Swedbank Utilizes Advanced Analytics to Meet Customer Needs

Advanced analytics enables people, businesses, and society to grow.

This full-service digital bank, serving Swedish and Baltic regions, successfully integrates and performs advanced analytics on all customer data in an effort to deliver superior customer experience.

Consistent digital and physical customer experiences depends on bringing together data.

Do you ever feel a company knows you too well in one channel but poorly in another? Have you found a company’s customer experience through your preferred digital channel does not match the physical customer service?

This is because a traditional approach of siloed channels (for web, call center, and branches) is neither customer friendly, staff friendly, nor efficient. Each channel needs its own set of data, workflows, content, design, and other support. Which means that the same functionality is created time and time again. Fundamentally, this is a data management problem stemming from poorly integrating customer data and then failing to act on all the data to design and deliver a consistent customer experience.

For Swedbank, this is not the case. Swedbank's vision is to enable people, businesses, and society to grow. And they use advanced analytics to meet the needs of their customers.

Swedbank by the numbers

7.3M

private customers

600K

corporate customers

digitally active customers

1.7B

annual digital interactions

Sead Pašalić Head of Data Discovery

Sead knows the value in stitching all available data to “illuminate the customer journey.” His team’s goal is to understand the exact behavior of its customers from digital, to call center, to branch, and back to digital. The value is to provide answers to their customers’ needs.

Swedbank’s 5M digitally active customers generate 1.7B customer interactions per year, creating an entirely new generation of structured and unstructured data.

They are blending massive volumes of data from divergent sources, performing advanced analytics, and turning insights into meaningful actions, with a laser focus on developing a customer-centric strategy to build trust and customer loyalty.

They are simplifying their analytic ecosystem by integrating analytic functions. Advisors rely on traditional customer data (like account balance details, products and investments, and customer profile details) as well as new unstructured data sources such as web logs, chat bots, and call center data. All in an effort to better understand their customers and meet their financial needs and goals.

Delivering answers to the business

Product affinity

Understand how micro-segment events, transactions, and agreements affect or lead a customer to a specific product or offering.

Path to churn

Identify mortgage holder churn based on web logs, account details, call center interactions, and email communications.

Impact of fintech features

Show effect of new FinTech features based on five years of transaction data, length of customers, bank locations, and time.

Customer lifetime value

Deliver customer value management using a predictive model of corporate customers, publishing churn scores and providing product offering optimization.

Real-time intelligent answers to users and systems across the organization.

Swedbank uses an ecosystem approach to illuminate the customer journey, delivering answers to the business and a superior customer experience. They bring the desired data science languages, analytical tools, and engines to the data.

Performing modern and advanced analytics requires a platform that can analyze all of the data, anywhere, at any time. Swedbank relies on Teradata and our consulting services to unify and simplify their data analytics ecosystem—accelerating time to value and improving the customer experience.

Swedbank's answer:

1.7B customer interactions

Swedbank, the leading digital bank in Scandinavia, uses pervasive data intelligence to deliver on its mission to enable people, businesses, and society to grow.