It may not always be feasible to act upon a credit card or bank deal when it does not fit into a customer's schedule or lifestyle. With customer data at hand, banks can look at delivering targeted, personalized and relevant offers to customers. If a customer travels from Singapore to Malaysia regularly, they may be more likely to take up a weekend getaway to Langkawi than a lengthier trip to Italy.
In the case of Ping An Bank, the integrated billing system could also be used to organise and analyse customer behavior and data to provide personalised promotions. The data drawn from the customer's card category, gender, age, region, monthly amount charged enabled Ping An Bank to engage with their customers in ways that were more relevant to their lifestyle — and let their customers interact better with the bank.
What does all of this mean in the long run? It means that banks that invest time and resource into good customer communications management (CCM) get to know their customers well. In Asia, where digital channels are revolutionising the relationship between people and their banks, knowing customers well can be the key to gaining the holy grail of customer loyalty.
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