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TD Bank Answers Customer Needs Through Data And Analytics

Matt Chevalier, TD Bank's senior VP of retail strategy and marketing, led a major data-driven effort to change the way the bank measures its performance.

The project's biggest challenge was explaining the new model to front-line employees to get buy-in, Chevalier reports. Communication was the key to getting that buy-in, and Chevalier and his team conducted educational sessions with branch staff all over the country.


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"As the guy who assigns the goals, you're never making friends, but if you can very clearly articulate how the goal is arrived at and how it is supporting the customer experience, and, by extension, the employee experience, that's sort of key," Chevalier advises.

Through that education, Chevalier says he and his team were able to show front-line staff how the goals would help them find new sales opportunities, enabling them to earmark resources and time accordingly.

[Navigating the Big Data Nuances of Financial Crimes ]

Communication was also key in developing Chevalier's own project team, which included people from finance, IT, analytics, products and the front line. Chevalier found that continually communicating the group's common goal was the best way to unify the diverse team and keep the project focused. Not surprisingly given Chevalier's leadership focus, that unifying goal was improving the customer experience for TD.

"When you can bring a group like that together and everyone realizes that we're working towards the same goal, then we realize that we're not as disparate as we think we are," Chevalier explains. "While we come from different backgrounds, the one thing that unifies us is the customer, and the customer experience."

Personal Snapshot

Matt Chevalier

Senior VP of retail strategy and marketing, TD Bank

Years with bank: 25

Years in current role: 3.5

Prior roles: District VP, greater Toronto area, TD Canada Trust; senior VP, deposit products, TD Banknorth; senior VP, day-to-day banking products; senior VP, retail sales strategy group

Hobbies: Chevalier builds wooden model ships and says, "At the other end of the spectrum, I enjoy a good video game."

Jonathan Camhi has been an associate editor with Bank Systems & Technology since 2012. He previously worked as a freelance journalist in New York City covering politics, health and immigration, and has a master's degree from the City University of New York's Graduate School ... View Full Bio

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Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
10/22/2013 | 8:37:24 PM
re: TD Bank Answers Customer Needs Through Data And Analytics
I know people who bank at TD only because they have branches open on Sunday. I don't know if enough people are attracted to the bank for that reason that it makes up for the cost of having the branches open that extra day though.
Greg MacSweeney
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Greg MacSweeney,
User Rank: Author
10/22/2013 | 12:39:24 PM
re: TD Bank Answers Customer Needs Through Data And Analytics
Yes, I'm impressed with TD's branches too. I drove past one on Sunday afternoon in NJ and there were people walking in and out. I had to do a double take, since you never see bank branches open on Sundays.
Ajram
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Ajram,
User Rank: Apprentice
10/21/2013 | 3:09:36 PM
re: TD Bank Answers Customer Needs Through Data And Analytics
Good to see a bank investing in technology , analytics will help banks leverage historical customer data to provide better services and make meaningful changes to existing processes/policies . I work for McGladrey and there's a whitepaper on our website with great information for banks on optimizing existing technology and other valuable insight into improving overall performance
" Eight ways for your financial institution to boost performance now "
KBurger
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KBurger,
User Rank: Strategist
10/4/2013 | 2:27:56 AM
re: TD Bank Answers Customer Needs Through Data And Analytics
What I am hearing is that the branch is going to evolve into less of a transaction and sales center into more of an education & consultation center -- enabled, of course, by technology (tablets, analytics, telepresence, etc.). Will be interesting to see if TD's strategy is going to drive some of that kind of transformation, along with improving sales/revenues.
Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
10/4/2013 | 12:36:38 AM
re: TD Bank Answers Customer Needs Through Data And Analytics
I've seen the same at the TD branches I've visited. They are definitely making a conscious effort to stay ahead of the curve when it comes to branches. This sales target initiative is another example of that.
Jonathan_Camhi
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Jonathan_Camhi,
User Rank: Author
10/4/2013 | 12:27:33 AM
re: TD Bank Answers Customer Needs Through Data And Analytics
Yeah they've really put a big bet on their branches, with all of the advertising they do about how their branches have the most open hours. It's definitely still an important channel for them.
Nathan Golia
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Nathan Golia,
User Rank: Author
10/3/2013 | 4:07:51 PM
re: TD Bank Answers Customer Needs Through Data And Analytics
I've always been impressed with TD Bank branches G I don't have an account there but there are so many around the region I often find myself in there to convert change or grab cash at an ATM. They are well-lit, well-laid out (you can see where you need to go easily), and not cluttered like some other banks with big waiting couches for appointments you don't need. Maybe it's a small sample size, but I bet they've done the work to figure out what people need from branches, and it's usually quick service G not opening complex accounts.
Byurcan
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Byurcan,
User Rank: Author
10/3/2013 | 1:10:46 PM
re: TD Bank Answers Customer Needs Through Data And Analytics
Interesting TD Bank is focusing on growing branch sales, while many talk about the death of the branch, they are still a valuable part of a bank's channel strategy.
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