Data-Driven Customer 360: Reimagining The Way Banks And Retailers Do Business – Key Takeaways

AIBP Focus is a series of discussions held online which brings together a focus group of ASEAN stakeholders to discuss topics related to enterprise technology adoption in the region.

YY Fong, Vice President, Industry Platform, kicked off the discussion by sharing her thoughts on ASEAN’s evolving financial services and retail landscapes. In today’s experience economy, businesses want to be customer-centric and provide personalised, rich engagements. However, gaining a complete picture of customers, their preferences, and interactions along their complex journey is difficult. Siloes across departments and legacy systems make it difficult to deliver on this critical differentiator, particularly for ASEAN financial services and retailers.

From AIBP’s 2021/22 ASEAN Enterprise Innovation Survey, 26.6% of respondents in the financial services and retail industries indicated that digital transformation efforts are focused on customer centricity and personalisation, while 23.3% indicated that efforts in their organisation are focused on new business opportunities, innovation, and product enhancements. (You may view more survey results in our 2021/22 ASEAN Enterprise Innovation Market Overview here)

In our interactive fireside chat with Bank Mandiri and Talend representatives, they shared their perspectives and experiences on how unified, timely, and healthy data can play an important role in providing seamless customer experiences, and how enterprises can deliver personalised, contextual engagements by leveraging connected customer data.

Transforming Beyond Traditional Business Models: How Enterprises can Capitalise on their Most Valuable Asset to Drive Customer Experience

Many organisations in ASEAN have plenty of unused and complex data that outpaces their organisation’s ability to manage, use and control their data. JJ Tan, Regional Sales Director, Talend ASEAN, shared the definitions of data health and elaborated that an organisation has good data health when data across the organisation is easily discoverable, understandable and of value to the people that need to use it. (You may find out more about data health here)

Addressing a question from the audience, Ethan Chee, Sales Director, Mid-Market Segment, Talend Asia, shared that there are various ways to measure data health. In his opinion, data health describes how well an enterprise’s data can support its business objectives.

Billie Setiawan, Head of Enterprise Data Analytics Group, Bank Mandiri, shared that the bank recently launched their super app, livin’ by Mandiri, which allows customers to conduct financial transactions without having to physically visit the branches, thereby improving the user experience. Other projects he shared, in addition to this super app, included their 2021 AIBP ASEAN Enterprise Innovation Award winning project, in which they used artificial intelligence and machine learning to analyse patterns in their ecosystem’s data while also extracting valuable data for their clients and themselves. With that in place, they can understand the interactions between their clients and their own ecosystem of suppliers, distributors, and retailers.

Data is a double-edge sword. Despite data’s enormous value, it has been getting more tedious for organisations to manage and use data effectively. In AIBP’s 2021/22 Annual Innovation Survey, 39.85% of ASEAN financial institutions and retailers indicated that unlocking enterprise data and analytics will be a key priority for them in the coming years.

In his work with enterprises, JJ shared an example with The Estée Lauder Companies (ELC), a multinational manufacturer and marketer of skincare, makeup, fragrance, and hair care products. Through innovative applications of consumer data, ELC reinvented its retail model and omnichannel supply chain in collaboration with Talend. In the face of store closures due to COVID-19, ELC built a customer 360 view of consumers to increase personalisation, deliver innovative marketing, and strengthen sales. (You may read more about ELC’s case study by David M. Malloy, ELC’s Executive Director here)

Yoga Pramudya, Sales Director, Enterprise, Talend Indonesia, also shared his experiences working with Singapore-based OCBC Bank’s Customer Analytics & Decisioning team, which is looking for innovative ways to apply analytics, AI, and automation to key processes in order to better understand and serve their customers. This effort begins with obtaining a 360-degree view of each customer and comprehending their distinct wants, needs, and preferences. In addition to having a large amount of data, it is critical to connect and choreograph that data in order to generate new insights. (You may find out more here)

The Future Outlook: Data Governance 

Pak Billie and his team place a high value on maintaining data quality across their ecosystem. They have a team of data governance officers looking over the processes and acting as subject matter experts for the bank’s data element.

Data analytics can also be used to detect fraud, particularly in the financial services industry. JJ, for example, used his credit card to pay for his hotel stay in Manila and immediately received a call from a Singapore number. He later discovered that the call was from the bank, who wanted to confirm that he was in the Philippines and making those transactions.

Concluding the insightful discussion earlier, all of the featured speakers agree that the customer experience for financial services and retailers will not revert to the way it was. The continued rise of omnichannel strategies will keep incumbents under pressure to deliver innovative solutions to the market.

With that, we look forward to continuing our discussions on Realising The Value Of Data In The Digital Industrial Age (21 Jun), and Spotlight on Indonesia’s Supply Chain (23 Jun). Do feel free to reach out to us at [email protected] if you wish to join us, or if there are topics in digitalisation you would like to hear more of!


15 June 2022