How is The Bank of New York using technology to improve its relationships with retail banking customers?
One of our first efforts was to develop a customer segmentation model. This model allowed us to customize and prioritize our sales and service efforts and provide higher levels of service and access to our best customers. This has led to both higher retention levels and improved customer loyalty. We also have found ourselves getting even greater returns from the development of targeted marketing campaigns and the modification of existing product offerings.
Each of these initiatives is targeted at expanding the customer relationships. An example of this is the launching of our new Business Value Banking package, which is aimed at the small business owner. The information gleaned from the data warehouse solidifies our strategy to deliver affordable product pricing while extending the customer benefits to this very attractive segment. And all of our model-generated information is available to our branch and call center personnel, allowing them to be better prepared for that customer communication. The Bank of New York's retail business has been actively using Teradata data warehouse technologies for more than two years.
Greg Fusilli, SVP, Retail Banking Product Strategy & Delivery, The Bank of New York