CBA: Calculating the Next-Best-Conversation
With single digit response rates, you’re potentially annoying 90% of the customers you’re talking to… We want to have high-quality, personal interactions, but make them convenient for the customer.
- Connected Conversations Across 8 Channels
- 15 Million Next-Best-Conversations Per Day
- Real-Time Decisions
The Business Issue
Commonwealth Bank of Australia (CBA) emphasizes long-term customer satisfaction, and avoids pressuring customers with any type of “hard-sell” – instead working to identify, develop and nurture high-value relationships.
But as the organization grew and expanded its channel coverage, it became harder to engage customers in a relevant, timely, and consistent manner.
The team needed to integrate learning across the organization, and make intelligent, coordinated decisions in real-time – regardless of whether that channel was in an inbound, outbound, digital, or agent-driven channel.
CBA implemented the Pega Customer Decision Hub with the goal of driving real-time ‘Next Best Conversations’ for each customer, and interacting with them during moments of need – when those individuals were engaged, and ready to listen.
They implemented their initial pilot program in less than 90 days, rolling out to 30 bank branches – and have since gone live with connected conversations in eight channels: Call-Center, Branch, Online Banking, Mobile, Email, SMS, ATM, and Direct Mail.
Their next step is to integrate Mobile Push Notifications, IVR, web chat, and business banking channels.
The Next-Best-Conversation approach has generated major performance lifts for CBA, including:
- 15 Million Next Best Conversations Per Day
- 13% Increase In Branch Applications
- 10X Increase in Lead Volume (95% Actionable)
- 3X Increase in Lead Conversion Rates
- Financial Services