Working with Bendigo & Adelaide Bank to deliver a digital transformation to create integrated customer interactions presented a range of challenges. However by leveraging our expertise and an interdisciplinary approach, we helped strengthen their position of being Australia’s most customer-connected bank. This focus on connectedness saw Bendigo & Adelaide Bank rank best Australian-based customer experience brand and best financial institution in our 2018 Customer Experience Excellence Report.
Bendigo & Adelaide Bank has a proud history dating back to 1858 of supporting local communities through a business model based on shared value and meaningful relationships with its customers, partners and communities across Australia.
To help build on this legacy, KPMG was asked to work with the bank’s customer team to establish capabilities to enable ‘connectedness at scale’. It was part of a digital transformation program that came to be known as Customer Led Connections (CLC).
Our Solution 49x team set out to build a customer engagement architecture for Bendigo Bank, with the goal of aligning any future investments in technology with the bank’s forward-looking business strategy.
There were several inherent challenges in the project. Foremost was assistance in accelerating the transition of Bendigo Bank’s business model for a digital-first world.
Another was demographics. As the bank’s traditional customer base is ageing, the team needed to implement changes that would attract younger customers to drive the bank’s success over coming years.
The bank also faced challenges from broader trends across the sector. One was that customers now expect round-the-clock access to multiple channels and devices, and also expect tailored products and services.
Another was the need to combat increased competition from existing banks pursuing increased market share, as well as the disruptive impact of new entrants and business models such as Fintechs and non-banks.
The team also had to consider changing regulation and compliance trends. These included “open banking policies” enabling easier switching between banks, more scrutiny on industry practices emerging from the Banking Royal Commission, and consumer concerns around the use of personal data.
Our team also needed to take technology issues into account, such as the accelerating rate of technological change, the expanding use of data, and a proliferation of new devices and channels.
KPMG collaborated with the bank’s customer, marketing and technology teams to establish business and technology capabilities that would enable a shift to a more digitally centric operating model.
This began with establishing a new customer engagement solution founded on a granular customer behaviour data asset, re-designing marketing processes and developing a new analytically focused operating model, with the associated change management.
In the next phase, our experts leveraged data and insights to address the bank’s pain points. They worked through channels, processes, and platform layers to design and deliver new capabilities to accelerate time-to-value, while applying a customer-centric lens.
KPMG also developed a toolkit for customer journey mapping, and designed a 'customer architecture roadmap' which created a forward-looking view of the capabilities required to enhance customer engagement.
The team rolled out a customer architecture framework that maps data flows to inform future technology, governance and organisational decisions, and a campaign execution framework to enable best practice omni-channel communications at scale.
The program provided excellent outcomes for Bendigo Bank, including enhanced data and analytics, processes, marketing capability and customer engagement.
Our solution provided Bendigo Bank with a leading analytically driven customer communications platform across digital, social and physical channels.
This new capability has enabled the bank to compete with larger organisations, win more customers, deepen relationships with existing customers, and provide more value in their local branches and contact centre teams.
For KPMG, the transformation program showed the value of an interdisciplinary approach. This is essential to enable clients to adapt to the pace of change of customer expectations and establish the management processes needed to respond effectively to the increasing complexity.
Disciplines involved included customer strategy, solution design, data architecture definition, advanced analytics, change management, business processes mapping, capability enhancement and strong project management.
The program demonstrated the team’s depth of ability to provide these capabilities and to identify and define the future business benefit, while providing governance and oversight to ensure program outcomes were successfully delivered.
The project showed the importance of collaboration. KPMG embedded knowledge transfer, education and information sharing in each phase to support the up-skilling of the bank’s team, and to help with building a sustainable internal capability.
Feedback on KPMG’s collaborative and supportive work style has been overwhelmingly positive. This has gone a long way to fostering high levels of trust between the two organisations.