Understanding the needs of banking customers in the digital economy

Jyske Bank uses SAS Customer Intelligence 360 to personalize customer experiences that increase profitability and create lasting brand loyalty

In recent years, the behavior of banking customers has changed. They have higher demands for digital solutions, as they have become more familiar with digital journeys inspired from other industries and their private use of digital interfaces.

Every customer has unique needs and expectations for individualized services. They also represent variable profitability for the bank. Jyske Bank, the third-largest financial institution in Denmark, wanted to offer relevant, timely services to foster good customer experiences as well as profitability.

Founded in 1967, Jyske Bank now has 3,200 employees and 32 billion DKK in equity. Working with SAS, Jyske Bank is taking a new approach to meet its customers’ needs and modernize the way it interacts with customers. The bank is using SAS Customer Intelligence 360 on Amazon Web Services to better understand its customers and optimize marketing efforts.

“We want to preserve and expand our strong relationships with our existing customers,” says Tom Palving, Area Manager and Marketing Director for Digital Services at Jyske Bank. “And for individuals who are not yet customers, we want to offer, through open banking, an opportunity to see how it feels to be a customer in our bank. Relationships grow from having a strong brand, strong advisory competencies and strong digital offerings.”

One aspect of a successful relationship is frequency of interactions. Jyske Bank wants customers to visit often, not necessarily a physical bank branch, but through digital channels. The bank sought a digital solution that could provide insights on each customer’s unique needs, build more customized touchpoints and design better user journeys.

Many touchpoints – one workflow

With SAS Customer Intelligence 360 in place, Jyske Bank can plan everything from traditional events to email campaigns and digital advertising in one workflow. Learning is built into the platform, so the digital sales team at Jyske Bank gains a better understanding of how different types of communication impact each customer and which channels to use. The bank can track the influence in real time and adjust the approach as needed.

Palving points out that it is important to gradually implement new ways of working and new features, which the flexible structure of the platform allows for.

“SAS Customer Intelligence 360 is an out-of-the-box solution that can support the needs of Jyske Bank for years to come,” Palving says. “We do not need to use every module to get started; we can increase our usage and add more modules as we learn.”

Cloud hosting saves resources

Running SAS Customer Intelligence 360 on Amazon Web Services represents one of the first cloud implementations at Jyske Bank. Palving has great expectations in terms of saving resources, as there will be no running updates to the platform.

The collaboration between Jyske Bank and SAS in implementing the platform has been a positive experience, he adds.

“We have seen that the SAS team has a high technical skill level, and they understand their platform very well,” Palving says. “We get great advice on what to take into use as well as how to use it. It is obvious that SAS’ many years of experience handling data really helps create an efficient project process.”