CASE STUDY: Strategy

USING DATA TO BECOME

CUSTOMER CENTRIC.

How the Royal Bank of Scotland drove customer engagement through intelligent data analytics. Resulting in more personal customer service.

choosing the right strategy

5 years.

Time span.

Increase customer engagement.

Desired outcome.

ROYAL BANK OF SCOTLAND.

Prior to the 2008 financial crisis, RBS were at one point the largest bank in the world. When their exposure to the subprime mortgage crisis threatened to collapse the business, the government stepped in.

The problem:

Customer attitudes to banks were at an all time low, and RBS wanted to fix both issues with the same strategy.

THE SOLUTION; USE EXISTING DATA TO BECOME COSTUMER-CENTRIC.

Realising that the history of banking showed us that branch managers and staff knew their customers individually. They knew who they were, who their family were, and what they wanted.

The bank is now attempting to use analytics, and data already available to them, to restore a level of personal service.

Banks have enormous amounts of information on us available to them. Records on how we spend our money, manage our finances, and generally how we live our lives.

By identifying this new ability through strategic planning frameworks, they were able to offer products that were specifically relevant to individual customers, instead of bombarding them with offers about unwanted products.

One 80 year old customer was reduced to tears (along with branch staff) after he was wished happy birthday, when no-one else had remembered.

OBSTACLES.

business strategic problems

Getting staff on board with the concept was one major challenge at the start. However, some of the ideas that work best, and have the best resonance with customers, are the ones that come from the frontline staff.

By including, and aligning motivations with branch staff, they understand what the data is trying to do.

It was highlighted early on, due to good strategic planning, that engaging with staff and other stakeholders was essential. They must fully understand the reason that analytics are being used if they are to make the most effective use of the insights being uncovered.

data analytics for competitor analysis

STRATEGIES THAT GET YOU PLACES.

We exist to create smarter, more effective businesses with a strong competitive edge. Using our unique background in intelligence to optimise value today, and create the businesses of the future.

About the company.

The Royal Bank of Scotland has around 700 branches, mainly in Scotland, though there are branches in many larger towns and cities throughout England and Wales.

Industry.

Finance.

Company size.

70k - 80k.

data analytics for competitor analysis

STRATEGIES THAT GET YOU PLACES.

We exist to create smarter, more effective businesses with a strong competitive edge. Using our unique background in intelligence to optimise value today, and create the businesses of the future.

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check list for strategy consulting

BUSINESS PLAN TEMPLATE

If you're struggling to put together a clear strategic business plan, we've put together a template for you to fill in.

choosing strategic plan

COMPETITOR FACTSHEET TEMPLATE

We've created a free factsheet template for your basic competitor analysis needs. Simply download the template as use as you like!

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