Westpac has partnered analytics firm, Teradata, to develop Big Data techniques to improve customer engagement and reduce instances of loss and fraud.
Westpac’s customer engagement strategy analyses data to improve customer experience through personalised offers and services.
They have engaged Teradata to partner with them to source new data to further enhance this process.
According to a company statement, the key has been the ability to engage different parts of the organisation to discuss how the business will benefit from new analytic technology and new data sources.
The teams have used Teradata Aster nPath and graph analyses to uncover patterns in very large datasets which was previously not possible.
Useing the Teradata Unified Data Architecture and the Teradata Aster Discovery Platform, Westpac business users, supported by Teradata’s industry and data science consulting team, are rapidly producing new and powerful customer insights.
Westpac executive manager, CRM Capability, AFS strategic marketing, Rachel Rohrlach, said the company had realised early that this should focus on business outcomes, not solely on technology.
“Working alongside the Teradata team, we created a vision of the outcomes, quickly proved them and by engaging IT, defined the processes and architecture to ensure the technology swiftly delivered on the business promise," she said.
"We’ve been able to combine these new data sources with our existing ones and test new technology such as Hadoop”
Westpac general manager, customer relationship marketing and digital, Karen Ganschow, said, after only three weeks, the customer insight the bank was getting from Teradata Aster was amazing.
Teradata general manager A/NZ, advanced analytics, Alec Gardner, said one of the key success factors of this project had been enabling Westpac business analysts to use their existing analytic skills and knowledge to work with large volumes of structured and unstructured data.
“The Teradata Aster Discovery Platform enables customers to rapidly take advantage of all types of data and advanced analytic methods," he said.
"It enables the business analyst community to focus on business outcomes and as part of the Teradata Unified Data Architecture, enables IT to more rapidly test, then process and provision these new, large and disparate data sources for the business to access.”