavior, requests, complaints, and having a complete 360° view of the bank’s clients. 

 

Conclusion

Pio-Tech platform had provided the bank with a great shift in customer service, ensuring all services provided by any channel will go through a standard service process, while allowing for a wider and more accurate insight into performance using a single platform.

Using the platform, the bank now enjoying a single source of information allowing the bank to have a 360° customer insight view of all aspects of services, and control internal process and performance. 

 

Recommendations 

Pio-Tech’s Customer Engagement Platform can be implemented in a modular or phased approach, adapting to the bank requirements and urgent needs, while the complete vision allows adapting to the bank’s strategic approach and growth and development roadmap.