ERM CENTRAL ENABLES FINANCIAL SERVICE ORGANIZATIONS TO IDENTIFY AND EXECUTE CUSTOMER-CENTRIC ACTIVITIES: INTEGRATES CRITICAL DATA ACROSS THE ENTERPRISE
Customer Analytics Inc., an industry leader in industry-specific, Web-based Enterprise Relationship Management (ERM) applications, has announced a new strategy that enables every person in an organization to understand each customer's current and potential profitability (i.e. profitability, lifetime value, loyalty) and plan, execute, measure and refine activities that maximize each customer's value. As part of this strategy, Customer Analytics will deliver ERM Central(R), an open, end-to-end customer-centric solution targeted at Financial Service Institutions (FSIs). Using ERM Central, FSIs can build profitable and lasting relationships by continually refining insights into customer behavior, developing targeted and tailored value propositions and strategically allocating business resources on activities that maximize each customer's value.
Customer Analytics has taken a unique approach to Enterprise Relationship Management by combining its expertise in ERM with that of its partners to deliver a complete, enterprise wide application that helps organizations, including retail banks, specialty financial companies, insurance companies, and brokerage firms drive and measure their customer acquisition, growth, retention and reactivation efforts.
In support of this new strategy, Customer Analytics announced a number of strategic partnerships, including:
"For Financial Service Institutions, changes in customer behavior, and increased competition for the same customers necessitate the adoption of ERM," said Evangelos Simoudis, CEO of Customer Analytics. "By utilizing an ERM solution like ERM Central, everyone in the organization, regardless of location or job function, can access critical customer knowledge, take appropriate action, and ultimately help the organization become more profitable."
To meet the needs of financial organizations, Customer Analytics has developed a solution markedly different from other companies. ERM Central is designed for all decision-makers within the organization, giving them the ability to assess the value of customers and establish programs for improving this value. Because it is Web-based and customized for each specific group of users, marketing, the CFO, the asset allocation committee, the retail administration, the branches, and other departments will each have the tools they need to become closer to the customer. The components that make up ERM Central include:
A Data Pump that processes data from a variety of legacy systems. This Data Pump transforms, cleanses, geocodes and households the data into a multi-dimensional database.
A Multi-Dimensional Data Store built on a relational database that includes transaction detail so that the institution will have the necessary data to develop a thorough understanding of its customers and their needs.
Sophisticated Analytics that utilizes the information in the Data Store so that the institution can initiate enterprise relationship management. These analytics include:
The Analysis and Execution Application which not only accesses the data, but more importantly highlights the profitable opportunities, and allows for the creation of multiple, closed loop relationship marketing campaigns.
A Channel Pump to drive the information to the appropriate customer touch point (branch, Web, telecenter, etc) so true one to one marketing can take place.
ERM Central helps everyone in the organization to become closer to the customer:
Data Pump - ERM Central's Data Pump processes data from a variety of legacy systems. This Data Pump transforms, cleanses, geocodes and households data into a multi dimensional database. The Data Pump identifies all the data elements necessary to do sophisticated modeling, and profitability to ensure that an accurate understanding of the customer is obtained.
Data Store - The foundation of ERM Central is the Customer Centric Data Store, a customer-centric, open relational database based on the Company's patented data model. The Data Store houses all the data needed for customer-centric marketing and sales and provides a comprehensive view of every customer (consumer and business) relationship. It contains five types of data (customer, report, predictive, competitive, campaign and third party) that are tracked across time and are imperative for the development and execution of acquisition, retention, development (cross-sell, up-sell), re-activation, and attrition-prevention programs.
Analytics - The analytics of ERM Central is driven by a library of predictive models and profitability that encapsulate the experience of the Company's principals in the area of relationship management. These state-of-the-art predictive models and profitability formulas support numerous customer management tasks for all classes of financial service products, e.g., CDs, Mutual funds, home equity loans, annuities, life insurance, etc. The supported tasks include:
Each of these models are run against the Data Store and the automatically generated scores (e.g. propensity to buy, anticipated balance, etc.) are then added to the Data Store. The scores are updated each time the database is refreshed. The models themselves are periodically rebuilt to reflect new data, changing patterns and new information.
The Application- with a Data Store and the scores of the sophisticated models available, ERM Central's software component allows everyone that has been authorized by the FSI to have access to the data, via a Web browser. ERM Central provides a specific home page for the Marketing Director, Marketing Analysts, Head of Branch Banking, Branch Managers (and CSR's if so desired), and CFOs. This targeted home page is customized with windows for the Key Indicators, the Goals, and Primary Opportunities as appropriate for each function. The Application includes a:
Channel Pump - Once the marketing programs are established, ERM Central's Channel Pump can be used to format and load the appropriate data to the FSI's various front office applications and drive the interaction between each such application and the Data Store. The Pump supports:
"Customer Analytics takes a unique approach to ERM by providing Financial Institutions with everything they need to get closer to their customers," said Kathleen Khirallah, analyst for the Tower Group. "By providing a complete turnkey solution, Customer Analytics is ensuring that everyone in the organization is armed with the right information, enabling users to have the complete customer view at their disposal to make intelligent decisions and ultimately drive profits."
Customer Analytics Inc., is an industry leader in industry-specific Web-based Enterprise Relationship Management (ERM) applications. The company's ERM Central application enables every person in an organization to understand each customer's current and potential value (e.g., profitability, lifetime value, loyalty) and plan, execute, measure and refine activities that maximize each customer's value. ERM Central is designed specifically for Banking, Insurance, Brokerage and Financial Service organizations. It combines all of the required functions for marketing - discovery, modeling, scoring, campaign management, lead management, tracking, profitability, marketing information management and marketing information distribution- and interfaces with back- and front-office applications. Management and front line personnel at Financial Services Institutions (FSIs) using ERM Central can build profitable and lasting relationships by continually refining insights into customer behavior, developing targeted and tailored value propositions and strategically allocating business resources on activities that maximize each customer's value. For more information visit us on the World Wide Web at http://www.customeranalytics.com or call (781) 229-5500.