Zachery Anderson, Chief Data and Analytics Officer at NatWest Group , takes us on an exploration of the cutting-edge of data and analytics in the banking sector. In this webinar, he shares his insights, experience and convictions about creating value through data and leveraging CLV in the banking sector. His approach to the rapid transformation of data and analytics at NatWest, and his vision of the future of data-driven decision-making in banking, supported by Generative AI and personalization , offers an unmatched learning opportunity.
The webinar highlights the potential of CLV as a strategic tool to deeply target and understand the value of customers. Businesses can leverage CLV models to build meaningful relationships thanks to more relevant messaging, anticipate customer-changing needs, and stay ahead in an ever-evolving market landscape.
Watch the replay. Keep reading to discover our key takeaways from this session below! In line with Peter Fader, Zachery recognizes that there is no average customer. Behavioral differences are intrinsic to a customer base, and it is important to differentiate individuals based on their potential, or future profitability, CLV. The impact of the industry dynamics Understanding how customer behaviors and industry dynamics affect CLV applications is key.
For example, video games are easy to download and start playing. You can establish a tight loop between marketing and CLV practices. EA runs CLV models for million customers a day, optimizing marketing efforts and impact. In the banking industry, the process for each operation is more complex.
There will be more friction when switching accounts, which makes it more difficult to run marketing strategies as tightly. Earning customer consideration with personalization Personalized engagement is a valuable mechanism to exchange long-term value between the bank and its customers. It provides a way to earn the right to offer them the next financial product. Modern CLV models are now more sophisticated and encompass a wider range of indicators.
