Turning analysis into decisions – unleashing profitability
Bank of Ireland Group is a major provider of diversified financial services in the Republic of Ireland, as well as the UK and the rest of the world.The organization was established in 1783 by Royal Charter and currently has 16,000 employees in eight countries worldwide. It is the largest Irish bank by total assets and the highest rated, Irish-listed financial institution. Like many banks, Bank of Ireland’s primary goal is understanding what drives customer profitability.
Aggregate data across multiple touch points with a rapid return on investment
To do this, executives began looking for ways to aggregate data across multiple touch points, including deposits, retail loans, mortgages and credit cards. Bank of Ireland needed an application with a rapid return on investment, one that could offer a clear picture of the key drivers influencing
customer value. Bank executives evaluated their scenario from all sides, settling on a solution that offered unprecedented visibility. A burgeoning Irish economy, increasingly sophisticated customers, and an influx of competitors from abroad had created a much more competitive market for Bank of Ireland. To meet the challenge, the bank moved from ‹a one size fits all› array of product and service offerings to a more focused and customer-driven approach. A customer focus called for deeper insight, beyond traditional branch level measurement and reporting. But this level of granularity presented a challenge.
Not all customers are the same
«We wanted to capture information at the customer account level, because not all customers are the same and you have to deal with each differently,» says Eugene McCarthy, Head of Profitability Measurement in the Bank’s Retail Division. «But the problem became immediately apparent.We had masses and masses of customer data, but no tools to exploit it.We could run some queries off it, we could produce a couple of standard reports per month, but there were a lot of questions we couldn’t answer.»
Read the conclusion to this success story at http://www.cognos.com/fs_profitability/
Founded in 1898 and headquartered in Raleigh, N.C., First Citizens Bank operates 337 branches in more than 200 cities and towns in North Carolina,Virginia,West Virginia,Tennessee and Maryland. The bank’s parent company, First Citizens BancShares has more than $14 billion in assets. As one of the largest financial services companies in the US serving a wide variety of clients, from small businesses to professional services and retail, fast access to accurate information is critical.
Easily accessible information
With a focus on fast, efficient service, and a growing client base, First Citizens› associates were increasingly challenged when it came to reporting on, or simply accessing, customer information. Historically report creation was complex. As bank associates and internal teams had requirements for multiple report types, this meant several proprietary reporting solutions, resulting in a complex, multi-tool IT environment. For First Citizens, an easily accessible information management solution with a simple-to-master interface had become a critical requirement.
Read the conclusion to this success story at http://www.cognos.com/fs_profitability/
(Cognos/mc/hfu)
